Self employed and PCP
- Thread starter ChrisD.
- Start date
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
[TW]Fox;24986139 said:
The finance guy in BMW was saying I can use my company to offset the depreciation or something if I put it though as a company car? I'm not 100% sure though as there was a lot of information in a short amount of time for me to take in. Was just wondering if anyone here knew anything about it or had done it?
I've emailled my accountant but he won't reply till tomorrow obviously.
Depending on the sort of car it's unlikely that putting it through the business will work out better than buying yourself and claiming expenses at 45p a mile. Done through the business you can only claim half the VAT and you will be personally liable for company car tax which on anything more interesting than a tedious diesel will be punitive enough to make it a non starter.
Getting rid of the Evo?
Perhaps. I want to buy a house in a few months, and because I'm an idiot and I still want a nice car, I'm toying with the idea of selling the Evo and using the cash generated from that to put toward the deposit of said house and part of it towards an M135i. Then PCP a car for a few years, then either hand it back and buy something else with my own money, or swap it out for another car.
Makes sense. My mate bought an Evo 9 as a weekend car recently, he loves it but I think it's a justification for his purchase.
Priorities matter, definitely go for the house and get something you'll enjoy driving.
Chris your car probably is worth £13k, but that's to you. Your car is only ever worth whatever amount the buyer wants to pay you for. I bought and sold cars for a little while in my spare time, not into it much now. Needless to say some Evo's/Subarus have been on for sale for yonks now which I've had my eye on and haven't sold. I think it's difficult to shift them at the moment as insurance premium/running costs are high. IF you got £13k for it I'd be impressed, it's worth testing the water and seeing what you'd get. Plus you also have the Focus don't you?
Would you keep the M135i and Focus? Depending on your financial circumstances, I'd really sit down and think and see if the M135i is a good purchase especially when you're looking to buy a house.
You could always go down the cheap route and get another ATR
Well, it makes sense in my head. Sell Evo for £13k (hopefully), put whatever towards BMW, rest on house which will reduce the mortgage fee PCM significantly. Then pay monthly fee on BMW which my company will cover (due to mileage) for a few years then re-evaluate. It's not as if I'm dropping £36k (in the spec I want) cash on the Bimmer, I'm just borrowing it and taking a risk with depreciation.
Chris your car probably is worth £13k, but that's to you. Your car is only ever worth whatever amount the buyer wants to pay you for. I bought and sold cars for a little while in my spare time, not into it much now. Needless to say some Evo's/Subarus have been on for sale for yonks now which I've had my eye on and haven't sold. I think it's difficult to shift them at the moment as insurance premium/running costs are high. IF you got £13k for it I'd be impressed, it's worth testing the water and seeing what you'd get. Plus you also have the Focus don't you?
Would you keep the M135i and Focus? Depending on your financial circumstances, I'd really sit down and think and see if the M135i is a good purchase especially when you're looking to buy a house.
You could always go down the cheap route and get another ATR
I've had offers of £12k for it already and it's not for sale. I'm quite confident I can get £13k for it, the condition warrants the price and there aren't many decent ones around.
The Focus would go to the GF and we'd sell the Civic and I'd commute in the BMW.