Taco as company vehicle, what do you think about this policy?
Here is the deal..... I get $850/month which includes payment/insurance/maintenance/ and the first 1250 miles per month.
Pros: when its all said and done, I own it and I get to buy what I want, that is if there is anything left of it!
Cons: I own it.. if it breaks, I pay for it. My payment is $550/month, my insutrance is $55/month, @ roughly .16/mile for gas, given 18mpg, thats $200. I do get an extra .15/mile for every mile over the initial 1250.
Here is what worries me.... I have been averaging 35,000 miles per year and my loan is for 5 years. In 5 years I will have 175,000 miles so I would probably have to replace the truck after 3 years just to be sure that it's dependable. I have to go to work and cant afford to have a broken down truck. In order to break even I figure that I would have to get $13,500 for a truck that is three years old and has 105,000 miles on it! I figured that by taking my $550/month x the remaining 24 months, which is what I would owe.
If I take the government allowance of .45/mile it comes out to $15,750, our company way it comes out to $10,200 for 12 months then add the extra 20,000 miles for a total of $13,200.
What do you think?
Am I on the right track here or am I looking at this all wrong?
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HotRod
'06 Tacoma DC, Super White, Leer 100R, bed mat, K&N, Weathertech liners and vent visors, TSB 4 pack springs, Ride Rite air bags, TSB Cat converter, TSB exhaust manifolds, driving light mod, repaired my compass (3 times), 162K+. '06 Camry XLE, V6, '07 Camry XLE I4.
Not sure how these trucks will hold up, but my corolla is reliable after 190k and almost 9 years now (it's a 98) with just a new(used, 48k) transmission in it. Only maintenance I've done is gas, tires, oil changes, washer fluid and some new rear struts. I'd say the 175k miles wouldn't be a problem. I've put 35k on my truck in about a year, and it's only gotten better to drive (transmission is smoother now)!
I doubt you'll have much to fix. This is my 3rd toyota, family's 12th or 13th. Nothing major in that time. My transmission may have been the biggest repair we've encountered.
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Toytec 3" lift & AAL, 285/75r16 Kumho Road Venture
DTRL, Fog Light, locker, & diff breather mods, Bestop Supertop, Hi-Lift mount, hood struts, reinforced tailgate, BHLM, ABS kill switch, bed lights, rock lights
Would this apply to any car/truck, or just a Tacoma?
If I were you, I'd buy a Prius, and with the money saved in gas, you could probably afford the truck as well.
Even if you figure 450 for the truck and 400 for the Prius, you are doing pretty well.
The gas for the truck would kill you, if you are driving that many miles.
The only other thing that shocked me was actually having the same job for 5 years.
BTW - my first Toyota, had over 230K miles on it....of course it had a lot of work done to it in those 230K mile time frame
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2006 4x4 Access, V6, 6spd, TRD Off-Road, tow pkg. Donahoe Co's, TC UCA's, Dakar leafs, 5125's in the back and u-bolt flip kit. TRD exhaust, CAI. URD MAF calibrator. 17x9's, 285/70/17 BFG MT KM2. Locker-mod, fog mod and console vault.
I thought the government mileage allowance was .485/mile, that's what I get.
Marc M
hmmm... I may need to talk to my boss... I only get .41/mile... Which is ironic if it's a state-specific thing since NY typically has higher gas prices than PA...
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^sig by me!
Toytec 3" lift & AAL, 285/75r16 Kumho Road Venture
DTRL, Fog Light, locker, & diff breather mods, Bestop Supertop, Hi-Lift mount, hood struts, reinforced tailgate, BHLM, ABS kill switch, bed lights, rock lights
hmmm... I may need to talk to my boss... I only get .41/mile... Which is ironic if it's a state-specific thing since NY typically has higher gas prices than PA...
Your employer doesn't HAVE to pay you the max allowance, they could pay you nothing.....
Marc M
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'06 Tacoma Dbl-cab, 4X4, V6, 6-spd, SR5 / TRD Off Road
'05 Corolla XRS 6-Spd
'00 Echo 5-Spd
'90 4Runner SR5 5-Spd - '86 Shortbed 4X4 5-Spd,SAS'd ASAP - '82 Supra 5-Spd
Take your automatic and "Stick" it........
Ya... for example, we only got 36 cents a mile up until last week. Now we are at 40. Better than no increase
At one point last year or the year before, I don't remember which, my company went over the max allowance due to the much higher fuel costs at the time.
That was nice of them....
Marc M
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'06 Tacoma Dbl-cab, 4X4, V6, 6-spd, SR5 / TRD Off Road
'05 Corolla XRS 6-Spd
'00 Echo 5-Spd
'90 4Runner SR5 5-Spd - '86 Shortbed 4X4 5-Spd,SAS'd ASAP - '82 Supra 5-Spd
Take your automatic and "Stick" it........
If your employer doesn't pay it, don't you have the option to claim it on taxes so you get the money anyway? Also, doesn't the employer claim it at some point so it doesn't really come out of their pockets? My employer supposedly was above the government standard, but I don't know if things have changed recently (last I knew it was .37/mile from the government).
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^sig by me!
Toytec 3" lift & AAL, 285/75r16 Kumho Road Venture
DTRL, Fog Light, locker, & diff breather mods, Bestop Supertop, Hi-Lift mount, hood struts, reinforced tailgate, BHLM, ABS kill switch, bed lights, rock lights
At one point last year or the year before, I don't remember which, my company went over the max allowance due to the much higher fuel costs at the time.
Current tax deduction is $0.485 per mile, and has been that way since 1/2007. It was $0.445 per mile in 2005 and 2006 excepting the 4 month period from 9/2005 through 12/2005 (where it was raised to $0.485 per mile following the post-Katrina gas price spikes).
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2005 Silver Double Cab TRD Off Road SB, bed extender, OEM argent tube steps, Pace Edwards Jack Rabbit tonneau, Pop & Lock tailgate lock, Alpine CDA-9857, iPod Video 80GB, Scanguage II
Definitely get an econobox that's good on gas. Personally, I'd avoid a hybrid as I don't know what the track record is on the battery after 100k. It's not like they'll run on just the motor after the battery dies.
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