Learn me having a company car. New job has admin and company car. I can get a minivan, would make my wife happy. She would drive it mostly to work(5 miles per day) and I'd take it on the twice monthly trips to the airport and some local road trips to see clients.
what do I need to know? Tax implications? Dennis implications?
My one job required we track personal miles so we can pay income tax on the value. Usually you get a company car cause you're a road warrior - piling up the miles. They covered it all just don't get too many car washes or fill up 2-3x on a long weekend (like Memorial Day).
I had 11 years of company cars - it's nice. My current job threatened Chevrolet Malibu's and all the sales guys told each other where to stick it.
I drive 25,000 miles a year for sales in my personally owned Chevrolet Silverado. If I was given a Malibu I'd sell my truck and get rid of my payment cause I'm all about low debt.
In reply to Fueled by Caffeine :
Company Car as an executive perk or company car as transportation in the field (with some personal use)?
If the second version, you are likely the only authorized driver (not the wife.)
Many years I've had company cars provided for work in the field. I later owned a company and provided company cars where i allowed personal use . But, I had a "named driver" insurance policy so worker only insured to drive.
In reply to John Welsh :
1st one. But I run field service so 25-50% travel. Spouse is authorized driver
In reply to Fueled by Caffeine :
Just curious, do they require your wife to supply drivers license number so they can check driving record on her?
Commercial auto insurance for "any driver" is punitively expensive. You know, allowing a wife who has 3 DUIs and can't get insurance herself, to be covered. Of course, not your wife...but they don't know that.
In reply to John Welsh :
Yes. They do check her driving record.
Have a company vehicle. Love it. Work pays for everything including personal use. We need to turn in personal use mileage as the IRS sees that as a benefit/taxable income. Downside is the wife can't drive it but we have 4 cars between 2 people so not a huge issue. Good news is its actually a very cool and well optioned vehicle, not a minivan or an econobox. The lease is up next year, I asked the guy who manages our fleet if I can keep it vs getting a new one, as the new ones are not as nice as what I have.
I can get a Pacifica hybrid and that would suit our needs. There are fancier cars but my wife likes that. They also pay for snows so should be good.
93gsxturbo said:the new ones are not as nice as what I have.
Back in the day we had a Taurus, Impala, Venture Van x2, Impala then a Trailblazer. Given everyone complains about work we all wanted a cooler car but in retrospect a fully furnished car IS pretty cool.
Owner comes up to me - good news - you can get that Mini Cooper you want. We're changing the program and you can buy the car you want and we'll pay an allowance to cover fixed/variable costs. Of course, all maintenance and repairs are on you.
Last note - I found some old files at the old rubber place and one of the past salesman has paperwork in his file that they got him a new 1972 Buick Electra 225 with a 455 engine.
Of course he was making industrial sales calls in Sansabelt pants, a wide tie and a plaid sport coat.
I love having a company car. Not having to pay for gas, insurance, maint., etc. frees up a lot of time and money better spent elsewhere. I'm taxed on the value of my personal use mileage. My wife can drive, but has a much higher deductible ($2000) if she were to get in an at fault accident, so check for that.
My company leased me a new F-onefiddy every three years, provided a gas card, paid all maintenance and paid for a car wash membership, even tho I was the only one using it.....I drove it home each night and was not restricted on personal use.....it was a nice perk!
Most company cars are leased through someone like Wheels, Inc.. Mine has a gas card that they pay for. I only have to record my personal miles and upload it once a month. Super easy. Only thing I get to choose is the color, but who cares, it's a free vehicle. And the Equinox I have now isn't as horrid as I expected it to be, aside from the transmission that is asleep more often than awake when wanting to accelerate.
It's a nice perk, but for a car guy like me it just means my stuff sits in the garage a lot while I still pay for tags and insurance on it. But, it's also how I have a 2006 Mustang with only 110,000 miles on it. Once I quit my career in another 6 years I will have paid-for vehicles with still useful lifespans, so hopefully won't need to buy anything new other than my wife's ride.
In reply to ddavidv :
Thanks. I think we use wheels as well.
I started working for Coca-Cola at age 20. By age 23 I had a company car including personal miles. Crapcans of their day like early Cavalier Coupes but I did have a Cavalier wagon for a while. That was followed by Astro Cargo vans but they were new, long wheelbase versions and at the time, pretty nice and pretty cool. Big 4.3L and heavy duty suspension. In the winter I would throw in 600lbs of sandbags just to the rear to "sit" a little and have some rwd traction in the snow. Three different Chevy Luminas over the 9 years with the company. Strange thing is though the colors of the Luminas varied, they all had the same grey interior. From a driving perspective that then blends them all into one car memory.
Where this story is going with all the free, crapcan cars, is that for more than 3 years I didn't even own a car and when I did finally buy a car I bought a Miata that I could also take off the road for the winter months!
Datsun240ZGuy said:93gsxturbo said:the new ones are not as nice as what I have.
Back in the day we had a Taurus, Impala, Venture Van x2, Impala then a Trailblazer. Given everyone complains about work we all wanted a cooler car but in retrospect a fully furnished car IS pretty cool.
Owner comes up to me - good news - you can get that Mini Cooper you want. We're changing the program and you can buy the car you want and we'll pay an allowance to cover fixed/variable costs. Of course, all maintenance and repairs are on you.
My buddy has the deal that you mention, gets a vehicle stipend every month and a gas card. Covers the bulk of a new Lariat F150 every 2-3 years. Not a bad gig. As a car guy I would almost prefer that because I could get what I want instead of what I get (what I got was real nice for fuh-reeeheeheee) but then there are payments, shopping, maintenance, etc. He also has some restrictions (must be American brand, not a luxury brand, no bright colors, new within 5 years) As it stands right now, just lay down the plastic and turn in the receipts. Easy peasy.
John Welsh said:Three different Chevy Luminas over the 9 years with the company. Strange thing is though the colors of the Luminas varied, they all had the same grey interior.
I think there's a special place in Heaven for you for enduring this......LOL.
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