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truck
by jhix3734. 04/19/24 10:50 AM
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Re: Company Truck or milage
[Re: mark]
#2931252
10/20/19 06:32 PM
10/20/19 06:32 PM
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Joined: Dec 2009
Posts: 9,375
Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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Average 300mi/day x 5days/week = 1500mi x $.56 = $840.00 x4weeks in a month = $3360.00/month
Subtract $50.00/day youll put in the gas tank and you have $2360.00/ month left
Hard for me to believe all you fellas would turn down $2360.00 a month just so you can drive another mans truck. You could buy you a brand new work truck and one to keep at home and have a good bit left over at that rate. Is my math right, or am I missing something? yes you arent figuring in what your monthly payments, insurance, maintenance ( Tires youd need about twice a year, Oil changes every 3 weeks, tune ups, breakdowns, etc...) actual cost of gas to drive those miles plus what you do when your personal vehicle does breakdown rentals aren't cheap. not worth the headache to do all that maintenance on my time IMO. Yes, since he is using it for work, and driving that many miles, insurance will most likely be more than if it was for just personal use. Plus, the company may require a minimum amount of coverage, I've had this happen, and it will cost you more. Some of my larger customers require a $5MM policy just to drive on their property. I would ask for that mileage rate in writing. Lots will give that rate with a cap at $6-800. Ive never seen any business offer to pay you $30k/year just to drive a personal vehicle. This doesn’t pass the smell test.
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Re: Company Truck or milage
[Re: GKelly]
#2932714
10/22/19 12:12 PM
10/22/19 12:12 PM
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Joined: Nov 2001
Posts: 2,725
Phenix City, Al.
DeerTracker
10 point
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10 point
Joined: Nov 2001
Posts: 2,725
Phenix City, Al.
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Average 300mi/day x 5days/week = 1500mi x $.56 = $840.00 x4weeks in a month = $3360.00/month
Subtract $50.00/day youll put in the gas tank and you have $2360.00/ month left
Hard for me to believe all you fellas would turn down $2360.00 a month just so you can drive another mans truck. You could buy you a brand new work truck and one to keep at home and have a good bit left over at that rate. Is my math right, or am I missing something? yes you arent figuring in what your monthly payments, insurance, maintenance ( Tires youd need about twice a year, Oil changes every 3 weeks, tune ups, breakdowns, etc...) actual cost of gas to drive those miles plus what you do when your personal vehicle does breakdown rentals aren't cheap. not worth the headache to do all that maintenance on my time IMO. I had a similar setup when I worked for the textile industry but travelled every other week. I drove my own car,a 4 cylinder Toyota, and bought a new car every 3 years. Also had enough money left over to buy the family odds and ends as needs arose as well as taking a few nice vacations a year. All paid for with the mileage I made travelling.
As for me and my house, we will serve the Lord.
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Re: Company Truck or milage
[Re: inatree]
#2932720
10/22/19 12:19 PM
10/22/19 12:19 PM
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Joined: Jan 2014
Posts: 7,908
sj22
14 point
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14 point
Joined: Jan 2014
Posts: 7,908
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I have a company truck and drive lots of miles so know way I’d wanna be putting that wear and tear on my truck
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Re: Company Truck or milage
[Re: inatree]
#2932741
10/22/19 12:41 PM
10/22/19 12:41 PM
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Joined: Jul 2005
Posts: 19,087
Chelsea, AL
straycat
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,087
Chelsea, AL
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I do both. I drive a company provided truck (use it for work and personal use)....plus I get mileage @ $ .55 a mile (work related) provided because I take care of the insurance, gasoline and oil changes. Company pays for other repairs and maintenance. Once my father-in-law fully retires and I take ownership 100%, then the company will pay for insurance and fuel/oil and mileage is passed on to clients to reimburse as an expense.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.ďż˝ Samuel Adams
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Re: Company Truck or milage
[Re: CaptKirk]
#2932748
10/22/19 12:53 PM
10/22/19 12:53 PM
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Joined: Feb 2011
Posts: 3,746
RBC, AL
Drake322
10 point
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10 point
Joined: Feb 2011
Posts: 3,746
RBC, AL
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I have done all 3 options mentioned above and I personally would choose company vehicle if it still allows for normal personal use.
