Reply to: what used car will give me most mpg?

[TykeMerc]

getting rid of the X5 is not an option at all. No point saving all ur money and abandoning all forms of luxury just to drop dead or Knived at a tender young age. you are quite right about the calculations.

Selling the car to my company is just not a good idea at all. The BIK attached will cost me about £6k in tax alone . Why does hmrc have to base the BIK on its list price (£46k!), i bought the damn thing for much less than half of that!

I would try to buy a 4/5yr old Atra/Gold diesel from an Auction. It should pay for itself in the long run rather than basing calculations over a single year.

Will there be a BIK if car is only used for business only? Afterrall, I wont be using it for private use

css_jay99

What the hell is UR supposed to mean? Your? Knived = Knifed incidentally.

Why does hmrc have to base the BIK on its list price (£46k!), i bought the damn thing for much less than half of that!

This is the way that company cars have been taxed for some years, I believe it's intended as a way to stop employees from running round in luxury cars, don't ask me why Government policy works this way, I don't understand it either.

The whole point of your thread appears, at least to me, to be about reducing your transport costs, but when you work out the cold facts your strategy will cost you more than you're paying already.

If you keep your X5 and keep it on the road you will still suffer it depreciating like a rock (all cars are depreciating like mad at the moment including Aston Martin and top Mercs. A BMW chelsea tractor will suffer more than many), you will have to tax, insure, fuel and maintain it plus you will have to purchase, tax, insure, fuel and maintain the alternative vehicle you're discussing. In financial terms the second car will never pay for itself in fact you will be worse off financially than if you just stick with the X5 until it falls to bits.

[Sausage Surprise]

what ? 60mpg on a bmw320?. which version?. I had a 320i E36(J reg) but could only muster 30mpg

It's a new 07 plate 320D SE and for all of those who scoffed and laughed I drove to Edinburgh from Durham last week up the A697 and stuck to the speed limits. MPG indicator said 62.7 mpg for the 130 miles that I drove.

And for Churchill... why the laughter at 177BHP - that's what it is. I didn't make it up

When I worked down in Kent last summer I used to floor it for the 320 miles and it still got well over 50 mpg.

[css_jay99]

You need to sit down and do some serious calculations, in all honesty neither of the two options make financial sense and it appears that your main concern is finance.

Assuming that you work 50 weeks in the year (which is too much, but possible) at £45 of fuel saved per week that's £2250 saved. Out of that you are proposing to buy a second car, fuel it, tax it, insure it, maintain it and park it while you continue to pay for the costs associated with your X5 assuming you don't take it totally off the road.

The payback period on the purchase price of £4000 at £45/week is 89 weeks (over 18 months) and that excludes any running costs for the second car.

Your best option to save money is to cut your losses, sell the X5 which you admit is a status symbol and an expensive luxury and buy yourself something a lot less expensive to run.

getting rid of the X5 is not an option at all. No point saving all ur money and abandoning all forms of luxury just to drop dead or Knived at a tender young age. you are quite right about the calculations.

Selling the car to my company is just not a good idea at all. The BIK attached will cost me about £6k in tax alone . Why does hmrc have to base the BIK on its list price (£46k!), i bought the damn thing for much less than half of that!

I would try to buy a 4/5yr old Atra/Gold diesel from an Auction. It should pay for itself in the long run rather than basing calculations over a single year.

Will there be a BIK if car is only used for business only? Afterrall, I wont be using it for private use

css_jay99

[kanulondon]

This week I did 801 miles using a full tank of 55 litres. Most driving was motorway 75 to 85 mph, that's 66.2 MPG.

At 20p per mile that would be £160.20, The fuel cost me £1.07 per litre or £58.85 but in fact 10% was free WVO. I can use up to 90% WVO on the Citroen engine with a pre heater.

The Old automatic boxes use about 20% more fuel but if you get a new five gear auto they are about the same.

That's pretty impressive, what car gets you such figures? Also what does WVO mean?

KL

[Paddy]

This week I did 801 miles using a full tank of 55 litres. Most driving was motorway 75 to 85 mph, that's 66.2 MPG.

At 20p per mile that would be £160.20, The fuel cost me £1.07 per litre or £58.85 but in fact 10% was free WVO. I can use up to 90% WVO on the Citroen engine with a pre heater.

The Old automatic boxes use about 20% more fuel but if you get a new five gear auto they are about the same.

[bellymonster]

True, but can it do 143 MPH and crack 0-60 in under 8 seconds?

Only off a cliff.

[TykeMerc]

Thinking of a way to leverage my costs.

its a loaded 55plate 3.0diesel Sports with 66K miles on the clock. I average 28mpg on the 3.0 diesel. So i spend about £100 weekly on petrol.

If i get a 54mpg small car, I will save about £45 weekly.
I am down to 20p millege allowance.

