|
Joined: Aug 2007
Posts: 510
Campfire Regular
|
OP
Campfire Regular
Joined: Aug 2007
Posts: 510 |
Not sure if this is posted in the correct forum or not, figured it's campfire conversation!
I'm currently working for a company traveling daily for work in my personal vehicle and being reimbursed for "business" mileage only at the govn't rate of $0.55/mile or something like that. Average about 20k / year. I'm looking at changing jobs, doing the same type of work, same travel and being offered a company car. The company pays for the car, insurance, gas, maintenance, business and personal mileage.
Has anyone ever been in this situation before? I know I make some $ on the mileage but is the company car worth more $? Any advise or experiences would be appreciated.
|
|
|
|
Joined: Oct 2002
Posts: 96,121 Likes: 1
Campfire Oracle
|
Campfire Oracle
Joined: Oct 2002
Posts: 96,121 Likes: 1 |
I'd rather the headache be all theirs.
"Dear Lord, save me from Your followers"
|
|
|
|
Joined: Oct 2010
Posts: 1,419
Campfire Regular
|
Campfire Regular
Joined: Oct 2010
Posts: 1,419 |
If there is no restriction on personal use, I would take the company car every time.
I have done both. Company car, unlimited personal use. My car, with monthly allowance and fuel.
If you are going to have another vehicle anyway, the allowance/mileage might be better.
|
|
|
|
Joined: Apr 2011
Posts: 383
Campfire Member
|
Campfire Member
Joined: Apr 2011
Posts: 383 |
If you think about it though are you really making any money after you figure the maintenance, insurance and car payments that go along with using your personal vehicle? On the other the other hand having a company vehicle where all of that is taken care of seems like a pretty nice deal. Now do you need a personal vehicle for anything in particular such as a truck for hauling things? Now if any vehicle you they give you will do then I say go for it and eliminate the expenses of using your vehicle for business use. I had a family member that was a sales person and when he retired it was the first time since he was 18 that he needed to purchase a vehicle and insurance.
|
|
|
|
Joined: Jan 2004
Posts: 11,392
Campfire Outfitter
|
Campfire Outfitter
Joined: Jan 2004
Posts: 11,392 |
I'd rather the headache be all theirs. Exactly.
|
|
|
|
Joined: Jan 2005
Posts: 38,915 Likes: 9
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Jan 2005
Posts: 38,915 Likes: 9 |
Back in the sixties, when Dad traveled for a company, he received a weekly expense allowance to use as he pleased. He ate simply, stayed cheap, and managed to clear enough after those expenses and his car expenses to keep trading each year.
Not a real member - just an ordinary guy who appreciates being able to hang around and say something once in awhile.
Happily Trapped In the Past (Thanks, Joe)
Not only a less than minimally educated person, but stupid and out of touch as well.
|
|
|
|
Joined: Aug 2005
Posts: 43,777 Likes: 1
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Aug 2005
Posts: 43,777 Likes: 1 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts.
“ The Savage 99 Pocket Reference”. All models and variations of 1895’s, 1899’s and 99’s covered. Also dates, checkering, engraving.. Find at www.savagelevers.com
|
|
|
|
Joined: Mar 2002
Posts: 1,873
Campfire Regular
|
Campfire Regular
Joined: Mar 2002
Posts: 1,873 |
Don't forget the IRS in all this.
Talk is cheap. It takes money to buy whiskey.
|
|
|
|
Joined: Aug 2007
Posts: 510
Campfire Regular
|
OP
Campfire Regular
Joined: Aug 2007
Posts: 510 |
If you think about it though are you really making any money after you figure the maintenance, insurance and car payments that go along with using your personal vehicle? On the other the other hand having a company vehicle where all of that is taken care of seems like a pretty nice deal. Now do you need a personal vehicle for anything in particular such as a truck for hauling things? Now if any vehicle you they give you will do then I say go for it and eliminate the expenses of using your vehicle for business use. I had a family member that was a sales person and when he retired it was the first time since he was 18 that he needed to purchase a vehicle and insurance. I do also own a pick-up truck for hunting, fishing, and other trips to camp and similar.
|
|
|
|
Joined: Apr 2004
Posts: 42,843 Likes: 6
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Apr 2004
Posts: 42,843 Likes: 6 |
I've been offered both.. and picked using my own every time..
the reason for it is stated by mudstud....the IRS...
the real choice is do you get the write off or the company get the write off...
you need to figure your taxes both ways based on past years and see what comes out best.
The smartest I ever saw, was a buddy I worked with, was based down in Texas....we got a monthly allowance, and they also paid for all the fuel we used...
This guy went out and rented a car for the week, and became a preferred customer down at Hertz or Avis.. so he ended up getting real low rates for the week...
was always driving a new car, never had to worry about maintenance or tires.. changed for whatever fit his needs for the week or month...and he was always driving top shelf stuff... preferred customer free upgrades etc...
said at the worst, his vehicle needs might have cost him $50 a month....
not bad when you consider putting on 1000 plus miles a week...
|
|
|
|
Joined: Aug 2007
Posts: 510
Campfire Regular
|
OP
Campfire Regular
Joined: Aug 2007
Posts: 510 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts. 4 years at 20k miles per year at $0.55 / , mile is $44,000 Still a lot of $
|
|
|
|
Joined: Sep 2007
Posts: 13,268
Campfire Outfitter
|
Campfire Outfitter
Joined: Sep 2007
Posts: 13,268 |
Almost all of the fabricators and contractors here give out company trucks like candy. One of the contributing factors recently for turning down a job was that I was going to have to use my own truck, it's just not done here. They paid 0.53 per mile but still I didn't want to wear out my truck for company business.
