May be forced to sell my 16 Limited

I don't see how your forced to sell.

 

My wife has a company car. The way it works for her is they pay for all gas, insurance, and vehicle. All of this is 100% covered even for personal trips. Right now she has a 2016 Impala LTZ...nothing exciting, but actually a nice car and super comfy to drive. We take it everywhere on any trip we take. Literally put thousands of personal miles on it each year. Her company treats the vehicle as if we own it - she's responsible for proper maintenance and upkeep (they pay for all maintenance and she gets a car wash per week plus a quick detail each month). The car gets replaced every three years or 50,000 miles.

The only "catch" is that personal miles need to be reported. At the end of the year, the miles are tallied and she's taxed on the personal mileage as if it's compensation. In the end, it's still WAY cheaper than owning a car, paying for gas, insurance, repairs, etc.

If your company offers something similar, I'd highly recommend it. She also has the option of getting a stipend, but the convenience factor of having this car that is literally 100% worry free and super super inexpensive is worth more to us. Her 2016 is less than a year old and we're pushing 20k miles. "Business" miles are probably less than 5k.

 

Are there no taxes in Michigan? What are you saying? Is the truck paid off? If isn't very first payments are only interests. In your situation you loose close to, or $5,000,
if not agree with me, it's fine, but come back here and report. Don't omit registration fees tax and license fees. Take care

 

There can be a difference in ease of selling a $5K or $10K vehicle vs. selling a $30K + vehicle. I'd hang onto it as long as you can unless you absolutely need to free up the cash as others said. You're going to take the largest depreciation hit in the first year or two you try to sell it then the "curve" will start to flatten out a bit over time especially with low mileage.

 

Aren't you the fancy pants...

 

It's a very nice perk. For those reasons I disagree with the many posts above saying to keep the Tacoma. If OP has anything remotely similar (which a lot of fleet programs are) I'd recommend taking full advantage of it.

Oh, and also -

 

The personal miles tend to work better with a car than a truck, because of circumstances.

Many companies consider your company car a "job perk" that you get a new car cheap. Just keep company and IRS happy with a mileage write off.

Trucks tend to be different, unless you are on call after hours.

 

Some people actually put a down payment (some more, some less) on their vehicles. Everyone's situation is unique and we obviously don't have the whole story here.

 

Third gen chin?

 

LOL. This isnt early 2000s when you could say that about a Toyota with confidence. The oldest 3rd gen isn't even 18 months old yet.

 

This forum is absolutely full of this short term memory mentality. Reminds me of the old folks sitting on the porch talking about the 'good ole days'. Rewind 15 years and I'm sure the same thing was said about 1980's Toyotas...forward progress, people. Can we stop living in the past?

 

Pretty sure a buyback program sent many early 2000s Tacomas with rotted frames to the crusher. Probably why 1st gens in good condition command a high price - there aren't that many of them left...

 

For me it's an independence/security thing. I'd like to have something of my own. It doesn't have to be a new Taco though. It could be a clean 1978 4X4 Toyota or an old FJ40.

 

************************
Drove work related company trucks (all 3 domestic brands, new always) for 20 years, never owned a car till recently. (have owned cars/trucks before the last job)
I could make short trips for personal interests (within 10 miles - truck was GPSed) and begged friends for trips out. Unless you want to get rid of the truck for own reasons (mechanical, financial) keep the truck and use it in the weekends. Less money for gas, oil, tires, low miles and still your vehicle at the end.
Got layed off, lost the truck and found myself stuck home, walking to get food. 2 days later got into the taco OR and later PRO. Will never be without my own wheels even if I will get another company truck. In the present job I have to travel all over for 1-3 weeks, truck is at home and my wife turns it on every other day.

 

If this changed because you're getting free transportation then how in the world could you justify it before the free transportation. I'm lost.

 

Pretty sure what he's saying is that now that he'll have a company car, he cant justify the cost of owning a no longer needed 2016 Tacoma. All things equal, he should still be able to afford it given the new free car, but it sounds to me like it's more of a savings opportunity. Why keep paying for a brand new truck when you'll be given a brand new car instead...

At least that's how I interpreted it.

 

"Own" car is a relative term.... if it's a 2016, odds are it's mostly the banks "own" car. If he can treat the company car as his own and use for personal trips also, I'd ditch the Taco for sure. Worst case scenario he buys a new one down the road if he loses the company car. If it was an older paid off vehicle, then I would agree with you - but only if he couldnt use it for personal use, or the future of the company car benefit was not guarenteed. I've been in the same situation and I opted to get rid of my wife's car when she got a company car. If he truly needs a truck, then that might change things...but you'd be surprised what you're willing to fit into a car when you dont own it....

 

Bc company dependability on said vehicle may not be too good. Some companies don't like personal use in their vehicles while some allow it if you pay fuel on your dime.

A lot of companies allow personal use in hopes you'll take better care and pride in having a nice vehicle. Some don't allow it.

 

Really depends on the type of job he has and the fleet program they use. My wife is in sales. She gets a company car even though she has minimal travel. If anything happens to said car, she gets a rental. All gas, insurance, registration, tolls, maintenance etc is paid for by the company. We pay taxes on the computed value of personal miles put on the car each year.

If OP's situation is anything like that, I'd ditch the Tacoma. With that said, if it's a company work truck or something along those lines, branded with the company logo or something, then yes, I would agree that the company probably limits its personal use. However, since the OP is talking about not needing his truck anymore, I'd wager that that is not the case.

Where you at @shaqattaq??

 

Answering multiple comments at once:

I already get an allowance + mileage reimbursement. Work wants to switch me out of that model into one where i drive company vehicle instead.

Company vehicle will be a F150. We recently got a big multi-year Ford contract. They don't particularly enjoy the thoughts of me cruising out to different sites in my new Taco, which i've been doing for several months.

Use of vehicle for personal use & the associated risks are non-issues.

I'm required to track driving miles for billing & expense purposes anyway - adapting that data collection to quantify my tax liability re: company truck won't be difficult.

edit: clarity