The option I was in where I was paid mileage and given a company car, the miles paid was a reduced rate rate like 0.28 to 0.32 cents a mile based on vehicle class. The IRS has a very defined set of rules for this case. You can write it off unless it exceeds something like 2 percent of gross income and you can only write off what is in excess of the 2 percent. I paid for all the normal stuff like oil, tires etc.
Also, most (maybe not all) require the vehicle you drive for company purposes to be a maximum of 5 years old and less than 150k in miles.
Some of this might be outdated as it was 9 years ago when I was in company vehicles.
And yes, most companies require 1 million in liability insurance to drive on site. 5MM is higher than I have ever seen but I don't doubt it. Most of the time the individual picks up the first 300k then the company has a blanket for the remainder. This is my experience working for speciality chemical companies driving onto site of the biggest corporations in the world, paper, chemical and oil industry. Runzheimer. Look the program up. It is a federal program IRS established. I was on it for 12 years. Monthly rate was fixed and gas cost varied on monthly adjustments. All based off how many business miles you drive in a year. There is a nice loophole in it. You can buy a 2 year old vehicle with low mileage and has rebuilt title and there is nothing they can do about it. Most of the program allows (used to) 5 years plus a year before you have to get a new or different one.
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Re: Company Truck or milage
[Re: inatree]
#2932766
10/22/19 01:14 PM
10/22/19 01:14 PM
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Joined: Oct 2006
Posts: 7,749
Montgomery, AL
Hunting-231
14 point
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14 point
Joined: Oct 2006
Posts: 7,749
Montgomery, AL
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I drive my personal vehicle (45,000+) annually and get a similar reimbursement for mileage; however, my vehicle was already paid for and I generally run them until they fall apart. However, if my company offered a vehicle and covered all associated costs - I would definitely go that route.
"The struggle you're in today, is developing the strength you need for tomorrow."
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Re: Company Truck or milage
[Re: inatree]
#2932808
10/22/19 02:26 PM
10/22/19 02:26 PM
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Joined: Dec 2001
Posts: 13,898
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,898
AL
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With that kind of mileage, you're going to depreciate your own vehicle at a ridiculous rate....so much so that if you were to have much more than a fender-bender after a couple of years, the insurance company will total it out. If you're sitting there with a 5 year not on a two year vehicle with extreme high mileage, there's going to be a large gap that you'll owe between payoff and the check you get from the insurance company.
I've had company vehicles, and I've been paid mileage...and I'd get the company vehicle every time.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Company Truck or milage
[Re: inatree]
#2932814
10/22/19 02:35 PM
10/22/19 02:35 PM
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Joined: Feb 2014
Posts: 4,102
miss'ippi state
donia
10 point
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10 point
Joined: Feb 2014
Posts: 4,102
miss'ippi state
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my wife gets a car allowance plus mileage. she said she's going to either start getting taxed on the allowance or get a newer car, because she's about to reach the threshold of age/miles on her current car. she didn't get an option with the smaller company, but would prefer a company vehicle.
experience is a freakin' awesome teacher....
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Re: Company Truck or milage
[Re: inatree]
#2932816
10/22/19 02:39 PM
10/22/19 02:39 PM
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Joined: Feb 2003
Posts: 12,091
Sylacauga, AL
poorcountrypreacher
Booner
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Booner
Joined: Feb 2003
Posts: 12,091
Sylacauga, AL
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It's the IRS that determined it costs .58 a mile to run a vehicle. That agency is not known for its generosity.
You can beat their rate by driving a small car and skimping on everything, but that's a lot of miles to be on the road. One thing that I don't think has been mentioned is the safety factor. I've been in wrecks, and one reason I survived is because I was in a full size truck. Good luck deciding.
All the labor of man is for his mouth, and yet the appetite is not filled.
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Re: Company Truck or milage
[Re: charlie]
#2932944
10/22/19 05:22 PM
10/22/19 05:22 PM
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Joined: Nov 2011
Posts: 21,779
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,779
USA
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If those numbers getting thrown around are accurate, which I find hard to believe, I would use my own vehicle. That's a pile of cash, enough to pay for a new truck every 2 years. Who cares how many miles you put on it, it's not a classic car you're sitting on hoping its worth something one day, its a tool used to make a living. You have to actually fill the truck up too though. 80,000 miles a year is at least 4,000 gallons and that’ll be over $8,000 minimum per year. Not counting tires, oil changes and the occasional catastrophe.
