selling your pride and joy when getting a company car, did you regret it?

[fat4D]

In 2 weeks I finish my probation period with my new job and get a company car, it's nothing special the current car that is available is a fg xt which is fully paid for and there is no limit on the personal use, so do I need 2 cars?

Have you sold your pride and joy when getting a company car and kicked yourself for it? I could afford to keep both as my car is currently sitting in the shed not registered as I was going to begin a strip down of certain things for bigger and better but not sure if I could justify keeping it as I also have a motorbike, which brings the other motivation to sell as I could sell the bike and car buy the new bike I want and walk away with out a loan


What have you done and how did you feel about it 3 months later?

[scottyg938]

I've not been in this situation but...
You would need to consider how secure the job is, you don't want to sell it and then a few months down the track be left without a job and without your pride and joy.

[Resurrection]

A mate of mine got a new job which includes a company car. He is selling his 2004 Typhoon and getting a Mazda 6.

[DJR David]

Ha! Don't complain... my company car is an Epica.........

[Elks]

You should keep your pride and joy provided it courses you no economic stress.

In fact having the company car, even if it's an epica, frees you up to make your car a little more wild or replace it with a classic that's not daily drive material.

[Psi-Pop]

I sold my daily which I owned as I already had my Ed when I got my company hiace. I then just made my Ed a lot more than I ever planned and I'll drive it on the road every few days because driving a diesel van doesn't really thrill the same.

[Evgeni]

I had a AUII and a BA around ten years ago.
The positives were that it saves you money initially but in my case it was a little bit of a false economy as it was part of my overall package. I eventually negotiated to be just paid the cash as I could save more if I purchased my own car outright. The savings were made via doing my own servicing and not having to upgrade every 3 years.
What I didn't like about the company car deal was you are basically stuck with the spec that is provided. I needed a wheel alignment after someone sideswiped the rear end of the BA and the company would only authorise a toe adjustment. Tried to tell them that avoiding camber and castor adjustments doesnt exactly save any cash, but to no avail.
If I had my time again, I would have bought a late model car on LPG and claim everything else on the tax man related to work. Save money and at least I get to drive what I want and do what I want to it.

[nuthin' fancy]

If you have a car that you love and you don't have to sell it, don't. I had an XY that needed paint and decided it made more economic sense to sell than to paint and I sold it to Canberra. I looked like an idiot crying like a baby on the plane!

Why do we let inert masses of metal affect us this way?

[Shonky.]

if I had to get a company car as part of my package I would get a really impractical car as my private car

big, angry, dirty, manual Clevo powered XD or XY GS or something

[TheGTCoupe]

I used to use the GT Coupe as a company car. When i got one provided i just registered it in summer. There were times i thought ahh sell it but off course now would have regretted it BADLY!

[Jack960]

My probational period finishes in 6 months and I sold my XR6, bought my brothers Mazda 6 off him. I do miss it already but in the end its just a car and you will buy another one eventually.

[Ben73]

If you can afford to run a private car now, I don't see how you couldn't afford to keep. You will be paying for less petrol and possibly less insurance, so you will still save money.

I personally would keep my own car if I was given a company car.

[Mr Brooksy]

Yes, I regretted it, especially when my mate bought it and wrote it off 3 weeks afterwards! It was a gorgeous and well maintained XE with Fairmont interior.

[GT 160]

As said i'd wait to see how secure the job is long term. I made the mistake of selling a pride and joy and the company went broke 3 months later so i was left high and dry with no vehicle.

[lockieoc]

Just about to receive my first company car.
At this stage there is no way I could sell my toy, I've come this far and it took me ages to find my car. Going with my heart instead of my head this time.

[GQ_Smooth]

Originally Posted by Elks

You should keep your pride and joy provided it courses you no economic stress.

In fact having the company car, even if it's an epica, frees you up to make your car a little more wild or replace it with a classic that's not daily drive material.

What he Said!

[South]

If it's your pride and joy then keep it, if its turning in to just a car then get rid of it.

My pride and joy has done minimal work since having a company car for the last 4yrs. But i've been through 3 work places, 3 cars and having to use mine for periods of time.

Now no company car, so I bought an XR4 for my daily duties so my baby can sit and depreciate even more.

Think about that, I've lost about 25k...

[fat4D]

I think i'm leaning towards selling, as much as I love the car it's just a Ba turbo that is a bit of everything. Is it special to me? Yeah but I could do it again and it's not the kinda car that will hold value. What my other thoughts are is to sell it and get a el tickford xr8 and have some fun. The company is very secure its a growing supermarket chain with a construction parent company.

[302 XC]

Originally Posted by fat4D

In 2 weeks I finish my probation period with my new job and get a company car, it's nothing special the current car that is available is a fg xt which is fully paid for and there is no limit on the personal use, so do I need 2 cars?

Have you sold your pride and joy when getting a company car and kicked yourself for it? I could afford to keep both as my car is currently sitting in the shed not registered as I was going to begin a strip down of certain things for bigger and better but not sure if I could justify keeping it as I also have a motorbike, which brings the other motivation to sell as I could sell the bike and car buy the new bike I want and walk away with out a loan


What have you done and how did you feel about it 3 months later?

Selling the pride and joy ,that you drive daily or weekends , or soemthing that sits in the shed collecting dust isnt a fair comparison ???

