A millionaire has admitted snubbing the chance to buy a Ferrari in favour of a popular family SUV due to major car tax benefits.
Property developer Abu Hookway proudly showed off her Mazda CX SUV, admitting people were “shocked” when they found out what car she was travelling in.
Abi has developed her own property investment business, using investments to buy and flip houses for a profit.
She claims to have made herself a millionaire in just seven and a half years but opts for the Mazda over more expensive machines.
Abi admitted the Mazda was even good financially with benefit-in-kind rates making it affordable as well as practical.
It means the property expert pays just £400 per month to run the vehicle with the money she saves re-invested back into her company.
Speaking on TikTok, Abi said: “Not all millionaires have Ferraris. People are so shocked when I show them I have a mummy Mazda. A – because I’ve got two children. How on earth am I going to get the children in that Ferrari?
“And number two because it’s more tax efficient. I lease this through my LLP. It costs me about £400 per month, there’s no benefit in kind so it’s very tax-efficient for me to do it. I get to basically drive around tax-free.
“I lease liabilities and I buy assets so driving around in this is only £400 a month. It doesn’t cost me a lot and I can go and keep building my property portfolio.
“Whereas if I had one of those. A – I’d never get anyone in it, B – it’s probably too fast for me and C – it’s not really the wisest financial choice.”
TikTok users were quick to praise the decision with some even admitting Mazda was a great choice.
@susanb814 commented: “Mazdas are the goat though! Love my wee Mazda!”
Another added: “You are a very good business person.”
However, some TikTok users questioned whether the move was financially sensible compared to going out and getting a second-hand vehicle.
@ginger51252 said: “£400 a month is so much money [though] for a car. [You] might be rich but that is also not good financially better off buying a used car upfront or with a low-interest bank loan.”
