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Company car with BIK - options?

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  • 10-05-2008 1:55pm
    #1
    Mr Magnolia
    Moderators, Recreation & Hobbies Moderators Posts: 10,433 Mod ✭✭✭✭


    Firstly folks, thanks. I've been subbed to the forum reading threads for a while now. Though similar threads have been through I've a couple of questions that I haven't seen answered. I work for myself with a ltd company. I'll be as clear as I can:

    I've been using my own car for work and claiming mileage up to now. I do >30k miles at work per yr so BIK will be less than 6% of market value. I did the math and would be better off with a company car with all things considered.

    I'm used to a bit of poke and don't want to forsake this but I don't want to shell out 60/70k€ either. I'm thinking along the lines of a second hand car, can I do this? Is there anything I should consider if I do decide to try this?

    Can I purchase a second hand car in the UK if I so wished?

    I've heard talk of leasing the car, should I consdier this? Should I purchase the car from the company's account or should I seek a car loan?

    The alternative will be a new car at around the 30-40k mark. I'll be waiting until the new vrt and tax rates come in as I'll be buying a diesel.

    Any help will be greatly appreciated.


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    #2
    matrixroyal
    Registered Users Posts: 123 ✭✭matrixroyal


    I don't know about buying a second hand car because as I understand it, you will be paying the BIK on the new price of the car ( when it was bought ) , even though you are only getting it when it is a few years old.


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