Reply to: what's best way to finance a car?

[css_jay99]

Damn!,
My 17yr old BMW320i has giving up the ghost after 3weeks start on new contract doing 120miles daily motorway travel

My mechanic called me today saying it needs a head gasket change at the tune of £1000!. the car is only worth about £500 (M3 alloys hiking it up )

I love that car so much!. I now wished I renewed my previous contract which did not involve the use of my Car. Went on to less money, less hours just for my car to then desert me at time of need !

Drove a friend's Range Rover sports on the weekend and got depressed cos i knew I cant afford such a lovely card without haven to clean out my account.

I am thinking of the following cars (used of course )
1) BMW X5
2) BMW 5 series
3) Honda CRV new shape

Thoughts on these please, expecially the X5.
Does anyone like the new range Rover Discovery/Freelander 2 ?

css_jay99

[Hiram King Of Tyre]

Does it cost in to have one of these sub 120g cars?

Can you also still use a private car up yp 10k miles at 40p?

[ratewhore]

Finance the car with a PCP. Then you can defer a lot of the cost into the balloon payment which will be in a different tax year.

[Hiram King Of Tyre]

What kind of justification do you need to get a van (pickup truck)?

[r0bly0ns]

Sorry to hijack

My car is less than 120g/km. When I finally get round to setting up a Ltd, would it be beneficial to me to sell the car to the company?

I asked the same question of our accountant about a year ago. At the time he said that he would not advise to run a company car because of the increased national insurance implications.

In his opinion (at that time), you are always better off using a personally owned car and claiming mileage.

[Hiram King Of Tyre]

http://www.honestjohn.co.uk/faq/faq.htm?id=81

Thanks Dud. A better choice than I expected. Is it worth having one or better to claim the 40/25p?

[DiscoStu]

Sorry to hijack

My car is less than 120g/km. When I finally get round to setting up a Ltd, would it be beneficial to me to sell the car to the company?

[dude69]

Out of interest, which cars are less than 120g?

http://www.honestjohn.co.uk/faq/faq.htm?id=81

[Hiram King Of Tyre]

Out of interest, which cars are less than 120g?

[s2budd]

Cash.
Failing that. Spend as little as possible.
Don't forget, your buying something that depreciates faster than a packet of butter on a hot day. Only spend real wonga on things that increase in value.

[THEPUMA]

Show me some CC that have 0% transfer fee?

All the ones I have ever seen now have 2.5% - 3.5% handling charge on 0% transfers.

Link please?

http://www.stoozing.com/0fees.htm

[poopscoop]

it all seems complicated !

OK step 1. I have applied for a virgin card yesterday and been given a £15K limit

so i guess what i need to do now is get hat money into my bank account and then buy they car.

i am still keen on exploring idea of buying car via the company. any idea as to its effect/advantages.....?

css_jay99

Virgin cards are usually MBNA cards. They allow you to transfer cash to bank accounts. They charge around 3% fee. Max fee is £50 if its a Virgin Atlantic card

[dude69]

18k is a lot to spend on a used car if you dont pay 40% tax

the only car worth puttingf through company is one under 120g CO2 as it's a 100% capex writedown and tiny BIK

[Hiram King Of Tyre]

How about Chinese payment plan......one lump sum


Pay cash...

[DimPrawn]

I've just done mine on 0% credit cards. Apply for a couple that charge 0% with no balance transfer fee. .

Show me some CC that have 0% transfer fee?

All the ones I have ever seen now have 2.5% - 3.5% handling charge on 0% transfers.

Link please?