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Vehicle allowance- what is is the smartest decision
Posted on 3/13/15 at 12:26 pm
Posted on 3/13/15 at 12:26 pm
Recently have been told I will be allowed to have a vehicle allowance. I am looking for a truck in the 2013-2014 range. Would it be a better decision to come out of pocket $100-200 a month for a vehicle with low miles, or should I focus on finding a lower priced truck with higher miles and a price point that would be below the allowance. Which would increase income, but also be a higher risk. Any advice?
8
Posted on 3/13/15 at 12:31 pm to lsu0005
I just recently did this. $300 allowance and got a vehicle with a note of $299.89
My opinion was that even though the vehicle will depreciate, they are paying all of the cost. I did not think it was wise to pay more than the allowance. Got a very nice truck and in 5 years the residual value will be mine for free
My opinion was that even though the vehicle will depreciate, they are paying all of the cost. I did not think it was wise to pay more than the allowance. Got a very nice truck and in 5 years the residual value will be mine for free
Posted on 3/13/15 at 1:07 pm to lsu0005
If it were me I would find a truck I was comfortable driving within the allowance they're giving.
Posted on 3/13/15 at 5:53 pm to lsu0005
That amount doesn't cover much costs on a monthly basis.
How much will you be driving for the company? My monthly allowance is 1k and I drive 1,500 to 2,000 miles a month.
How much will you be driving for the company? My monthly allowance is 1k and I drive 1,500 to 2,000 miles a month.
Posted on 3/13/15 at 6:51 pm to lsu0005
I receive a vehicle allowance but we have requirements : 4 years old or newer, 4-door, etc
Posted on 3/13/15 at 9:25 pm to lsu0005
In my opinion, this is where people get in trouble. My suggestion would be to buy a vehicle you could afford without the allowance. What happens if your company has a bad quarter or year and decides to cut back on these type of benefits? Buy what you can afforded assuming the allowance never existed.
This post was edited on 3/13/15 at 9:26 pm
Posted on 3/13/15 at 9:34 pm to lsu0005
GO BIG OR GO HOME
Posted on 3/13/15 at 10:34 pm to Jabstep
Very solid advice!
Posted on 3/14/15 at 7:52 am to Jabstep
My car allowance was also taxed. So, I never had the original amount offered.
Posted on 3/14/15 at 2:47 pm to CypressTiger665
Just ensure you'll have the job for the life of the loan. 
Posted on 3/16/15 at 12:05 pm to Coach Guidry
I think of a vehicle allowance as extra pay. I buy the vehicle I want (that I can afford) and don't worry about the amount of the allowance.
Posted on 3/16/15 at 12:14 pm to Jabstep
quote:
In my opinion, this is where people get in trouble. My suggestion would be to buy a vehicle you could afford without the allowance. What happens if your company has a bad quarter or year and decides to cut back on these type of benefits? Buy what you can afforded assuming the allowance never existed.
my company recently ended the car allowance, and it trapped quite a few ppl in a lurch.
I had a good friend that this happened to. he was totally fricked.
Sound advice.
Posted on 3/16/15 at 9:48 pm to Hawkeye95
quote:
my company recently ended the car allowance
They went to company cars?
Posted on 3/16/15 at 10:17 pm to lsu0005
bottom line is, if you are getting a vehicle allowance, it is likely that you will be driving a good bit...so just be damn sure that you get something that is presentable and dependable...
Posted on 3/17/15 at 9:19 am to lsu0005
From day 1 of the allowance, keep very good records. Keep a notebook and log in and out of your business miles. Log your starting mileage from the date of the allowance and log the ending mileage at year end.
On form 2106, the gov asks if the evidence is written.
Buy a truck you can afford without the allowance. Also consider any necessary changes in your auto insurance regarding using for business purposes.
On form 2106, the gov asks if the evidence is written.
Buy a truck you can afford without the allowance. Also consider any necessary changes in your auto insurance regarding using for business purposes.
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