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Started By
Message
re: Company car w/ gas card OR $1k monthly allowance + fed mileage rate
Posted on 6/26/24 at 1:33 pm to thejudge
Posted on 6/26/24 at 1:33 pm to thejudge
quote:
There are apps now for that
Yes but unfortunately those same apps, under the guise of being “helpful” to the employee- are actually upfront about the fact that they track your movements and sales calls and all stops throughout the day.. depending on how much of a micromanager ur boss it, it can bite you in the arse.. one of the great things about sales to me is the flexibility and the ability to run ur own schedule- I don’t “clock in” 8 to 5 Mon thru Fri, and these apps are designed for that type of employee.. i left a previous company in part b/c i felt it was creepy to be tracked like that , even though if push came to shove, my sales #’s were good so i probably could have gotten away with it .
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Posted on 6/26/24 at 1:35 pm to Wildcat98USA
quote:
Assume 3k work miles per month
Frick that noise. You take the car without question.
Posted on 6/26/24 at 1:42 pm to Wildcat98USA
Floyd Dog has it right. I also have evaluated both in my sales career. If you are just getting $1K/month, counted as income by IRS and taxable and .67/mile. Insurance, gas, tires, oil changes makes it a loser. That is why most some mid-size companies are doing away with company cars and gas credit cards.
Posted on 6/26/24 at 1:52 pm to CaptainsWafer
quote:65.5 cents/mile
What’s the fed mileage rate?
Posted on 6/26/24 at 1:54 pm to cuyahoga tiger
We did away with them for liability issues.
Employee's insurance primary, ours is secondary.
Employee's insurance primary, ours is secondary.
Posted on 6/26/24 at 2:22 pm to Wildcat98USA
No Brainer; take the cash. At 3000 miles a month you will get $2000 non taxable plus $1,000 taxable income per month. That's $30,000 a year to cover cost of the vehicle of your choice, insurance, maintenance, and gas. You will come out way ahead with this option.
And as someone that drives about 30,000 miles a year, I recommend getting the most comfortable vehicle you can afford.
And as someone that drives about 30,000 miles a year, I recommend getting the most comfortable vehicle you can afford.
This post was edited on 6/26/24 at 2:30 pm
Posted on 6/26/24 at 2:30 pm to armytiger96
Give me co. car with gas card every time.
Posted on 6/26/24 at 2:37 pm to TeddyPadillac
quote:
I will say that logging miles will be a pain in the arse.
If you go the route of using your personal vehicle, use the Mile IQ app to make tracking miles easy. It likely integrates into your companies reimbursement system also.
It tracks all your driving and you quickly classify it as personal or business. You are also in control of what gets sent to your company. You can easily delete any drives you don't want them to see.
I would never work for a boss that micromanages my Mile IQ info and they never would because I hit my numbers, but you can be in control of what info makes it to the monthly report that you generate.
When my company moved to auto allowance and took away company cars it was the best. My vehicle is my office and I have had enough of driving crappy Dodges, Fords, Toyota Camry's or whatever car they got the cheapest deal on. I now have a nicely equipped truck that makes my day much more enjoyable and my monthly cost are covered by the allowance and mileage.
This post was edited on 6/26/24 at 2:51 pm
Posted on 6/26/24 at 2:40 pm to Wildcat98USA
Allowance always. That way if you get canned you still have a vehicle. Ask me how I know.
Posted on 6/26/24 at 2:49 pm to PoppaD
quote:
I will say that logging miles will be a pain in the arse.
quote:
If you go the route of using your personal vehicle, use the Mile IQ app to make tracking miles easy. It likely integrates into your companies reimbursement system also. It tracks all your driving and you quickly classify it as personal or business.
I’ve used Mile IQ for a couple years now. It’s great. Just swipe left for personal trips or right for business trips.
This post was edited on 6/26/24 at 2:50 pm
Posted on 6/26/24 at 2:51 pm to Wildcat98USA
My company has been on company F150 for years but just recently changed to vehicle allowance. I won’t have to think about it for a while as I got into a new 22 at the beginning of 23 and only have 25k miles. We go onto the new program the January after the vehicle hits 120,000. At the rate I drive, it will be 2027 when I get switched over. Right now, I get all maintenance paid and a gas card and they allow unlimited personal use and if married, spouse can drive the vehicle. We are just supposed to report personal miles every month.
