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Sounds to me like a cupras a poor car to run for work.
Thanks for the clarification W00dster. Robertajob makes a good point of course to consider.
Anyway I've decided; I like my BM, have it setup exactly the way I want it and its use is totally under my behest, I'd rather keep it and maximise my ROI paying for the other bits with the 45ppm - as I'm contracted from home that'll rack up even with trips to the office 4-6 times a month.
So you trouser £3,400 to cover the depreciation, wear etc.
minus tyres (£600) repairs (£££) and depreciation (£1000-£2000) for every 10k dependent upon car.
I know someone paid a goodly chunk of their mortgage for a year or two with the the profit of running an old car when having to constantly travel to site [in a job where ‘doing’ was valued above image so nobody given a monkey’s toss about how shiny and new the motor was).
Not if they’re only doing 12k a year they didn’t. They just haven’t taken full account of the costs.
I had a promotion at work which included a £5k a year car allowance with no stipulation on age/type/appearance so I carried on running my old daily driver ex military overlander Defender 110 and thankfully didn't have to go anywhere in it. Quids in.
what tyres and miles are you putting on a hatchback that cost 250 quid a corner every year?
my gti runs tyres at around 80 quid a corner and i definitely would not be replacing them every year, despite some 'spirited' driving including a track day.
new tyres every year about £1000
what tyres and miles are you putting on a hatchback that cost 250 quid a corner every year?
What I was thinking. The Cross Climates I put on my Ford cost about that, but so far they’ve lasted two and a half years on the front, when I was doing about 11-12k a year. They’re now on the back wheels and I’ve got the Continental equivalent which were about £350/pair on the front, and I’m now doing about 5k miles per year. The original Goodyear tyres that were on the rear lasted over 30k miles, replaced because one had an unrepairable puncture, and the inner sidewalls were cracking.
Or flog the current car and buy a similar aged electric one instead. No net outlay and cheap(er) travel with the electric car.
Also how much tax does a salary sacrifice on a car purchase save you? The benefit in kind tax is less than a petrol or diesel but you need to work that bit out.
If it ain't broke....
Better the devil you know....
etc, etc....
Sounds like it's close to 50/50 so you should definitely get the new car in that situation. Status signalling in this realm is very important in sales afaict.
Older bmw in good order sounds perfect for the client side in most sectors. Signals a successful salesperson but with a sensible understanding of money - very good. It's a dangerously low value signal on the company side, though. Your typical junior salesperson has the intellect of a golden retriever, can only be motivated by pictures or clear commands using short words. But they possess a dangerous animal-like cunning and are quick to sense weakness - even now they may be plotting your demise. Picture it now, Kryton the Lion of sales taken down and overwhelmed by a pack of hyenas, all because he drove an old motor.
The new car shouldn't hurt the client side, either. It's not like you'd be showing up to meets in a maserati, which could be very bad in some sectors.
lol, my cars in good condition and I keep it very clean on the basis I could take senior management or a client in it at a moments notice. If it got tatty, my view might change. Hence, despite being 7yo it still looks “executive” IMHO.
My decision is also based on one of the reasons I took this - challenging - new role, which is to build a 3-5yr nest egg / % company direct share ownership as a Pension contribution / alternative, so as someone mentioned above I’ll stick to my plan and salary sacrifice to the pension instead. I want to reduce my working hours and stress at 57.
I’ll be able to enroll at anytime so if business goes very well and I end up commission heavy I can change the decision. Year 1 and my probation period deserves a slightly more cautious Plan A approach!