Company Vehicle Finance - What are some of the pros and cons?

[v2Media]

Thanks for the responses everyone.

The car is definitely company, not personal. Personal mileage is less than 10%. Gawd, FBT another tax code to keep tabs on

I recon the best way to go is to ask an accountant to chunk the figures for both finance options, and any other options available, based on the company books. I don't particularly care about ownership, it's the running costs year to year. I'll take whichever option that chews less cash.

[Steve Fitzpatrick]

I've been through this recently, there are pro's and con's to each method, however in my instance it was better to puchase the car in my own name and on bill the company for the expenses.

[Hudson]

Leasing a vehicle is always a better option. There is not much finance required and you can phase it out after the time period, it would definitely be better than purchasing a vehicle. There are lot of finance options in the internet who provide trucks for lease.

[v2Media]

I thought I'd share the result of what eventually happened with the new car. As it turned out, because of the high amount of business usage, it was better to own the car personally; similar to Steve's experience. Once a car's business usage goes over a certain percentage, it's financially better to own the car personally. In my case, 90% business, 10% personal.

So, I purchased the car in my own name. Bye Bye Magna, hello Honda Accord