How much does car cost per year?

Redgirl82

Hope this is ok to ask. I have a company car and it is due for refresh so looking around. I originally got company car as I was doing a lot of mileage, of course as soon as I got car I got promotion and mileage was cut under 10-15k per year.

I am trying to work out if it is worth taking out new company car or just buying something myself. Is there any sort of website where you can fill in information and it will average out how much it will cost taking into consideration services/repayments etc?

Or am I better just doing up spreadsheet myself? I am trying to see how you work out known(tyres) and unknowns(gear box etc). Can you average it out? so say take €500 per year over 4 years and this will cover service and main parts?

Thanks

Atlantic Dawn

Depreciation will be your biggest cost, at least 50% of the cost of the car every 3 years.

zl1whqvjs75cdy

I'd think 500 per year may be a little on the low side depending on the car and where you get it serviced. Also depends on what goes wrong with it of course. Gear box falls out and needs a replacement, lots more than 500. Only need a standard service and a couple of new tires? Probably be ok with the 500 per year.

Just be a bit careful on the insurance front too if you've had company insurance for a while. My dad has a company car for near 40 years at this stage, but has never actually owned his own car or his own insurance policy. He reckons he's going to get hammered with insurance premiums when he retires as he has no no claims discount in his name. Might be worth looking into that.

What type of cars are you looking at? You'd have to balance the cost of the BIK against the cost of the car too, but unfortunately I don't know any online tool to do it. There probably is one out there though.

Redgirl82

donkeyoaty0099 wrote: »

I'd think 500 per year may be a little on the low side depending on the car and where you get it serviced. Also depends on what goes wrong with it of course. Gear box falls out and needs a replacement, lots more than 500. Only need a standard service and a couple of new tires? Probably be ok with the 500 per year.

Just be a bit careful on the insurance front too if you've had company insurance for a while. My dad has a company car for near 40 years at this stage, but has never actually owned his own car or his own insurance policy. He reckons he's going to get hammered with insurance premiums when he retires as he has no no claims discount in his name. Might be worth looking into that.

What type of cars are you looking at? You'd have to balance the cost of the BIK against the cost of the car too, but unfortunately I don't know any online tool to do it. There probably is one out there though.

To be a bit clearer, the 500 a year I would put in miscellaneous. So to cover other crap. Then keep service cost and tires separate as I can average them out.

In regards to insurance I already contacted my old insurance company and they sent letter to confirm my last no claims. I thought the insurance company for company car would provide similar? I haven't checked this yet....

R.O.R

Found the attached, saved on my PC from 2008 - might be some use. Not sure if I put it together or whether someone else did.

Doesn't take unexpected expenses in to account though - hard to budget for that sort of thing.

Figures in GREEN to be updated by you - along with the annual car allowance (presuming you will receive one in lieu of a company car) that's not Green.

Should give a rough idea of which is the better way to go - also, if you've been on a company insurance policy for a while it may not be that straightforward to get insurance on your own car at a reasonable cost.

Redgirl82

To give better idea I think I would be looking at spending around 20-25k on personal car. Need to look at 7 seater but really dont want to drive a people carrier so will be going for Qashqai +2 or something similar.

To work out the BIK I am just using the Deloitte tax calculator. Which I find really great: http://services.deloitte.ie/tc/Default.aspx

zl1whqvjs75cdy

Redgirl82 wrote: »

To be a bit clearer, the 500 a year I would put in miscellaneous. So to cover other crap. Then keep service cost and tires separate as I can average them out.

In regards to insurance I already contacted my old insurance company and they sent letter to confirm my last no claims. I thought the insurance company for company car would provide similar? I haven't checked this yet....

Ah I see, sorry took you up wrong on that. There is an expiry on no claims discount from what I remember. Mates of mine who were away for a while (more than two years) and came back had to start from scratch again with their NCB. They'll get you anyway they can.

Redgirl82

donkeyoaty0099 wrote: »

Ah I see, sorry took you up wrong on that. There is an expiry on no claims discount from what I remember. Mates of mine who were away for a while (more than two years) and came back had to start from scratch again with their NCB. They'll get you anyway they can.

Probably, I have asked a question of friend who works in insurance and see, I am 4 years with company car so I was hoping to keep NCB from company policy or something....

That could be deciding factor if I cannot:)