- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Options for Car Allowance Allocation
Hello everyone,
I am excited to share that I am on the verge of obtaining my full driver’s license at the age of 25. In addition, I have recently started a new job where I receive a generous car allowance of £580 per month.
One interesting perk that my company offers is a salary sacrifice benefit that allows me to allocate a portion of my car allowance and salary (ranging from £300 to £800 pre-tax) towards leasing a brand new electric or plug-in hybrid car. This includes all expenses such as maintenance, road tax, and insurance, although I will not have ownership of the vehicle.
After careful consideration, I am contemplating whether it would be more beneficial for me to use my car allowance to lease a vehicle instead. By opting for a lease, I would have ownership of the car and potentially make a more financially savvy decision in the long run.
One significant factor that I have taken into account is the high insurance costs that come with being a new driver, especially for both myself and my partner (aged 24 with 7 years of no claims). Additionally, leasing a car would require a substantial deposit, which may not be immediately feasible for us at this time.
I would greatly appreciate hearing about your own monthly car expenses and what choice you would make if you were in my position.
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If your leasing then you’ll not own the car either. If you are leasing it’ll likely be a brand new car so realistically no MOT, repairs, etc for a few years. You’d be paying insurance and tyres.
Will you stay in this job long term? You could lease a car for 4 years and end up leaving this job with the car payment and still be on the hook for a car for the next 3 years after!
Sounds like a straightforward calculation. However, you haven’t provided the numbers. What is the total cost of option 1 vs option 2?
In terms of what I’d do. I’d buy the best car (for my situation) that I could afford outright.
However, I’ve had my license for 20 years though so insurance is less of a consideration.
I had a similar predicament before, and took the company car option – the fancy new cars were nice to have for a while, but I regretted it in the long term.
Alternative option – buy a half decent second hand car for ~£10k on a 0% credit card, and pay it off over 30 months (standard max term on these cards AFAIK). Leftover allowance should cover maintenance, tax, insurance etc.
If your work situation changes, you won’t lose the car and you’re not on the hook for a PCP/lease. You can also sell the car.
Hi /u/Relative_Spirit253, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/gifts-and-inheritance-tax/
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