Firms extend car or cash choices

August 15, 2003

Firms extend car or cash choices

UK companies are offering employees increasing choice in the make and model of the company car they drive, according to research by consultants Watson Wyatt.

Data summarised from over 200 UK companies for Watson Wyatt’s UK Compensation Report 2003, found that only 1 in 10 sales executives and field service engineers have no choice over make and model of the company car they drive.

The report shows that:

36% of sales executives have a free choice of car up to a maximum cost, while 55% may choose from a range of makes and models designated by their employer.

For field service engineers the equivalent figures are 32% and 57%.

For senior managers, 45% have a free reign and 5% have no choice.

For non-sales middle managers, 43% have a free choice while 7% have no choice.

The average maximum cost including VAT for a company car for sales executives with a free choice is £17,727, rising to £24,796 for top sales personnel and £29,771 for general managers.

Of those companies providing a company car or car allowance to sales executives, only 49% offer a company car with no choice to take cash as an alternative – compared with 56% in Watson Wyatt’s 2002 report.

In non-sales roles, 1 in 10 middle managers are provided with a cash allowance in replacement of a company car and two-thirds are given the choice of a car or a cash allowance. Less than a quarter of middle managers are obliged to take a company car.

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