The new program is $1100 per month but it gets taxed. We get a fuel card but have to pay for all maintenance.
I prefer the way it is now. After tax, $800 a month isn’t much in todays market. I have a garaged 2019 Yukon Denali with 55k miles and paid off. I will probably drive that 5 or 6 years and just bank the allowance for the next vehicle around 2032.
The new program is $1100 per month but it gets taxed. We get a fuel card but have to pay for all maintenance.
I prefer the way it is now. After tax, $800 a month isn’t much in todays market. I have a garaged 2019 Yukon Denali with 55k miles and paid off. I will probably drive that 5 or 6 years and just bank the allowance for the next vehicle around 2032.
Posted on 6/26/24 at 2:53 pm to Wildcat98USA
quote:
1k allowance plus mileage rate
Mileage is like $0.60
With the $1k plus that, you'll make a killing.
Get a nice Silverado etc at like $850-$900/month.
The mileage will cover gas, and depreciation.
Posted on 6/26/24 at 2:54 pm to Wildcat98USA
New car every 4 or 5 years with that kind of mileage, I'm assuming I'd take the car. 200k miles on my vehicle is nothing but man that's a lot of oil changes/tires/brakes/general wear and tear when it's mine vs the companies.
If it's wrecked or shits the bed it's their problem not mine. I know financially it probably works out to take the cash if you can get the right deal on something financed for 36 months but I don't like headaches.
Also, I don't believe the IRS allows full mileage reimbursement if there's and allowance and fuel card, but maybe that's just our company policy.
If it's wrecked or shits the bed it's their problem not mine. I know financially it probably works out to take the cash if you can get the right deal on something financed for 36 months but I don't like headaches.
Also, I don't believe the IRS allows full mileage reimbursement if there's and allowance and fuel card, but maybe that's just our company policy.
This post was edited on 6/26/24 at 2:56 pm
Posted on 6/26/24 at 2:59 pm to Stexas
quote:
Also, I don't believe the IRS allows full mileage reimbursement if there's and allowance and fuel card, but maybe that's just our company policy.
I don’t think it’s the full amount allowed by the IRS, but I get like .54 cents a mile on business trips.
Posted on 6/26/24 at 3:11 pm to Wildcat98USA
quote:
Message
Company car w/ gas card OR $1k monthly allowance + fed mileage rate
Seems like if you have a decent driving record with reasonable insurance rates, the $1k + mileage would be the better deal here. If you drive 1000 miles per month (low estimate) that's $1670/ month which would put me in something much nicer than a F-150 XLT
Posted on 6/26/24 at 4:09 pm to lrabor3
You always take the money. If you leave the company, you still have a vehicle they've paid for.
Posted on 6/26/24 at 4:15 pm to Wildcat98USA
For years I took the company car but they slowly increased the out of pocket costs from zero to $1000 to eventually $2500 for a ford escape. When it was free or $1000 I didn’t mind. But I couldn’t convince my self to pay $2500 for a ford escape- they covered everything else.
So about a year ago I took the $800 cash allowance. Yes I have to use my own vehicle which I prefer anyway. They pay for gas and maintenance
So about a year ago I took the $800 cash allowance. Yes I have to use my own vehicle which I prefer anyway. They pay for gas and maintenance
Posted on 6/26/24 at 4:35 pm to Gorilla Ball
What kind of business? Does type of vehicle matter?
If you need a truck or something bad on gas and expensive I’d go with the company vehicle easily.
But if the vehicle doesn’t matter I’m not a huge fat guy so call me crazy but I’d buy a reliable used sedan that’s a good price and you could probably afford your own truck payment if you did it right, use the mileage to pay for your gas and repairs.
If you need a truck or something bad on gas and expensive I’d go with the company vehicle easily.
But if the vehicle doesn’t matter I’m not a huge fat guy so call me crazy but I’d buy a reliable used sedan that’s a good price and you could probably afford your own truck payment if you did it right, use the mileage to pay for your gas and repairs.
Posted on 6/26/24 at 5:22 pm to Trauma14
quote:
65.5 cents/mile
Checked my last expense check. It's 67 cents/mile.
Posted on 6/26/24 at 5:24 pm to Wildcat98USA
Depends on their personal use policy for the company ride and if they're installing a tracker or dash cam.
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