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Company Truck or Truck Allowance

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

?

Company truck or truck Allowance?

  1. Company truck

    24 vote(s)
    75.0%
  2. $750 Allowance

    8 vote(s)
    25.0%
  1. Jan 19, 2023 at 9:48 AM
    #1
    Eborseti22

    Eborseti22 [OP] New Member

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    Putting a question out there to the members - I am possibly looking at a new job, potential "perk" is a company truck.

    For those out there that have one, wondering what your take is on a company truck vs a truck allowance.

    Company Truck likely: Crew Cab F-150 Sport

    Current Personal Truck: 2020 TRD Offroad Crew Max

    Would still be financing my truck around $450/month.

    Would be able to use company truck for personal use as desired.

    Commute is about 15 miles round trip. Would have some job site travel 1-2 a month, longer road trips.

    Let me know your thoughts!
     
  2. Jan 19, 2023 at 10:05 AM
    #2
    KNABORES

    KNABORES Elitist forum troll

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    Company truck 1000%. Company owned truck is company owned and company replaced windshields, oil changes, tires, maintenance etc. otherwise you foot the bill for all of those things yourself.
     
  3. Jan 19, 2023 at 10:07 AM
    #3
    Taco-Spike

    Taco-Spike From Tacoma World. Fueled by bacon & bourbon

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    ^

    Good points there
     
  4. Jan 19, 2023 at 10:07 AM
    #4
    Eborseti22

    Eborseti22 [OP] New Member

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    Agreed but lets have some fun:

    Devils advocate: Insurance replaces windshields free.
    Allowance value: covers payment, insurance, maintenance, etc.
     
    Junior 88 likes this.
  5. Jan 19, 2023 at 10:10 AM
    #5
    Cpl_Punishment

    Cpl_Punishment Brand Used Member

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    Plus then you have to drive an F150. If you're allowed to use it for personal stuff, would you get rid of your Tundra or would you have two trucks?
     
    Kung, Black Wolf, Outbound and 2 others like this.
  6. Jan 19, 2023 at 10:10 AM
    #6
    iantung

    iantung So much mod, so little money

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    Take the company truck and keep your personal truck. Company would care less about how you maintain your vehicle, as long as they pay you the monthly dues, you are on your own.
    You say you :may: use the company truck for personal use, but I would caution against that, as it might have some nasty back-bites that you don't want.

    Besides, like @KNABORES says, company owned they will take care of all maintenance and all that, not on your personal truck, no matter how much they pay you per month for it.
     
  7. Jan 19, 2023 at 10:11 AM
    #7
    KNABORES

    KNABORES Elitist forum troll

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    How about exploded sunroofs? Had to foot that bill myself. Blowout on a tire? That’s on you. General wear and tear? You. Shocks, ball joints, scratches, dings. You do you.
     
    Eborseti22[OP] and Taco-Spike like this.
  8. Jan 19, 2023 at 10:12 AM
    #8
    KNABORES

    KNABORES Elitist forum troll

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    And what’s the gas situation? They pay for gas on your truck? Or you pay and they reimburse per a mileage calculation? Our company pays x/cents a mile for use beyond the monthly stipend. It’s based on a midsized SUV at 21mpg. It costs me money to drive my truck for work.
     
    Eborseti22[OP] likes this.
  9. Jan 19, 2023 at 10:14 AM
    #9
    FlyingWolfe

    FlyingWolfe Wolfie

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    I have a company truck (2017 Silverado, absolute steaming pile of dog shit). I store my Tundra in the garage over the winter and salt their vehicle up instead which in itself is gold. On the fourth transmission and over $30k in repairs on the work truck at this point. They pay for gas, cover all expenses, and I can use it for personal shit if im on call, which is every third week.

    100% go with the company vehicle imo. Im a pipeline field tech doing 20k per year and offroading through the scrub and trees down the tiny field roads. My tundra is my baby and I wouldnt do that to my personal vehicle for my employer, no matter how much they paid me.
     
  10. Jan 19, 2023 at 10:22 AM
    #10
    Eborseti22

    Eborseti22 [OP] New Member

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    Love the feedback!

    Gas would not be a factor. Would be gas card.

    Agree on all the maintenance stuff for sure.

    No garage for me, so would still sit in New England winters.

    I agree that a company vehicle seems like the logical choice. Perk to them would be with a guy so local and not too many road trips, its a low mileage company vehicle that they can probably keep me in longer than others - not that I would care about that if it's all paid for!