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Re: Company Truck or milage
[Re: Remington270]
#2932946
10/22/19 05:27 PM
10/22/19 05:27 PM
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Joined: Aug 2008
Posts: 5,342
mobile
charlie
12 point
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12 point
Joined: Aug 2008
Posts: 5,342
mobile
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If those numbers getting thrown around are accurate, which I find hard to believe, I would use my own vehicle. That's a pile of cash, enough to pay for a new truck every 2 years. Who cares how many miles you put on it, it's not a classic car you're sitting on hoping its worth something one day, its a tool used to make a living. You have to actually fill the truck up too though. 80,000 miles a year is at least 4,000 gallons and that’ll be over $8,000 minimum per year. Not counting tires, oil changes and the occasional catastrophe. True, but 80,000 miles at .58 a mile is $40,400. That's a pile of cash for 10 or 12 oil changes and a set of tires.
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Re: Company Truck or milage
[Re: inatree]
#2932958
10/22/19 05:42 PM
10/22/19 05:42 PM
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Joined: Oct 2009
Posts: 5,669
Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,669
Henry county
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I just did the math on mine through our vendor. I have a 2016 F150. I've incurred $56,000 worth of expenses. Gas, maintenance , cost of vehicle. If I had my own I would have broke even. I would be the owner of a high milage mileage vehicle, so I could have come out ahead.
The difference is I can drive my company vehicle whenever and wherever I want. I've driven it from Texas to Tennessee, to the beach a couple times a month. No way the company would pay milage for my personal vehicle for personal travel. So it depends on the package you get. Plus I'm paid by the hour so anytime there is service or an issue I'm not losing time.
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Re: Company Truck or milage
[Re: charlie]
#2932979
10/22/19 06:16 PM
10/22/19 06:16 PM
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Joined: Jun 2015
Posts: 14,016
Some Marriott/Auburn
AU7MM08
Booner
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Booner
Joined: Jun 2015
Posts: 14,016
Some Marriott/Auburn
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If those numbers getting thrown around are accurate, which I find hard to believe, I would use my own vehicle. That's a pile of cash, enough to pay for a new truck every 2 years. Who cares how many miles you put on it, it's not a classic car you're sitting on hoping its worth something one day, its a tool used to make a living. You have to actually fill the truck up too though. 80,000 miles a year is at least 4,000 gallons and that’ll be over $8,000 minimum per year. Not counting tires, oil changes and the occasional catastrophe. True, but 80,000 miles at .58 a mile is $40,400. That's a pile of cash for 10 or 12 oil changes and a set of tires. And a real sonofabitch when you hit a deer, a tire shreds and destroys your bed etc etc.
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Re: Company Truck or milage
[Re: charlie]
#2933108
10/22/19 07:59 PM
10/22/19 07:59 PM
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Joined: Sep 2001
Posts: 939
AL
jhardy
6 point
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6 point
Joined: Sep 2001
Posts: 939
AL
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If those numbers getting thrown around are accurate, which I find hard to believe, I would use my own vehicle. That's a pile of cash, enough to pay for a new truck every 2 years. Who cares how many miles you put on it, it's not a classic car you're sitting on hoping its worth something one day, its a tool used to make a living. You have to actually fill the truck up too though. 80,000 miles a year is at least 4,000 gallons and that’ll be over $8,000 minimum per year. Not counting tires, oil changes and the occasional catastrophe. True, but 80,000 miles at .58 a mile is $40,400. That's a pile of cash for 10 or 12 oil changes and a set of tires. If your calcs were true that would be great. However they aren’t. Depreciation and commercial insurance will start eating it fast
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Re: Company Truck or milage
[Re: inatree]
#2933230
10/22/19 08:49 PM
10/22/19 08:49 PM
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Joined: Jan 2014
Posts: 6,648
Trussville Alabama
inatree
OP
14 point
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OP
14 point
Joined: Jan 2014
Posts: 6,648
Trussville Alabama
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The company has no minimum requirements for insurance or age of vehicle. It would have to be a truck because of tools and equipment. Lots of pros and cons.
Free men aren't equal and equal men aren't free! I choose to defend my freedom!
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