I dont want to get rid of the X5 as its my only luxury item, hence to remind me that i am not fully at the bottom of the food chain

so i have two options:-

1) Sell the x5 to my Ltd co (for £19k) and use as Company car . This means cash injection into my personal account before more high depreciation sets in.
But it then mean BIK use of company car, High runing fuel & posible maintenace costs but at least leveraged with tax savings i wont be getting if it was my personal car

2) Still keep the X5 as my personal car, but by a 55mpg small car as a company car (say spend about £4000). this will mean additional insurance costs. Still all paid by co.BIK as well.
This way i starve off higher mileage depreciation on the X5 but still not sheilded from its resale value on disposal in 1or2yr's time.


Which is a better option?

by the way, how do i calculate the bIK on option 1?


cheers

You need to sit down and do some serious calculations, in all honesty neither of the two options make financial sense and it appears that your main concern is finance.

Assuming that you work 50 weeks in the year (which is too much, but possible) at £45 of fuel saved per week that's £2250 saved. Out of that you are proposing to buy a second car, fuel it, tax it, insure it, maintain it and park it while you continue to pay for the costs associated with your X5 assuming you don't take it totally off the road.

The payback period on the purchase price of £4000 at £45/week is 89 weeks (over 18 months) and that excludes any running costs for the second car.

Your best option to save money is to cut your losses, sell the X5 which you admit is a status symbol and an expensive luxury and buy yourself something a lot less expensive to run.

[css_jay99]

My old 1.6 petrol Avensis can still get 45mpg on a long run and it's done 125000. Very reliable, just had to put tyre and brakes on it in 4 years.

You could probably pick a 2002 model up for about 1k or less.

i am currently averaging 650miles weekly, so ideally turbo diesel will be best.
no answers yet to the selling my car to my ltd and keeping the cash in an islandic bank


css_jay99

[DimPrawn]

My old 1.6 petrol Avensis can still get 45mpg on a long run and it's done 125000. Very reliable, just had to put tyre and brakes on it in 4 years.

You could probably pick a 2002 model up for about 1k or less.

True, but can it do 143 MPH and crack 0-60 in under 8 seconds?

The 320D can do all that and still return 45MPG with foot to the floor everywhere!

The 335D can hit 155 MPH(limited) and hit 62 MPH in 6 seconds!!!

[bellymonster]

My old 1.6 petrol Avensis can still get 45mpg on a long run and it's done 125000. Very reliable, just had to put tyre and brakes on it in 4 years.

You could probably pick a 2002 model up for about 1k or less.

[darmstadt]

Just take a different one from the carpark each evening and return it the next day.

[kanulondon]

I've got an 11 month old 320D. I can't get more than 45 MPG even on a long motorway run, but then again it's an auto and I drive with my foot planted to the floor, lights flashing.

You must drive like a pensioner.

WHS!

I doubt you can get that type of mileage driving normally from a 320D unless it's been modified! (ECU mapped, blown up tyres, etc)

To the OP

I highly recommend the VW Passatt (Mk IV or V) you can pick up a 2000+ example from £2000. I've got a 1.9 TDI and can effortlessly get 46mpg. However when I am driving like a granny I can get 55MPG+

KL

[DimPrawn]

Just looked it up BMW 320D 2001 +

Fuel Consumption (ExtraUrban) 62.8 mpg

Don’t forget if the BHP is 177 you will only be making that at maximum power. Cruising along you would be using a lot less. One advantage of Diesel is that you still have high toque at low revs. Much better than petrol for acceleration from 60 to 100+ mph.

I've got an 11 month old 320D. I can't get more than 45 MPG even on a long motorway run, but then again it's an auto and I drive with my foot planted to the floor, lights flashing.

You must drive like a pensioner.

[themistry]

You speak Hindu or Punjabi?

There is no language called Hindu

[css_jay99]

Thinking of a way to leverage my costs.

its a loaded 55plate 3.0diesel Sports with 66K miles on the clock. I average 28mpg on the 3.0 diesel. So i spend about £100 weekly on petrol.

If i get a 54mpg small car, I will save about £45 weekly.
I am down to 20p millege allowance.

I dont want to get rid of the X5 as its my only luxury item, hence to remind me that i am not fully at the bottom of the food chain

so i have two options:-

1) Sell the x5 to my Ltd co (for £19k) and use as Company car . This means cash injection into my personal account before more high depreciation sets in.
But it then mean BIK use of company car, High runing fuel & posible maintenace costs but at least leveraged with tax savings i wont be getting if it was my personal car

2) Still keep the X5 as my personal car, but by a 55mpg small car as a company car (say spend about £4000). this will mean additional insurance costs. Still all paid by co.BIK as well.
This way i starve off higher mileage depreciation on the X5 but still not sheilded from its resale value on disposal in 1or2yr's time.


Which is a better option?

by the way, how do i calculate the bIK on option 1?


cheers