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Started By
Message
Ok MT, how would you handle this situation?re: layoffs
Posted on 1/16/15 at 9:36 am
Posted on 1/16/15 at 9:36 am
Like many of you I'm an oilfield hand planning for a possible layoff. As of today, I have about 4- 6 months of steady work then after that who knows.(Please don't ask what I do or who I work for it's not relevant). I would be considered a very late headcount reduction candidate. Trust me on that part.
My strategy is to plan every 14 days at work as being my last and stack cash in the process. The issue I have is this: I don't have a personal vehicle (my wife does have a van for kid transportation). I have a company truck with a gas card but I don't own a vehicle. My company allows us to use company trucks for personal use so I never even thought about. If everything truly goes to shite & the aforementioned 4-6 months turns into 3 weeks and then a slaughter occurs....well you get my dilemma.
The way I see it my options are this:
1) Approach my employer about purchasing the truck & use the car allowance to pay the note. I know some guys that have gotten great deals doing this. If I get laid off, I have a vehicle & hopefully a few months of payments saved.
2) Purchase a used vehicle now & continue to use the company truck. Find something really cheap, use it minimally, & begin paying it down now. If things turn around & I end up not needing it I can always sell it.
3) Do nothing, save as much as possible, & try to purchase something using cash should I get laid off.
Thoughts or suggestions would be appreciated. I hate going into debt as layoffs loom but I don't know if I have a choice. There is no way my wife & I could share her vehicle.
My strategy is to plan every 14 days at work as being my last and stack cash in the process. The issue I have is this: I don't have a personal vehicle (my wife does have a van for kid transportation). I have a company truck with a gas card but I don't own a vehicle. My company allows us to use company trucks for personal use so I never even thought about. If everything truly goes to shite & the aforementioned 4-6 months turns into 3 weeks and then a slaughter occurs....well you get my dilemma.
The way I see it my options are this:
1) Approach my employer about purchasing the truck & use the car allowance to pay the note. I know some guys that have gotten great deals doing this. If I get laid off, I have a vehicle & hopefully a few months of payments saved.
2) Purchase a used vehicle now & continue to use the company truck. Find something really cheap, use it minimally, & begin paying it down now. If things turn around & I end up not needing it I can always sell it.
3) Do nothing, save as much as possible, & try to purchase something using cash should I get laid off.
Thoughts or suggestions would be appreciated. I hate going into debt as layoffs loom but I don't know if I have a choice. There is no way my wife & I could share her vehicle.
Posted on 1/16/15 at 9:40 am to jonboy
I'd do a combination of 1 and 3. IF a layoff occurs, ask them then about purchasing the truck. If they balk, or the price is too high, find a beater you have enough cash for.
Posted on 1/16/15 at 9:44 am to jonboy
quote:
Do nothing, save as much as possible, & try to purchase something using cash should I get laid off.
Posted on 1/16/15 at 9:47 am to jonboy
quote:
3) Do nothing, save as much as possible, & try to purchase something using cash should I get laid off.
Posted on 1/16/15 at 9:48 am to jonboy
quote:
my wife does have a van for kid transportation
Why can't you drive the van if you get laid off? Seriously, the last thing you need to be doing right now is buying a vehicle if you don't have 3-6 months of expenses in an emergency fund.
Posted on 1/16/15 at 9:55 am to jonboy
3.
If you are not working, presumably, you and your wife can share the van? And then if you get a new job that requires you to buy a vehicle, you do it then.
Do you personally oversee the maintenance of the truck? When cash gets tight, maintenance is one of the things companies reduce spending on. You might get a deal, and have something blow up in a month.
If you are not working, presumably, you and your wife can share the van? And then if you get a new job that requires you to buy a vehicle, you do it then.
Do you personally oversee the maintenance of the truck? When cash gets tight, maintenance is one of the things companies reduce spending on. You might get a deal, and have something blow up in a month.
Posted on 1/16/15 at 9:55 am to AngryBeavers
quote:
Why can't you drive the van if you get laid off?
The logistics of three kids would make it nearly impossible on a day to day basis.
quote:
the last thing you need to be doing right now is buying a vehicle if you don't have 3-6 months of expenses in an emergency fund.
I have an emergency fund: what I don't have is money set aside for another vehicle. I'm trying to avoid dipping into the e-fund for a vehicle.
I like the idea of saving money & approaching my employer later on. Might be the most logical course of action.
Posted on 1/16/15 at 9:58 am to AngryBeavers
I definitely wouldn't purchase anything now because you would also be responsible for the insurance. Save as much as possible and hope for the best but prepare for the worst.
Posted on 1/16/15 at 9:58 am to jonboy
If tons of layoffs happen, used trucks will be flush on the market. Don't buy now, save your money and make a choice only when forced...
Posted on 1/16/15 at 9:59 am to LSUFanHouston
quote:
Do you personally oversee the maintenance of the truck? When cash gets tight, maintenance is one of the things companies reduce spending on. You might get a deal, and have something blow up in a month.
For all practical purposes, the truck is mine with someone else paying the gas, maintenance & insurance. I oversee maintenance etc.
This post was edited on 1/16/15 at 10:00 am
Posted on 1/16/15 at 10:00 am to jonboy
If they're forced to lay people off, a good chance they also need to cut their vehicle fleet. Good chance to get a great deal on a truck you're familiar with.
Posted on 1/16/15 at 10:27 am to wickowick
There is probably going to be a bunch of jacked up f-250's flooding the market if oil keeps going down. Bunch of other toys going to be cheap also.
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