‘I’m a millionaire, but I chose this popular car that will save me thousands’

A millionaire has admitted he turned down the chance to buy a Ferrari in favor of a popular family SUV because of the big car tax benefits.

Property developer Abu Hookway proudly showed off her Mazda CX SUV and admitted people were ‘shocked’ when they found out what car she was driving.

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 chooses the Mazda over more expensive machines.

Abi admitted that the Mazda was even good financially, with benefits in kind, making it both affordable and practical.

It means the property expert pays just £400 a month to run the vehicle, while the money she saves is reinvested into her business.

Speaking on TikTokAbi said: “Not all millionaires have Ferraris. People are so shocked when I show them that I have a mummy Mazda. A – because I have two children. How the hell do I get the kids into that Ferrari?

“And number two because it is more fiscally efficient. I’m leasing this through my LLP. It costs me about €400 per month, there is no benefit in kind, so it is very tax efficient for me to do it. In principle, I can drive around tax-free.

“I lease liabilities and I buy assets, so driving around only costs £400 a month. It doesn’t cost me much and I can continue to build my property portfolio.

‘While I had one. A – I would never get anyone into it, B – it’s probably too soon for me and C – it’s not really the wisest financial choice.”

TikTok users were quick to praise the decision, with some even admitting that Mazda was a good choice.

@susanb814 commented: “Mazdas are the goat though! I love my little Mazda!”

Another added: “You are a very good businessman.”

However, some TikTok users wondered if the move made financial sense compared to going out and buying a used car.

@ginger51252 said: “£400 a month is (though) that much money for a car. (You) may be rich, but that is also not financially good if you buy a used car in advance or with a bank loan at a low interest rate.