Overhaulin'

What is the better option - to take a company car, or use the allowance to buy a used car?

Hi, i live in the UK and have been offered £4800 gross p.a. for a car allowance. I'm trying to work out what is the financially better option - to take a company car or to put the allowance and what i can claim through business mileage and the relief i would get through not paying a company car tax, and purchase a second hand 3 Series or something equivalent with 50k on the clock for £10,000. I have seen lots of calculators on the net to calculate the like for like equivalent between company cars and leasing the exact same car as new, but i don't want to do that - i would look for something second hand. Can anyone help me try and work out how to go about beginning to calculate this? Thanks

Public Comments

1. if you take the allowance and buy something in your name it is yours. if you take the company car it still belongs to them. think about that