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Started By
Message
re: How much should a company truck affect your salary?
Posted on 9/26/23 at 7:33 am to NatalbanyTigerFan
Posted on 9/26/23 at 7:33 am to NatalbanyTigerFan
Would not factor in for me at all. Imma straight cash homey.
0
Posted on 9/26/23 at 7:41 am to BruslyTiger
quote:
What is the perk of having the vehicle if you cannot use it for personal use?
Baw every mile was for work nod wink.
Posted on 9/26/23 at 7:41 am to NatalbanyTigerFan
A straight vehicle allowance is taxed at your payroll tax withholding rate so that’s something to consider as well if that’s an option in lieu of company vehicle.
Posted on 9/26/23 at 7:43 am to NatalbanyTigerFan
$10/hr is about $1600/month. That should more than take care of insurance, car note, and gas.
Edit: provided you can use it for personal use. Otherwise it’s nothing. You still have a note, insurance, etc. only thing you’re saving on is gas.
Edit: provided you can use it for personal use. Otherwise it’s nothing. You still have a note, insurance, etc. only thing you’re saving on is gas.
This post was edited on 9/26/23 at 7:46 am
Posted on 9/26/23 at 7:46 am to Jcorye1
quote:
Also, I would be shocked if they were cool with you driving your company car for private business, which massively lowers the benefit.
Depends on the company. Some places basically only use the rules to fire you if they don’t like you, but if you’re doing great work, it’s never brought up.
Posted on 9/26/23 at 7:47 am to BruslyTiger
quote:
What is the perk of having the vehicle if you cannot use it for personal use?
Very little
quote:
Does the company require you to be on call 24x7 and want you to have the vehicle to provide services to customers?
Some facilities do not allow personally insured or maintained vehicles within their gates. Lawyers.
Posted on 9/26/23 at 7:48 am to NatalbanyTigerFan
If you drive your own vehicle for work, how much will they reimburse you per mile?
Posted on 9/26/23 at 7:49 am to Odysseus32
quote:
But I can’t imagine why some people on this board act like having a company truck is the golden goose.
Because many company trucks can be used for personal use, and if that’s the case, it is.
Posted on 9/26/23 at 7:50 am to Oilfieldbiology
quote:
Because many company trucks can be used for personal use, and if that’s the case, it is.
Well, if so, you’re supposed to be taxed on that.
Posted on 9/26/23 at 7:53 am to Oilfieldbiology
quote:
Depends on the company. Some places basically only use the rules to fire you if they don’t like you, but if you’re doing great work, it’s never brought up.
That's interesting, do they make you guys keep logs? I nailed a couple of firms back in the day because they allowed their drivers to use their vehicles for non-business usage yet claimed all the miles, gas, ect as expenses.
Posted on 9/26/23 at 7:55 am to Salmon
quote:
Are you guys considering your commute "personal use"?
Because I don't use my company truck for personal use, but I do use it for my commute.
I consider not having to use my personal vehicle or pay for gas for my commute a very large perk.
I assume this is what most people consider a "company truck"
Having a vehicle for your daily commute is a benefit for sure. The question is how much that’s worth. It’s not $0 but it’s also probably not the full lease value of the vehicle + gas.
To me it largely depends on what the policy is on personal use. If the company allows full personal use (meaning free to use however you want, beyond just your daily commute) then there is a lot more value than there would be with a company that strictly forbids using the vehicle for, say, vacations/trips.
Posted on 9/26/23 at 7:56 am to Jcorye1
quote:
That's interesting, do they make you guys keep logs? I nailed a couple of firms back in the day because they allowed their drivers to use their vehicles for non-business usage yet claimed all the miles, gas, ect as expenses.
Every company car I’ve ever had required monthly reporting of personal vs. business mileage for tax purposes.
Posted on 9/26/23 at 7:57 am to NatalbanyTigerFan
Completely depends on the usage rules. To and from work only and have to use it as a work truck for hauling things for the company then nope. Especially if it had a company name on the side.
Now a decent truck I could use for whatever I personally need is another story.
Now a decent truck I could use for whatever I personally need is another story.
Posted on 9/26/23 at 8:00 am to LSUGrrrl
quote:
If you drive your own vehicle for work, how much will they reimburse you per mile?
Most use federal rate which is 65.5 cents per mile
This post was edited on 9/26/23 at 8:01 am
Posted on 9/26/23 at 8:01 am to NatalbanyTigerFan
Is it for work only or a perk that allows for personal use?
Former? No
Latter? Absolutely
Former? No
Latter? Absolutely
Posted on 9/26/23 at 8:04 am to LSUJML
quote:
Most use federal rate which is 65.5 cents per mile
Right. Just making sure he knew that was a thing bc he didn’t mention it. Some companies I’ve seen offer a car or $400/month car allowance instead of mileage but that $400 is taxed as compensation.
Posted on 9/26/23 at 8:11 am to lostinbr
quote:
To me it largely depends on what the policy is on personal use. If the company allows full personal use (meaning free to use however you want, beyond just your daily commute) then there is a lot more value than there would be with a company that strictly forbids using the vehicle for, say, vacations/trips.
Sure. If my company truck replaced my personal truck, obviously that is more value.
But being able to use my company truck for just my commute is still a significant value. For one, it has increased the life of my personal truck, I fill up my personal truck like once every 2 months (I only drive it on the weekends), and at least for me, my company truck is a lot nicer than my personal truck
Posted on 9/26/23 at 8:14 am to NatalbanyTigerFan
As a superintendent at a construction room company, I am under a company lease program. They give me 1500 a month, I buy the truck and use it for work. I’m responsible for insurance and maintenance and they supply the gas. It is my truck to do with as I please otherwise.
It does have to be <6 years old.
It does have to be <6 years old.
Posted on 9/26/23 at 8:14 am to NatalbanyTigerFan
quote:wat
I was told that the incentive of having a company truck was worth the same as being paid $10/hr more. I
Posted on 9/26/23 at 8:23 am to SuperSaint
There is almost no fringe benefit that offsets compensation. It's almost always a lie told by the company to get you to take less.
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