Salary sacrifice car scheme

[mikeyscott]

Has anyone got any experience of these salary sacrifice schemes for cars as it's not something I've been offered before by work?

The provider of the scheme is Tusker, again never heard of them.

Certainly mulling the options, as on paper it looks ok. Going to be potentially commuting 104 miles each day to work and in a S40 T5 that won't be good.

[Adam F]

We have the same at work provided by IFS... will be renewing it for another one in a couple of years as its worked out well for us.

Its a pretty good deal, if you are comparing to a private lease..

We have a Nissan Juke Tekna, (wife's choice) which we pay £303 a month for, which equates to £240 when you take the tax benefits into account.. (don't ask me how its worked out, figures are taken from the statement we got when we first applied) That includes servicing, road tax, comp insurance, alloy/tyre insurance and redundancy, plus breakdown... basically everything...

If you want a new car its a good way to get one with no deposit and totally hassle free... but compared to a loan and a reasonable used car still expensive..

[bodgit]

As you will be insured as part of a fleet insurance you may have to check that if you change jobs or decide to go back to ypur own vehicle one day, will your old insurance company still give you your existing no claims bonus or you may have to start from 0 years again as you personally wont have had any insurance for the years you take the offer up.

[john333]

Originally Posted by bodgit

As you will be insured as part of a fleet insurance you may have to check that if you change jobs or decide to go back to ypur own vehicle one day, will your old insurance company still give you your existing no claims bonus or you may have to start from 0 years again as you personally wont have had any insurance for the years you take the offer up.

I've just had my pants pulled down and my arse slapped by the insurance industry for a very similar reason to this, PLEASE look into carefully before signing up

[mikeyscott]

Cheers for info. Certainly food for thought then.

Still not 100% on commute, but it's doe a leading cyber defence company, so could be very good.

[bodgit]

As post above. I got lucky and got Royal sun alliance to give me my 65% no claims back. Another way to look at it is £240x36 mths=£8640 and when you hand it back you have nothing. A decent second hand car even with ins tax etc after 3 years would still be worth something which is better than nothing, and you wont have milage limitations. For me never again.

[mikeyscott]

24000 miles would be hit hard then on this scheme potentially.

May just get a 2nd car to kill on the a3 and keep my at5 for luxury trips

[Mike Haswell]

For every £100 gross (over the limits) you will get £68 in your hand (20% tax + 12% ni) - less if you are on higher rate tax.
It is a case of looking at the figures and see if they stack up for you. That gets a bit lengthy factoring everything in.
If you bought a £20,000 car and after three years it is worth 50% = £10,000 then it will of cost you £10,000.

[SlowOne]

I get the chance of a company car, but with the tax charged and the lease fees it's not worth it. I look at it this way - if the car's to be leased then someone is making a profit, and if it's a scheme provided by a company then the taxman takes more.

Almost any second-hand VW, Honda or Ford will be reliable and easy on everything. If it were me, I would swap to my wife's 2006 VW Polo 1.4 diesel. It gives almost 60 to the gallon, is quiet at an 85 cruise at which speed it zips up hill and down dale. Handling is fun with good steering feel. Everything is cheap on it, and it feels like it will easily go twice round the clock. And all for £5k when bought last year with 45k on the clock - bargain!

[Tobamory]

Horses reform courses we have the same thing at work.

I did have tusker when I had the car in my salary, you get a portal with your parameters on and choose away.

I took the plunge 4. Years ago and bought my own with the allowance i get .prob I have is I get bored, I'm now on my 4th car in 4 years, buying your own is good for that, also if you don't do lots of miles that also.

But if your a motorway guy, then get something that's good on fuel and tax, and company car would be my choice.

If you don't want anything flash then sub 400 cars are ok, I'd also look at vauxhall if your looking at cheap company cars.

I got the wife a brand new fully loaded Zafira tourer, Vxr body kit glass roofs etc. 400 a month on interest free, you get 10 year warranty, just don't buy diesel if you potter about or you'll spend more time in the garage with egr and DPF issues.

Just weigh it up can you afford it, do you want a new car, if you loose your job the car goes back that's a good point, on finance you still have it. Don't go mad, watch the CO2 and enjoy.