Otto is my co-pilot.
|
|
|
|
Joined: Nov 2005
Posts: 3,626
Campfire Tracker
|
Campfire Tracker
Joined: Nov 2005
Posts: 3,626 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts. 4 years at 20k miles per year at $0.55 / , mile is $44,000 Still a lot of $ 20K miles per year is probably half what the IRS depreciation is bases on, so you probably be a little ahead with a company car but you probably aren't talking about big money. What kind of car would you have as a company car? If it is something the size of a Ford Focus,I'd buy my own car.
|
|
|
|
Joined: Oct 2003
Posts: 567
Campfire Regular
|
Campfire Regular
Joined: Oct 2003
Posts: 567 |
I get 56.5 cents per mile from the company. The company lets me use their card for gas but I must deduct the difference from my mileage check. Works well for me. I get an extra 12-1800 bucks per month.
|
|
|
|
Joined: Jan 2007
Posts: 3,553
Campfire Tracker
|
Campfire Tracker
Joined: Jan 2007
Posts: 3,553 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts. Actually it's $44,000 over 4 years just for the mileage. Not sure how much gas, repairs, oil changes, insurance, and a car note would run over 4 years, but I would bet it would be more than $11,000 a year for your own car. I'd let them give me a car and never look back Clyde
The liberal mind is an endless black hole of stupidity.
|
|
|
|
Joined: Aug 2007
Posts: 510
Campfire Regular
|
OP
Campfire Regular
Joined: Aug 2007
Posts: 510 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts. 4 years at 20k miles per year at $0.55 / , mile is $44,000 Still a lot of $ 20K miles per year is probably half what the IRS depreciation is bases on, so you probably be a little ahead with a company car but you probably aren't talking about big money. What kind of car would you have as a company car? If it is something the size of a Ford Focus,I'd buy my own car. Choice of cars. Ford fusion, Chevy impala, ford Taurus, or ford escape.
|
|
|
|
Joined: Nov 2005
Posts: 6,168
Campfire Tracker
|
Campfire Tracker
Joined: Nov 2005
Posts: 6,168 |
I have done both but currently have the company car. Our car plan is a new car every year ( Ford Escape or Fusion at my level) and we get a gas card to go with it.
We have to declare personal miles on the car, but the company pays for them as well. (we just do a guess at the end of the year)
I typically do 40-50K a year on the car and figure 12-15K of that is personal. Thats a terrific benefit, the savings of not having a registration/insurance/gas/repairs on a personal car is a big benefit.
The other benefit of the company car is the reporting is so much easier. like I said the only thing I have to do is enter a guess for my annual personal miles once a year.
Back in the days when I had reinbursement, there was a monthly report.
The collection of taxes which are not absolutely required, which do not beyond reasonable doubt contribute to public welfare, is only a species of legalized larceny. Under this Republic the rewards of industry belong to those who earn them. Coolidge
|
|
|
|
Joined: Oct 2003
Posts: 12,664
Campfire Outfitter
|
Campfire Outfitter
Joined: Oct 2003
Posts: 12,664 |
If you are reimbursed for using your vehicle you are supposed to inform your insurance company which will raise your rate. If you don't and have an accident and the insurance company finds out it won't go well.
The Karma bus always has an empty seat when it comes around.- High Brass
There's battle lines being drawn Nobody's right if everybody's wrong
|
|
|
|
Joined: Sep 2007
Posts: 13,268
Campfire Outfitter
|
Campfire Outfitter
Joined: Sep 2007
Posts: 13,268 |
Another thing to think about, at least here almost all company vehicles are trucks and 75% of those the users get exclusive use of themand get to take them home. So lots of guys have a work truck they take home provided by the company and then get a fuel effecient/cheap car so they have a truck and a car. So that saves you from having to buy your own truck for personal use.
Pull up to a hunting camp here in season and 1/2 the trucks are white with a sign for a company on the door.
Otto is my co-pilot.
|
|
|
|
Joined: Nov 2005
Posts: 3,626
Campfire Tracker
|
Campfire Tracker
Joined: Nov 2005
Posts: 3,626 |
How often would you get a new company car? Every 4 years?
That's $80,000 you'd get in mileage reimbursements over the same timeframe. I'd have a hard time believing you are paying that much on gas, maintenance and insurance - so it sounds like you'd be money ahead doing the reimbursement.
I'd say do the mileage reimbursement and take a couple guided hunts. 4 years at 20k miles per year at $0.55 / , mile is $44,000 Still a lot of $ 20K miles per year is probably half what the IRS depreciation is bases on, so you probably be a little ahead with a company car but you probably aren't talking about big money. What kind of car would you have as a company car? If it is something the size of a Ford Focus,I'd buy my own car. Choice of cars. Ford fusion, Chevy impala, ford Taurus, or ford escape. The only 1 of those I have driven is a Taurus, the 1 I drove was a great car, I select a Taurus & not look back. I have spent most of my life on the otherside of the desk. If an employee had 2 wreaks in his company car we fired him because the insurance company whould require it.
Last edited by gahuntertom; 08/27/13.
|
|
|
|
280 members (1minute, 1_deuce, 16gage, 17CalFan, 10gaugemag, 16penny, 38 invisible),
1,947
guests, and
1,073
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,192,859
Posts18,497,167
Members73,979
|
Most Online11,491 Jul 7th, 2023
|
|
|
|