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1

General Car Chat / Re: Who owns a milk float on here?

« on: 16 June 2025, 07:19:06 »

It does work well for us, but sadly my next car will be something a bit more modest, clearly I didn't work as hard at school as Mr Tunnie, so I'm nowhere near maxing my pension contributions, also, whole I don't know I suspect I'm 1-0 up on divorces.

These two facts, combined with me now being the wrong side of 40 mean I really need to start chunking money into my pension so I can retire before my state pension age of 107. 

It's going up to 109 in 2028 

2

General Car Chat / Re: Who owns a milk float on here?

« on: 14 June 2025, 17:56:59 »

Of course, it sounds ideal for what you need. I need something that I'm not too precious over, to transport a muddy dog and a smelly old man 

3

General Car Chat / Re: Who owns a milk float on here?

« on: 14 June 2025, 15:59:00 »

These figures you guys are bandying around are making my head hurt! 

Me too, that's why we drive crap old cars

With new cars getting more crap with every model year, who are the fools here?

Tunnie's annual budget for his new rental, is about the same as my budget for my next new to me car, which I expect will last me at least 5 years. 

£475 x 12= £5700

Over 3 years £17100.

I've no idea if that is good or bad.

I'm not having a pop at Tunnie. Far from it. If these lease deals work for him and his family then good for him. 

It's not for me though. 

Me neither. As you know, I paid just under nine grand for the grandland. Had if four weeks today and I haven't washed or vacuumed it yet. It's no more than a tool to carry my dog around in.

Which makes it a waste of about £7,500

In your opinion. You must have spent more than that upgrading your ancient merc. Now that's a real waste.

4

General Car Chat / Re: Who owns a milk float on here?

« on: 14 June 2025, 12:41:21 »

These figures you guys are bandying around are making my head hurt! 

Me too, that's why we drive crap old cars

With new cars getting more crap with every model year, who are the fools here?

Tunnie's annual budget for his new rental, is about the same as my budget for my next new to me car, which I expect will last me at least 5 years. 

£475 x 12= £5700

Over 3 years £17100.

I've no idea if that is good or bad.

I'm not having a pop at Tunnie. Far from it. If these lease deals work for him and his family then good for him. 

It's not for me though. 

Me neither. As you know, I paid just under nine grand for the grandland. Had if four weeks today and I haven't washed or vacuumed it yet. It's no more than a tool to carry my dog around in.

5

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 17:11:20 »

Well...it's like this young Tunnie: whilst it's prudent to plan for your retirement, I wouldn't deny yourself too much right now. Because the way things are going in the wider world...........

6

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 17:00:56 »

But you'd better watch out this government doesn't reintroduce the LTA.

I thought they already had, 1 million? 

Not yet. At your age, you could easily exceed that.

Very easily, current calculator I use via the work provider, puts mine at 1.5 to 1.7.

You'll need to employ a very clever accountant, or retire at 55 like hospital consultants do. This is why the Tory government abolished the limit, not enough consultants. If Labour reintroduce it, they'll have to have a special get out for consultants, which will miff other public sector workers and......STRIKE!! 

7

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:54:19 »

But you'd better watch out this government doesn't reintroduce the LTA.

I thought they already had, 1 million? 

Not yet. At your age, you could easily exceed that.

8

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:52:21 »

Yes it is, just checked. She won't touch that with her 12% and employers 24%.

Yeah, half expecting Rachel from Accounts to lower it in the next budget as well. 

Employers 24% 

Public sector

9

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:52:03 »

But you'd better watch out this government doesn't reintroduce the LTA.

10

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:50:14 »

Yes it is, just checked. She won't touch that with her 12% and employers 24%.

11

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:47:31 »

My missus will tip over the ridiculous 60% tax threshold this year. But the 12% that goes into her pension will ,keep the taxman at bay for a while.

One thing to bear in mind, which I did not realise until recently, is that employer pension contributions are included in the cap limit.

It's punishing the single earner, it's a pi$$ take. The silver cloud is that it's forced me to put more into my pension, which is always a good thing.

What's the cap now. £60,000?

12

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:34:07 »

My missus will tip over the ridiculous 60% tax threshold this year. But the 12% that goes into her pension will ,keep the taxman at bay for a while.

13

General Car Chat / Re: Who owns a milk float on here?

« on: 13 June 2025, 16:32:24 »

Perhaps I'm old school but other than my house, and a Yamaha RD250 I owned when dinosaurs still roamed the earth, nothing has been mortgaged, rented, leased, HP'd or PCP'ed.

I'm not sure I like the idea of 'renting' a car for 3 or 4 years then handing it back and starting all over again.

Perhaps I'm wrong.

The tax system encourages it 

Above a certain threshold, 100% of my hard earned....... well earned at least dosh, goes into my pension. It will of course be taxed on the way out, later when I retire, but currently 100% goes in.

My alternative is 40% goes in my pocket and 60% on paying others so they don't have to work. 

As pointed about above it's a combination of things, to ensure I get the most out of it.

It's quite possible I will soon hit another limit, a cap on pension contributions. So, do I go EV, do I take the money.

At the moment, the EV does look the more tempting option, I sacrifice some more dosh to keep more of it, but as you say I am renting it.

It's actually a very strange system, as the more you earn, the cheaper the cars become.

That threshold, I take it, is £99,999.

14

General Discussion Area / Re: Banks & the futire of of banking

« on: 13 June 2025, 15:43:59 »

Banks do what the government tells them to do. If they are caught flouting the rules, they are given massive fines.

15

General Discussion Area / Re: Banks & the futire of of banking

« on: 13 June 2025, 14:22:15 »

Banks are no different to any other major, public facing company these days. They want you to do everything yourself, on an app or web page. They want customers to fit in to a certain category and, anyone outside that category, is more trouble than their worth.