Selling something you dont use, and clearing debts you have sounds good

Is said company car part of a salary package, cant you wavour the car for more coin ???

[Daniel]

I do sometimes regret selling my car when I was given a FMV as part of my package, mostly when I think back to the fun I'd have in it... the rest you can move forward with and find other interests or depending on your company car, still have some nice drives.

That being said...

I do not regret now being in a much better, simpler financial position with the advantage of a normal car I don't have to stress over as a daily drive or keep in pristine condition.

Conclusion for me is, I don't regret selling my car and using my FMV to its maximum potential. What I do regret is my situation has now shown me clear as day just how much money, collectively, I spent (some would say wasted lol) on my car.


For your situation, you have a bike and the prospects of other toys and a car you admit isn't too valuable/hard to replicate = I'd sell and sit on the cash for a while till your stable with work and the interest of another car or bike comes back. Then you have a perfect situation of choice and funds/daily car to support your choice of toy.
On a side note, some people get stuck with average/nasty company cars and have no input or choice so the situation isn't always so clear cut.
A good question to consider might be, how much do you like the company car you'll be provided, does it suit your needs as a car? (think space/seating/etc)

[blueoval]

I am in a very similar situation as you fat4D. Except I own the company I work for, and I do not have the luxury of housing both cars. On top of that that, modifying cars is no longer a big interest anymore. So sadly, the falcon has to go, and as you already mentioned, it's just another Ford to you and you could effectively do it again if you wanted. I have the same mind set.

The depreciation and reality hits pretty hard when you have spent your hard earned only to be given fractions of it back. Not that I was expecting to make money, but wondering why I did it is always in the back of my mind.

I say, if you have the space to keep it, and don't need the cash from its sale, then keep it and turn it into a weekend warrior. That's what I would do.

On the other hand, if you need the cash, don't have the space, no longer have the drive to modify or just not interested in driving it anymore, then sell it.

[riggamortus]

Is there anyway of getting a car allowance instead? Our company goes back and forth on this every few years depending on what brings a bigger tax break at the time. As of July 1 any new hires or those whose lease runs up get an allowance. Fortunately they let me go that route 2 yrs ago when I moved over.

[casabonka]

I've kept mine, work car is a viva which isn't very great to cruise around in, so the focus is my weekend car, apart from rego, I spend a bit of fuel and maintenance here and there.

I vote keep it!

[b2tf]

Literally just put my ute on carsales tonight due mainly to this very subject. The better half has been given a company vehicle which will do us fine as she can drop me to work on her way. That, and I am looking to start a business and I couldn't bring myself to turn the AU into a work hack.

I reckon if you can, move it on. Use it as an oppotunity to look at something else.

[falzoony]

I was in this same situation about 18 months ago. Sold my AU which had been in the family since new for a work car. My heart regrets it but my head doesn't. It was a depreciating piece of metal which I wanted to upgrade anyway.
Over the last 18 months I have been able to get myself into a better financial position. I bought my first house, which I rent out and have been able to put some cash away so now I'm giving the company car back and buying myself a car.

[The Yeti]

Done it and still feel the pain

Depending on what your P&J is why not put it on club rego that way your rego and insurance will be cheaper?

Trust me the company car gets VERY booooooring after a while, so much so I steel my wife's car (in my avatar) most Fridays just so I feel human for the weekend, the cost of fuleing it isn't cheap but what price do you put on sanity?

[SSD-85]

By Christ ive felt the temptation to sell my loved ones (erm, cars that is).
And if you really love the car, getting rid of it will be one of your biggest regrets. Only if you really feel that special "bond" with it though. If you get what im meaning.

Ive been there & done that, moving onto so-called better things. Which is a good idea if you dont "really" want to keep it.

For example, ive many times been wanting to sell my Galaxie. Because it made incredible financial sense to do so. However, I cant seem to let it go, Ive been advised by many to not get rid of it, and for once Im going to listen.

Sorry if that was difficult to understand folks, but its my 2c on the matter.

[markr154]

I have 3 cars ...VE Sportwagon company car, Mazda Tribute 4WD, and my beloved bright Red, gleaming, now BF F6 boosted EL XR6.

Hanging onto the Mazda, because I'm banking on getting a car allowance to run it when the company wagon comes up for renewal in a few months time ...the EL is going nowhere, I'll get buried in the thing lol.

As others have said, it's fine tootling around in the company car during the week, but it gets boring real quick. Just being able to hop in something totally different (i.e. a f@@king BEAST) at the weekends keeps you feeling alive, lol ...it's just knowing that you have that option, and that anchor in the garage.

Eric Bana's 'Love the Beast' movie summed a lot of this stuff up for me.

Here's a couple of clips..
http://www.youtube.com/watch?v=kyx67pEe5F4 - 3.38 on is good
http://www.youtube.com/watch?v=HSxKm...feature=relmfu

[Mr Hardware]

Depends on the car
if it's some personally customised ED 5-litre that means a lot to you, isn't easily replaceable and isn't worth very much at all, keep it.

If it's a BF XR6T that apart from a couple of bolt-ons is stock, you can find one anywhere and is tying up capital, **** it off.

[GUTLES]

It really depends on your financial situation.

Speaking from experience if you still love the car keep it, you'll just get itchy feet in 6-12 months time & want to buy another nice car.