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Who's bought their last tank of petrol?

Discussion in 'off topic' started by Cesare, Sep 13, 2021.

  1. Ponty

    Ponty pfm Member

    I’m hearing that companies are reintroducing company cars based on the (currently) very low BIK taxes. Makes sense for many at the moment as they can sell their current cars for top dollar then pay sod all in tax for a new car. Many will be losing 40% plus NI on their car allowances anyway. This is how the govt are going to force the change. Tax. I remember the days when you paid less tax on your company car the more miles you drove! Everyone seemed to have to go to client visits hundreds of miles away at the end of the tax year!
    cutting42 likes this.
  2. twotone

    twotone pfm Member

    I'm on a gas installers forum (private) and there was a guy on there who did 60,000 miles in something ridiculous like four months, he was going through cars very 18 months.

    He chucked the job I believe, absolute madness.
  3. twotone

    twotone pfm Member

    BTW my son's car is on PCP with Ford the interest is zero or as near dammit, same with my wife's car (we bought it when the ballon payment was due) zero interest (2016) I think as was my daughter's car with VW back in 2015.

    I bought my van with HP, 60 months and the vat up front as a deposit total cost was about £12,500 including interest etc this was back in 2014.
  4. Bob McC

    Bob McC Living the life of Riley

    2 or 4 d’Or?
  5. Ponty

    Ponty pfm Member

    Anything that is zero interest or very low rate finance will have an internal blind discount to the funder (i.e. they pay the dealer less than the price you think you are paying). You’d be surprised at the actual rate baked into these deals (probably circa 7%), it’s just that you don’t see it presented that way.
    andyoz and twotone like this.
  6. boon

    boon pfm Member

    18 months, 547 days, 88 miles a day, 48136 miles, pretty average for a courier delivering to all those furloughed Amazon shoppers 7 days a week :)
  7. NeilR

    NeilR pfm Member

    probably why we could have a 10% company discount on a Porsche Taycan or 0.9% leasing, but not both. We ended up with neither, bought a Jag instead.
  8. Ponty

    Ponty pfm Member

    Yep, they’ll be selling the car for the same price either way. Rough and tough, an APR is about double the ‘flat’ interest rate.
  9. SteveS1

    SteveS1 I heard that, pardon?

    What would happen to the fuzzy feelings of virtue if everyone did? It would be like your favourite band suddenly becoming popular, it wouldn't feel special any more. ;)
  10. gintonic

    gintonic 50 shades of grey pussy cats

    who cares about the detail, the monthly repayment is what matters to the budget
    PhilofCas likes this.
  11. twotone

    twotone pfm Member

    I was speaking with an Amazon driver a few months ago £120 a day he was paid, lucky to get finished for 8pm and out of that £120 he had to pay for the van they paid for fuel though.

    Guy said he was working for buttons and was just about to wrap it, he was saying that they can’t keep drivers.
  12. Ponty

    Ponty pfm Member

    You Sir are the perfect customer!
    When I moved into technology, the sales guys would pass their car finance deals over my desk to make sure they weren’t having their pants pulled down. There were some absolute howlers, particularly with unregulated agreements (most were). The business manager at AFN (I’m going back 20 years, a 911 was the default IT sales guys car), knowing where someone worked, would just come out with the best finance rate to save another conversation about being sensible (he was a good sport). That would typically save the guys £3K - £5K over the term. So yes, plenty care about the detail and rightly so.
  13. TheDecameron

    TheDecameron Unicorns fart glitter.

    What happens if you’re on one of these personal car deals and you lose your job? Is it a straight forward repo or do they sue you for their losses in addition?
  14. stevec67

    stevec67 pfm Member

    Just give it back, maybe an early settlement fee if it's contracted in, no punitive clauses unless in the contract. Of course they can just hold you to the contract, it happened to a mate of mine.
  15. Tony Lockhart

    Tony Lockhart Avoiding Stress, at Every Opportunity

    At the moment they might be thankful, sell it for almost the new list price!
  16. twotone

    twotone pfm Member

    As Steve, says you can hand the car back.

    I’ve had no end of grief from Ford re my son’s car and the coronavirus deferred payment scheme and as a result of them dicking us about (they bug me every month) I looked into handing them the car back but I would have to buy it off them and then sell it and take a hit currently we owe them about £11000 the car is worth less or it was a few months ago.

    To hand it back now I think I’d need to pay the remaining monthly payments which would mean no car and down about £7500 or wait until the end of the payment period and hand it back and walk away without paying the balloon payment but that would mean we’d be about £12,900 down and no car.

    We’re going to keep the car and pay the balloon payment no other option really, we could keep on this roundabout ie get another car and start the whole process again but the car’s hardly moved in 18 months.

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