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Started By
Message
Company car w/ gas card OR $1k monthly allowance + fed mileage rate
Posted on 6/26/24 at 12:17 pm
Posted on 6/26/24 at 12:17 pm
Which are you choosing?
Assume 3k work miles per month
Assume 3k work miles per month
51
Posted on 6/26/24 at 12:19 pm to Wildcat98USA
Clark Howard would say to take the money.
Posted on 6/26/24 at 12:21 pm to Wildcat98USA
What’s the fed mileage rate?
Posted on 6/26/24 at 12:21 pm to Wildcat98USA
quote:
$1k monthly allowance + fed mileage rate
Posted on 6/26/24 at 12:23 pm to kywildcatfanone
I have done both. Depends on the vehicle the company is willing to give you to work out of and if you are willing to use it for personal use. IF they will not allow personal use, go with the money. IMO
Posted on 6/26/24 at 12:23 pm to Wildcat98USA
quote:
Company car w/ gas card
What kind of car?
Posted on 6/26/24 at 12:25 pm to SPEEDY
F150, basic XLT trim. They do allow personal use but they try to make you claim those miles nobody does though
Posted on 6/26/24 at 12:25 pm to Wildcat98USA
quote:
F150, basic XLT trim
I’m taking money
Posted on 6/26/24 at 12:26 pm to Wildcat98USA
Take the money.
Posted on 6/26/24 at 12:26 pm to Wildcat98USA
quote:
F150, basic XLT trim.
No question, take the cash.
Posted on 6/26/24 at 12:27 pm to Oates Mustache
take the vehicle, the money is taxable
Posted on 6/26/24 at 12:29 pm to CaptainsWafer
IRS rate is .67 per mile.
Depending on what kind of personal car you drive, I could go either way here. Driving 3K per month means about 9 oil changes per year (assuming every 5K). Tires would be needed about every 18 months and how much would your car insurance increase changing the designation to business use? Plus, I 'd expect you to increase your insurance limits to $250K/$500K (or at least $100K/$300K). That will drive up the cost as well. Are you still making a payment on the car? If not, you may end up needing a new car sooner over later.
I had to factor all these things in over my road warrior sales career; I preferred driving the company car over my own almost every time. I also drove far more than 3K miles per month; I was closer to 5K.
Depending on what kind of personal car you drive, I could go either way here. Driving 3K per month means about 9 oil changes per year (assuming every 5K). Tires would be needed about every 18 months and how much would your car insurance increase changing the designation to business use? Plus, I 'd expect you to increase your insurance limits to $250K/$500K (or at least $100K/$300K). That will drive up the cost as well. Are you still making a payment on the car? If not, you may end up needing a new car sooner over later.
I had to factor all these things in over my road warrior sales career; I preferred driving the company car over my own almost every time. I also drove far more than 3K miles per month; I was closer to 5K.
Posted on 6/26/24 at 12:30 pm to Wildcat98USA
3k miles per month, use their truck. Your car will have 100k miles by year 3 and the depreciation hit will be harsh.
Posted on 6/26/24 at 12:30 pm to Wildcat98USA
I would take the 36 thousand
Posted on 6/26/24 at 12:32 pm to Wildcat98USA
I get a vehicle allowance, fuel card, and I get paid mileage for business travel. I’ll keep that.
Posted on 6/26/24 at 12:35 pm to Wildcat98USA
I’d take the 3k per month.
Posted on 6/26/24 at 12:38 pm to Wildcat98USA
not the company car. It'll be some piece of shite ford or jeep small suv that might as well be a car.
Why would you not want to get a car that your company pays for, and then you get to sell it or trade it in and get money back for it, or you can give it to your kid?
I will say that logging miles will be a pain in the arse.
Having the company car, insurance paid, and gas card is very worry free. I'd take the company car if it was a decent car, but it hardly ever is.
Why would you not want to get a car that your company pays for, and then you get to sell it or trade it in and get money back for it, or you can give it to your kid?
I will say that logging miles will be a pain in the arse.
Having the company car, insurance paid, and gas card is very worry free. I'd take the company car if it was a decent car, but it hardly ever is.
This post was edited on 6/26/24 at 12:43 pm
Posted on 6/26/24 at 12:39 pm to Wildcat98USA
I know a few baws that get a truck allowance and use that to get a whole lot more than what they need taking money out there pocket. Baws just don’t know how to get ahead.
Meanwhile, ol’ Slim Brainiac liberal takes the conservative approach, gets ragged daily by his baws about his sissy ride, and retires early.
Baws blame Biden for their debt.
Meanwhile, ol’ Slim Brainiac liberal takes the conservative approach, gets ragged daily by his baws about his sissy ride, and retires early.
Baws blame Biden for their debt.
This post was edited on 6/26/24 at 12:45 pm
Posted on 6/26/24 at 12:40 pm to Wildcat98USA
I’ve had company vehicles that were registered in Louisiana* for almost 30 years now. I’m spoilt as to not worrying about the fiscal side of the vehicle. I keep my vehicle clean and don’t abuse them, but I do drive a lot, both for work and personal miles. I always account for EVERY BIT of the personal mileage….
*With auto liability like it presently is in Louisiana, I sleep much better with someone else on the primary hook for my potential shitty driving.
So far, in decades of driving, I’ve yet to damage one.
I’m an excellent driver…
*With auto liability like it presently is in Louisiana, I sleep much better with someone else on the primary hook for my potential shitty driving.
So far, in decades of driving, I’ve yet to damage one.
I’m an excellent driver…
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