Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: KS Cleaning on December 17, 2023, 08:57:45 pm
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So I put a deposit on a new Custom Sport Auto last week, It’s due in some time next week. I’m now having second thoughts and thinking of cancelling under the 14 day cooling off period rule. I currently have a 2019 Custom Sport Auto and it’s only done 16 500miles, the depreciation has been minimal, maybe £6000 in 4 and a half years. I think the new van will lose close on that as soon as I drive it away from the dealership! Then the insurance is going to be £200 more than my present van. There is also the hassle of removing the tank and cage etc out and fitting to new van ( It gets bolted in so diesel tank needs dropped ) I know, that should be enough reasons to talk myself out of it, but then I think of the tax relief and all of a sudden the deal is back on!…I think the sensible thing to do is walk away from the deal? Thoughts?
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I do similar mileage to you , my 2020 custom has 13k on the clock and I’m just going to buy it at the end of the lease , iv looked after it , fully serviced when it needs it , new tyres etc . The tax relief is nice but I’m going to keep it for a good few years yet … no point spending money for the sake of it , however I know it’s different tax rates in Scotland so not sure how much of a difference it’d make for you. The only annoying thing I don’t like about my van is the door chimes! Every time I open the drivers door it has a constant beeping noise that I can’t switch off but apart from that it’s perfect for me 👌
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Got very close to getting a newer custom, but I’ve decided against it.
I’ve got 63 plate custom limited, on 130,000 miles and still runs like a dream. Paid off years ago.
I just don’t see the point in spending ££££ on a newer custom. Other than the updated interior, I’m not going to gain anything other than less money in the bank.
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I bought a new one last year. Part of me regrets it when i think of the monthly finance cost and the depreciation.
On the other hand what's normally a 5k tax bill is only 600 quid this year.
That said I'm not sure I could justify 45k on a van that's crazy money.
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Can’t you run 2 vans?
It might be a good time to think about employing?
Then your new van will pay for itself many times over.
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Can’t you run 2 vans?
It might be a good time to think about employing?
Then your new van will pay for itself many times over.
I used to have 3 employees and ran 2 vans. I’ve been on my own for about 4 years now and plan on staying that way.
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I bought a new one last year. Part of me regrets it when i think of the monthly finance cost and the depreciation.
On the other hand what's normally a 5k tax bill is only 600 quid this year.
That said I'm not sure I could justify 45k on a van that's crazy money.
Remember and put money aside for your tax bill the following year as it will be a big one.
I agree the price is steep, the van is 50% more expensive than the one I bought in 2019.
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So I put a deposit on a new Custom Sport Auto last week, It’s due in some time next week. I’m now having second thoughts and thinking of cancelling under the 14 day cooling off period rule. I currently have a 2019 Custom Sport Auto and it’s only done 16 500miles, the depreciation has been minimal, maybe £6000 in 4 and a half years. I think the new van will lose close on that as soon as I drive it away from the dealership! Then the insurance is going to be £200 more than my present van. There is also the hassle of removing the tank and cage etc out and fitting to new van ( It gets bolted in so diesel tank needs dropped ) I know, that should be enough reasons to talk myself out of it, but then I think of the tax relief and all of a sudden the deal is back on!…I think the sensible thing to do is walk away from the deal? Thoughts?
You would be crazy to get rid of that van! A 2019 with 16k, owned and looked after by yourself. Dude, you're giving away gold dust!!!! I bet the dealer couldn't believe his luck when you walked out the door!🤣
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I bought a new one last year. Part of me regrets it when i think of the monthly finance cost and the depreciation.
On the other hand what's normally a 5k tax bill is only 600 quid this year.
That said I'm not sure I could justify 45k on a van that's crazy money.
Remember and put money aside for your tax bill the following year as it will be a big one.
I agree the price is steep, the van is 50% more expensive than the one I bought in 2019.
Next years tax bill won't be any bigger than usual. It just means rather than reducing my tax by a bit for the next few years I've reduced it by a lot all at once. It won't add anything to subsequent tax bills unless I sell it.
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Still undecided, I have done some figures, can anyone put another spin or pick holes in my figures?
There will be a tax saving of around £6500 if I buy the van.
Depreciation on new van over 4 years will be approx £18000, so in effect over 4 years van will cost me £11500.
Depreciation on current van over 4 years will be approx £7000.
New van will cost an extra £4500 over 4 years?
Edit to add: The new van will still be depreciating after year 4, whilst my current van’s depreciation will almost have stalled after year 8?
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If you pay into a private pension an alternate way to benefit from saving on tax would be to pay more into your pension (tax bill is not reduced for basic rate tax - unless you pay higher rate tax - but the government instead adds it to your pension contribution).
Personally I have had my 18 year old van from new, never really bothered about spending money just to reduce a tax bill, but we do all look at things from different perspectives.