6 days Ago By Luke Chillingsworth
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.”.
