Contract Hire and my Cars
Episode description
Why is contract hire a good way forward?
Everyone wants a lovely car but any car purchase is immediately a depreciating asset. Shaz has been using contract hire for his cars for the last sixteen years and explains why it’s such a good way to have the car you want and not have to worry about the depreciation.
He also shares his favourite cars and explains why in any business you should lease any assets that will depreciate and use your money to invest in those that will appreciate like property.
KEY TAKEAWAYS
- With anything that depreciates in value why own it?
- With contract hire decide what car you want to have and how long you want to have it for
- You can choose to buy a maintenance plan with the car or source your own maintenance
- You agree to a set number of miles with any additional milage charged at an agreed cost per mile.
- If you want to pay more upfront the monthly premium goes down
- Run the car through the company and you can reduce the costs by 20%
- If you are VAT registered you can claim back half the VAT on the vehicle if you have some private use.
- For any asset that will depreciate always consider leasing it.
- You should invest your money in assets that will appreciate such as property
BEST MOMENTS
‘Depreciation isn’t your problem’
‘You can get really lovely cars on contract hire’
‘If you like having a new car then contract hire is the way forward’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on: