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Company Truck or Truck Allowance

Discussion in 'Off-Topic Discussion' started by Eborseti22, Jan 19, 2023.

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Company truck or truck Allowance?

  1. Company truck

    29 vote(s)
    72.5%
  2. $750 Allowance

    11 vote(s)
    27.5%
  1. Jan 19, 2023 at 11:33 AM
    #31
    Cpl_Punishment

    Cpl_Punishment Young men never die.

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    What would you eventually replace the Tundra with, then?
     
  2. Jan 19, 2023 at 11:36 AM
    #32
    Eborseti22

    Eborseti22 [OP] New Member

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    I think thought process is to take the money and run, not have a personal vehicle. But doing that, then say losing the vehicle for whatever reason, means I have no truck, no trade value, and no alternative...unless of course I am a responsible adult, take that money to the bank and don't touch it...or invest it etc...all options I would likely skip and do something else and never see it again haha
     
  3. Jan 19, 2023 at 11:39 AM
    #33
    Shadowfax1

    Shadowfax1 New Member

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    Don't forget that most of the time, personal use of a company-owned and company-paid truck is taxable income and will be a part of your income reported on your W2 at the end of the year.
     
  4. Jan 19, 2023 at 11:40 AM
    #34
    Eborseti22

    Eborseti22 [OP] New Member

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    Good point - but how is that quantified? Tracking business miles vs company?
     
  5. Jan 19, 2023 at 11:50 AM
    #35
    Cpl_Punishment

    Cpl_Punishment Young men never die.

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    I was also thinking of the fact that you're not going to work for that company for the rest of your life (you hope). Even if you work there until you retire, you'll probably still want a truck at that point. Then (or even now if you sell your current truck), your only option for a 2.5 gen will be something used with an unknown maintenance history.
     
  6. Jan 19, 2023 at 11:57 AM
    #36
    Eborseti22

    Eborseti22 [OP] New Member

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    Very true. Honestly, 5 years probably max, then thinking about relocating anyway, but that's a whole different conversation!

    I think regardless of what happens, I will still be owning a 2020 Tundra...thinking through this "out loud" with the folks here.
     
  7. Jan 19, 2023 at 12:02 PM
    #37
    iantung

    iantung Mods wouldn't be an issue if money wasn't.

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    Given that you have one of the last V8s, I say hold out with that and take the company truck. Period.
    My wife has been hinting me to get a mid-size SUV or sedan (it's just my commute) but also means that Tundra has to go.
    I was like, that V8 is staying, like it or not.....lol
     
  8. Jan 19, 2023 at 12:27 PM
    #38
    Shadowfax1

    Shadowfax1 New Member

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    I believe so. And absent that data to work with, I think the IRS has a formula for assuming a certain percentage of use was personal vs. official. But I don't know the specifics.
     
  9. Jan 19, 2023 at 12:40 PM
    #39
    texasrho83

    texasrho83 DGAF#1

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    I've had company rides before and would do it again 1000x over. They cover all maintenance/gas costs + no miles on my rig.

    No brainer imo.
     
  10. Jan 19, 2023 at 12:58 PM
    #40
    Squatting Pigeon

    Squatting Pigeon Squattingpigeon.com Staff Member

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    I get an allowance from work.
    I like that I can go do this in my company vehicle
    880BA193-B3D5-4F35-B4E5-260AEF0F4840.jpg
     
  11. Jan 19, 2023 at 1:17 PM
    #41
    Terndrerrr

    Terndrerrr guzzling dealer repellent

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    This is my thought, especially if fuel is paid for. OP’s truck is EXTREMELY reliable. All those allowances for wear and tear will eventually just pay for his truck.

    I really like driving my truck. Getting paid to drive my truck? Even better.
     
    joonbug[QUOTED] likes this.
  12. Jan 19, 2023 at 1:33 PM
    #42
    Sundog

    Sundog Zoom Zoom

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    ^^ This
     
  13. Jan 19, 2023 at 2:24 PM
    #43
    biebs96

    biebs96 my other truck is a big brown truck

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    Company vehicle. And if they allow you to use it for personal reasons year round you could store the tundra. Noting earlier it was stated the truck would still be outside. Nothing a three month lease on a storage unit couldn’t take off.
     
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  14. Jan 19, 2023 at 2:26 PM
    #44
    joonbug

    joonbug °°°°°°°°°°

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    Can’t believe we’re the only two on Team Truck Allowance! :rofl:

    Honestly, I’d probably go buy a used Tundra for about 30k and let the company pay for it. In a few years it’ll be paid off and I’d get a free truck. Then sell it for 25k.
     
  15. Jan 19, 2023 at 2:33 PM
    #45
    CoffeeAddict

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    I bought the Tundra because of its reliability and longevity. Vehicle allowance of $500 or more with a gas card? No brainer for allowance unless the mileage driven is really high or the work environment is destructive to the vehicle. I wouldn’t take an allowance on an oil field.
     
    Terndrerrr likes this.
  16. Jan 19, 2023 at 2:42 PM
    #46
    RainMan_PNW

    RainMan_PNW SSEM #82 RGBA #4 “That Guy” Vendor

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    There's also the fact that more and more companies are putting full telematics in their vehicles (it has dropped our insurance costs by over 25% with roughly 500,000 company vehicle miles on the road every MONTH). We know if you're parked at a bar (against company policy). We know if you're towing a boat on the weekend. We know if you don't have your seatbelt on or you have been going 10mph over the speed limit. And we will be scoring you on that behavior and it will impact your future vehicle use and assignments (or result in you having it taken away). Submit to annual MVR checks, and in WA, you now get to start submitting to annual physicals because you are driving a commercial vehicle (even if it isn't a CDL-required GVW).

    We are also a DOT target when you are towing or doing anything with a vehicle that puts you over a specific GVW even if it would be totally legal in a personal rig. As that liability has gotten more and more difficult to navigate, our allowances for "personal use" are more and more throttled. Put a company logo on a truck and you are a driving billboard - better make damn sure you're extra courteous, extra defensive, and extra careful. And tickets in a company vehicle are often more severe, and fully the responsibility of the driver.

    As a member of the executive leadership team at our company, I can say without a doubt I'd rather be driving my own rig every day and getting the allowance for it. Yes, my allowance is taxed. Yes, I am on my own for maintenance and repairs, but the value of my allowance (even after taxes) more than offsets my insurance, vehicle cost, maintenance and wear and I can actually use it as I like. With my last truck (just under 300k miles when I traded it in), I had made back what I paid for the truck and all maintenance on it at least 3x over in the 12 years I owned it. That's a nice extra chunk of income coming in.
     
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  17. Jan 19, 2023 at 2:45 PM
    #47
    texasrho83

    texasrho83 DGAF#1

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    All of that sucks major donkey dong but none of my old companies did any of that lol. I also didn't abuse it (never took it to a bar, never towed a non-company trailer/boat/plane, never let non-employees drive it). The company trusted me with it and I never gave them a reason to doubt that. Even after I made an evening grocery run in one and got T-boned...I was issued a replacement.
     
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  18. Jan 19, 2023 at 2:55 PM
    #48
    2mchfun

    2mchfun Yeah it'll pull it, just don't expect to stop!

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    If the company is giving OP the choice to use his own truck, most likely they are a small company and not adding so much as even magnetic signs. A whole bunch depends on the size of the company and if they have a whole bunch of BS. If so, I wouldn't work for them to begin with for any price. There are plenty of smaller employers who will treat you like a human being and share the wealth a bit more than some corporate conglomerate.
     
    texasrho83 likes this.
  19. Jan 19, 2023 at 2:57 PM
    #49
    KNABORES

    KNABORES Sarcasm incoming

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  20. Jan 19, 2023 at 4:43 PM
    #50
    Eborseti22

    Eborseti22 [OP] New Member

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    Playing catch up - rainman, you make a ton of great points. There’s some restrictions as in only I can drive it, don’t be stupid, etc. it’s be a fully tagged pick up with company logo and name.

    there vernal policy of the truck is a lot more lenient than you point out, but that could all change in a heartbeat of course. A lot of the tech is readily available, affordable, and will create savings for companies that have similar set ups. So I wouldn’t be surprised.

    I guess if they offered the $750 allowance and a gas card I’d be thinking pretty hard about it. The $500 doesn’t quite do it for me. The $1000 I do tend to think I keep the truck and take the allowance.

    After all, we’re talking about a 2.5 gen V8, known for reliability, known for easy routine maintenance, known to last 10+ years.

    Extra $ is extra $. Hard to pass up considering I’ll still have payments unless I sell it!
     