    Would likely keep my truck and still use it for weekend trips, camping, etc.

    Does anyone know what tax effects are on me, if any, for a company vehicle?
     
    Cpl_Punishment and FlyingWolfe like this.
  11. Jan 19, 2023 at 10:34 AM
    #11
    joonbug

    joonbug °°°°°°°°°°

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    What kind of usage? As long as you’re not beating up your truck too bad I’d do the truck allowance. Eventually they’ll end up paying for your entire truck.
     
  12. Jan 19, 2023 at 10:34 AM
    #12
    Bprose

    Bprose Old member

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    Echoing other members, company truck for work stuff, wear and tear, short commutes. Keep yours for your personal stuff.
     
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  13. Jan 19, 2023 at 10:38 AM
    #13
    Eborseti22

    Eborseti22 [OP] New Member

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    I don't use it hard. Plow my driveway, that's it. I'm thinking that at the end, if I had a company truck and it goes away, I get a new job, etc...if I sell mine, then I am starting at 0. If I keep it, I have to pay for it, but minimal use and wear, and lasts longer. Plus I know exact maintenance, etc as the original owner.

    I guess only down side is minimal use to my tundra if I have a company vehicle.

    Truck allowance still means same or more use out of my truck and I am still paying for it anyway...
     
    Boerseun and Cpl_Punishment like this.
  14. Jan 19, 2023 at 10:41 AM
    #14
    Junior 88

    Junior 88 New Member

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    It would depend on how much your vehicle allowance is.
     
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  15. Jan 19, 2023 at 10:43 AM
    #15
    KNABORES

    KNABORES Elitist forum troll

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    Your truck may also “time out” of the tax free reimbursement. You’re not getting paid to drive your truck, you’re getting reimbursed for the depreciation when using it for business purposes. Unless you are self employed, you cannot write off any personal expenses for business use. The money they pay you will be tax free, until your truck no longer qualifies for “depreciation”. Tax free reimbursement from my company only applies to 4 year old or newer vehicles and vehicles with less than 100,000 miles. For example, my 2000 Tundra would not qualify for a tax free stipend from my company because in the eyes of the govt., it no longer has any depreciable value. My 2019 is good for one more year, or 35,000 more miles, then it no longer has any depreciable value, for tax purposes. Then you have to pay taxes on the amount you are given from your company, at a clip of 35-45%, depending on your income bracket. They can only reimburse you for the depreciation, otherwise they are giving you a benefit, which is always taxable.
     
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  16. Jan 19, 2023 at 10:45 AM
    #16
    Eborseti22

    Eborseti22 [OP] New Member

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    Well let's come up with a dollar value that works:

    $500 - barely covers monthly, not worth it.
    $750 - Covers monthly and insurance - getting closer
    $1000 - Covers monthly, insurance, maintenance, maybe tires (break it down monthly cost of a tire) if not much maintenance is required.

    Work backwards for the company:

    $1000 - probably too much for them
    $750 - Closer to realistic
    $500 - probably what they pay monthly for a vehicle they would maintain
     
    Retired...finally likes this.
  17. Jan 19, 2023 at 10:50 AM
    #17
    RCwyoming

    RCwyoming New Member

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    I drive a company truck. If I use my own vehicle & get into a wreck, my company isn’t going to pay my deductible, or any other expense associated with a wrecked vehicle or replacing a totaled vehicle. I don’t use my company truck during my off time or to run errands with & I don’t keep my company truck at my house. I don’t want the liability if something happens to it while it’s on my property.
     
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  18. Jan 19, 2023 at 10:52 AM
    #18
    2mchfun

    2mchfun Lead foot, left lane, loud stereo

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    No brainer here, take the company truck and keep your own truck as well. Just be sure to drive for about 15 miles of highway every 8-10 days. If me, I would also add a prelube oiler to keep the friction minimal and not work the starter extremely hard at occasional starting intervals. But hey, just my opinion, you can obviously do you.
     
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  19. Jan 19, 2023 at 10:52 AM
    #19
    KNABORES

    KNABORES Elitist forum troll

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    Typical tax free to employee company car allowance looks like this:
    FAVR program. Fixed And Variable Reimbursement.
    Fixed is a payment, typically around $450-500 a month. This is to cover 70% usage / depreciation of your vehicle for business purposes and cost of insurance.
    Variable is per mile reimbursement for fuel, tires and maintenance. The variable changes to take into account things like gas prices, but rarely matches the actual cost of maintenance. It will not match your fuel costs in a Tundra, it will be based on something closer to the middle, around 21-25mpg.
    If you’re getting a flat rate and a gas card, you’re getting screwed a little still on maintenance and tires etc. but May make out on gas if they don’t pay close attention to personal vs business miles.
     
