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Started By
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What do you consider a company vehicle to be worth?
Posted on 8/19/15 at 8:05 am
Posted on 8/19/15 at 8:05 am
A car that is the company's but used exclusively by you. You take it home everyday and use it for all work related duties. Company pays all insurance and gas. You can't use the car for personal use. I've always estimated it to be worth about 10K a year, but I wanted to get other peoples thoughts.
9
Posted on 8/19/15 at 8:10 am to Glock17
quote:
A car that is the company's but used exclusively by you. You take it home everyday and use it for all work related duties. Company pays all insurance and gas. You can't use the car for personal use. I've always estimated it to be worth about 10K a year, but I wanted to get other peoples thoughts.
Do you only use it for work duties? If so, I really dunno if it's worth 10 grand as you can take the mileage off on your taxes and I doubt the work mileage you are putting on the car is 10k worth of wear and tear.
Posted on 8/19/15 at 8:11 am to Glock17
No personal use?
Nothing.
I would rather just get paid mileage.
Nothing.
I would rather just get paid mileage.
Posted on 8/19/15 at 8:13 am to Glock17
quote:
10K a year
That seems very high. You still have to buy your own car/insurance for personal use. Beyond that, there are way too many variables you're leaving out. How many miles a year do you put on the car? There might be some value if you're commuting 100mi/day but even then I'd rather have the mileage deductible.
This post was edited on 8/19/15 at 8:14 am
Posted on 8/19/15 at 8:13 am to Glock17
That's the number I've always used when you consider car note, fuel, insurance, maintenance and upkeep. Even if used only for business, it can eliminate the need for another personal vehicle.
Posted on 8/19/15 at 8:14 am to TheHiddenFlask
quote:
No personal use? Nothing. I would rather just get paid mileage.
Well, I would think it's at least worth the gas money and depreciation not lost by driving their vehicle to work rather than yours. This is assuming you have a normal commute that you wouldn't be able to deduct miles from if you drove yourself.
I don't think this would come close to 10k a year, though.
This post was edited on 8/19/15 at 8:17 am
Posted on 8/19/15 at 8:21 am to Glock17
quote:
You can't use the car for personal use.
Is worth nothing, then.
Well - almost nothing - factor in your mileage back and forth to work. If a 20-mile, 1 way, $2k a year, then.
Posted on 8/19/15 at 8:35 am to Ace Midnight
quote:
Is worth nothing, then.
Well - almost nothing - factor in your mileage back and forth to work. If a 20-mile, 1 way, $2k a year, then.
I don't think it's worth nothing... it might not be 10k, but to say it's worth nothing is a dumb statement.
I probably put about 15k miles a year on the vehicle, and due to having it, only have to put gas in my personal vehicle once every 3 weeks or so. I also have a my personal vehicle insured as a "leisure" vehicle so my insurance is cheap since I only put about 3500-5000 miles a year on it.
Posted on 8/19/15 at 8:44 am to Glock17
quote:
You can't use the car for personal use.
This is the kicker and means you still have to keep a personal vehicle
Posted on 8/19/15 at 8:45 am to Glock17
quote:
I probably put about 15k miles a year on the vehicle, and due to having it, only have to put gas in my personal vehicle once every 3 weeks or so. I also have a my personal vehicle insured as a "leisure" vehicle so my insurance is cheap since I only put about 3500-5000 miles a year on it.
Is this for regular commuting or is it for other types of driving. If it's for regular commuting, yeah it has some value, but nowhere near 10k.