    RainMan_PNW likes this.
  21. Jan 19, 2023 at 4:50 PM
    #51
    texasrho83

    texasrho83 DGAF#1

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    :eek:
     
  22. Jan 19, 2023 at 5:27 PM
    #52
    Tbrandt

    Tbrandt I read it on an internet forum, it must be true.

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    If the allowance and gas card make sense, it would depend strongly on the kind of work I would be doing with the truck. I’ve been a self-perform concrete superintendent in commercial construction, my company truck was on the job site every day and had everyone in the crew loading and unloading things in the bed. I’ve also built solar fields in the muddy frozen cow pastures of New York State and was constantly getting stuck in the mud and pulled out with skid steers.

    If it’s real work, beat their truck up.
     
  23. Jan 19, 2023 at 5:27 PM
    #53
    akmerle

    akmerle New Member

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    Civil Engineer who works Construction Management, and have had a company truck for 25 years now. I would GLADLY take a vehicle allowance where I am responsible for maintenance, and work provides a gas card. Have a number of Contractors I work with where they have allowances, and not a single one of them would go for a company truck.

    It’s a pain to be switching between my work and personal vehicle, pain in the winter with extra parking spot so the work truck thats driven most stays outside while my personal stays in one of my garage bays, and my personal rig is almost always nicer than my work truck.

    2020+ Tundra Platinum / Limited / Pro would make for just about the ultimate work truck if given an allowance and they cover gas. Truck would last forever, extremely high resale, and you don’t have to pay the gas given the poor relative gas MPG.
     
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  24. Jan 19, 2023 at 5:39 PM
    #54
    centex

    centex New Member

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    I’ve had company and allowances and I’ll take company vehicle any time. Miles rack up quick as does dents and dings and scratches and stains and smells. Let someone else deal with the maintenance and headache and gas bill. Especially with a tundra that gets garbage mileage. 13mpg racks up quickly when you do 400+ miles a week at $3+/gal.
     
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  25. Jan 19, 2023 at 5:49 PM
    #55
    Eborseti22

    Eborseti22 [OP] New Member

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    Good thoughts about the Sitework side. I’m in construction, but project management side. I wouldn’t have the same routines as supers or foremen. It would basically be another pavement princess for the company.

    I’ve thought about the parking situation and agree that it’d be a pain. I didn’t think of the in and out of either, multiple sets of keys, do I have the house key with me etc.

    Again, gas would be accounted for so not really a concern and the typical commute is a 15 mile ROUND trip.

    back to parking and winter - I did just get a plow and front hitch mount it goes on. So would be wasted if I sold the truck, also just another pain come clearing driveway etc if there are 2 vehicles instead of just 1 and my truck.

    again I think it probably comes to the dollar value offered.

    As we keep talking about it I keep coming back to the $750 or over and it’s an easier choice.
     
    2mchfun likes this.
  26. Jan 19, 2023 at 5:59 PM
    #56
    centex

    centex New Member

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    I’m a pm in construction also. Once they start paying you for your vehicle they are going to expect you to use it for whatever is required. Not worth it.
     
  27. Jan 19, 2023 at 6:07 PM
    #57
    ATV25

    ATV25 Young at heart

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    I've had it both ways, my choice. I will NEVER take a truck allowance again. It works out great for me.
     
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  28. Jan 19, 2023 at 6:14 PM
    #58
    T-Rex266

    T-Rex266 Elon approved Staff Member

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    With my last employer I had like $500 vehicle allowance a month and a fuel card. I night a Corolla S- leased. Payment was like 250? I kept my truck at home, nice and clean. I drove that Corolla everywhere. No restrictions on fuel other than not use for vacations. I would keep your truck and just use the company truck. Let all the mechanical, maintenance, etc become their issue. Not clean? Who cares. I’m sure you can use the fuel card for a wash too - if not, who cares
    Car damaged from weather? Who cares. Their insurance can fix it.
     
  29. Jan 19, 2023 at 6:26 PM
    #59
    SwitchThrottle

    SwitchThrottle Living in Idiocracy

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    100% company truck for all the reasons mentioned. Your truck will barely depreciate as you keep the mileage off it. Win win.
     
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  30. Jan 19, 2023 at 6:26 PM
    #60
    ColoradoTJ

    ColoradoTJ Certified tow LEO Staff Member

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    :anonymous:
     
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