  20. Jan 19, 2023 at 10:52 AM
    #20
    Jb357

    Jb357 New Member

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    If you have the choice, company vehicle. My company started with company vehicles. This past year they started transitioning to a vehicle allowance as the current trucks died or became unreliable.
    I had a ram so naturally mine went first and I've been using my tundra for work.
    Our allowance is pretty good, I'm the department manager so I had some say and got them to go up off the "average" since our work requires a truck and 4wd, but,
    I'm burning up 34's, have picked up 4 screws in my tires, my interior is always filthy, exterior is always dirty, I'm constantly moving equipment and tools in and out when I go to drive the family anywhere, and I put about 15k extra miles on it last year.

    Then there's always the potential of having my truck totaled while on the road. My truck will be paid off in a few months. If it gets totaled I'm absolutely screwed with how the truck market is and the high interest rates.
     
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  21. Jan 19, 2023 at 10:57 AM
    #21
    BeauDacious

    BeauDacious New Member

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    Company truck all the way. Let them eat all the bills every time something on it doesn't work. Save your truck for personal stuff you want to do.

    You end up with the bonus of a very low mileage truck later on down the road, which you know has been well cared for.

    Even without the garage. Sitting in the winter, isn't near as bad as driving it on those salty roads. Go out and start it up and let it run for a bit a couple times a week. Fluid film under with a tarp over can be a real boon in winter. Just protect the paint where the tarp touches or it will scratch with wind and storms.
     
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  22. Jan 19, 2023 at 11:00 AM
    #22
    ColoradoTJ

    ColoradoTJ I drink…and I know things. Staff Member

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    A metric buttload
    Here is another way to look at it:

    If you are let go, who would be responsible for the truck? I have had a few people in sales that had hefty vehicle allowances and were let go...and then lost vehicle and good credit.
     
  23. Jan 19, 2023 at 11:03 AM
    #23
    KNABORES

    KNABORES Elitist forum troll

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    What do you drive for work when your personal truck is down? For recalls, maintenance needs, accidents etc. they are already paying you to drive, you will have to provide your own temporary replacement then at your cost as well. If the company truck goes down, they have to come up with a solution.
     
  24. Jan 19, 2023 at 11:07 AM
    #24
    Sunnier

    Sunnier Tulips keep growing after they’re cut

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    This sounds like the logic for choosing the company truck.
     
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  25. Jan 19, 2023 at 11:09 AM
    #25
    Eborseti22

    Eborseti22 [OP] New Member

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    Guys, again all great feedback. I knew asking the forum would be a good place to put it out there! The more I read from everyone the more it does seem to make sense for a company truck if they do come through with it!
     
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  26. Jan 19, 2023 at 11:09 AM
    #26
    Eborseti22

    Eborseti22 [OP] New Member

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    Yea as I typed it I basically walked myself into that! Have to be realistic in what they would offer, so think company truck is more and more likely answer should it actually be offered
     
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  27. Jan 19, 2023 at 11:14 AM
    #27
    2mchfun

    2mchfun Lead foot, left lane, loud stereo

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    Don't forget the rodent protection for the Tundra either!!! Sucks to see so damn many good people getting their nice rigs devoured.:annoyed:
     
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  28. Jan 19, 2023 at 11:23 AM
    #28
    topdec

    topdec New Member

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    Just another opinion...

    Take the company truck since they allow personal use.

    Sell the Tundra to take advantage of the current high resale value.
     
    TXBrit, KNABORES and Eborseti22[OP] like this.
  29. Jan 19, 2023 at 11:26 AM
    #29
    topdec

    topdec New Member

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    ...and don't quit this new job for 2 years :)
     
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  30. Jan 19, 2023 at 11:26 AM
    #30
    Eborseti22

    Eborseti22 [OP] New Member

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    Considering this as well - but not sure I want to run the risk of not having a personal vehicle. Wife has a Rav4, but she works too. Financially it would be no different, than working and paying for a truck, so I am not sure I am sold on selling. but I totally understand the thought process of it.
     

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