Posted on 8/19/15 at 8:48 am to Glock17
I would compare it to an average employee at an office without the benefit, not an actual value of your specific job driving unless the perk is unusual for the position
Assumptions based on Camry direct savings ~$2500
Avg Commute in major metro areas is roughly ~10 miles each way
Avg fuel economy is roughly 25 MPG
Gas Price $2.2
Avg Monthly Working Days 22
Monthly Insurance - $85/month
Yearly Taxes on vehicle - ~$250
Yearly Repairs - ~$200
Yearly Maitenence- ~$300-500
The real key is how this benefit indirectly affects other aspects of your life
- Married couple only needs "1" additional personal use car
- Single person can have cheap low maintenance additional car for personal use
- Discounted insurance for insurance on your "second vehicle" for personal use
A Toyota Camry monthly payment is roughly $500 over 4 years and I would assume the lack of driving would roughly double the lifespan so I would add another $3,000 /year
Assumptions based on Camry direct savings ~$2500
Avg Commute in major metro areas is roughly ~10 miles each way
Avg fuel economy is roughly 25 MPG
Gas Price $2.2
Avg Monthly Working Days 22
Monthly Insurance - $85/month
Yearly Taxes on vehicle - ~$250
Yearly Repairs - ~$200
Yearly Maitenence- ~$300-500
The real key is how this benefit indirectly affects other aspects of your life
- Married couple only needs "1" additional personal use car
- Single person can have cheap low maintenance additional car for personal use
- Discounted insurance for insurance on your "second vehicle" for personal use
A Toyota Camry monthly payment is roughly $500 over 4 years and I would assume the lack of driving would roughly double the lifespan so I would add another $3,000 /year
This post was edited on 8/19/15 at 8:50 am
Posted on 8/19/15 at 8:51 am to GenesChin
We went to straight allowance w/gas card for all corporate management. I think it benefits both the company and the employee.
Posted on 8/19/15 at 8:53 am to GenesChin
If your family has another vehicle and this one eliminates the need for a second, its worth plenty.
Also, I'd much rather have a company car/truck and paid gas than I would have to rack up miles and more rapidly depreciate something I'm paying for.
Also, I'd much rather have a company car/truck and paid gas than I would have to rack up miles and more rapidly depreciate something I'm paying for.
Posted on 8/19/15 at 9:00 am to Glock17
quote:
but to say it's worth nothing is a dumb statement.
Fair enough. It's worth something to the company, just not much to you personally.
Now - if you're willing to share a car for personal use with the missus - and this company car is getting you back and forth to work - but in what model of the universe is a car that you can only use for work worth anything significant to you, personally?
I'd rather have more salary and mileage, and provide my own vehicle, unless it is something highly expensive and technical required to do the job.
quote:
I probably put about 15k miles a year on the vehicle
For the company's benefit. I put far more than that on a car - and I was getting 40 to 50 cents a mile on it - I'd much rather have that supplemental income, than be responsible for a vehicle that can only benefit my employer.
So, I stand by my answer - I would value it at whatever you spend getting back and forth to your workplace - and nothing for all the driving around because that is for your employer's benefit.
This post was edited on 8/19/15 at 9:09 am
Posted on 8/19/15 at 10:05 am to Glock17
quote:
You can't use the car for personal use.
Do they have a way to track this?
Posted on 8/19/15 at 10:10 am to CHiPs25
Getting in a wreck running personal errands might be bad.
Posted on 8/19/15 at 11:34 am to Glock17
My office is only 3 miles from home, so it wouldn't be worth much to me, if I couldn't use it for personal travel.
Posted on 8/19/15 at 11:35 am to Ice Cream Sammich
quote:
Getting in a wreck running personal errands might be bad.
This... It's opened to be used for personal use if its during your normal work day, or going to and from the office. If it was your day off and something were you happen in the vehicle you'd have some explaining to do.
Posted on 8/19/15 at 1:32 pm to Glock17
If you have cheap easy access to a second car for personal use and easily get back with work car + second car it is very valuable.
If you have to get an addtl personal use car, I'd value it at $2500tops just for the lack of wear & tear + lower overall costs of second car.
If you have to get an addtl personal use car, I'd value it at $2500tops just for the lack of wear & tear + lower overall costs of second car.
This post was edited on 8/19/15 at 1:34 pm
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