I am considering a new full time job which would require traveling throughout the week. 2-3 days a week I would be covering territory in NC, SC, Northern GA and Eastern TN, and there is a possibility that I would be driving up to 2,000 miles (or more) per month just for work alone.
I am curious to hear opinions from those who have experience with this.
I would be responsible for using my personal vehicle. On top of my base salary, I would be reimbursed as follows for mileage:
1. $0.65/mile per the latest IRS rate.
or
2. If I average over 1,300 miles per month, the employer would give me an extra $700/month (taxable) in my paycheck, and would reimburse me an additional $0.25/mile on top of that; instead of the $0.65/mile IRS rate.
I would be using my 2011 Mazda6 which has 165k miles on it. My plan would be to continue driving my current vehicle to make sure I enjoy the job first. If I find I like it, I would be open to buying a vehicle dedicated for work. I'm assuming based on work plus personal use, I would average 25-30k miles per year.
Does either one of the two options above sound better than the other? What else should I be aware of? I assume the least expensive option is just to drive a higher mileage reliable vehicle, since a new car would just be slammed with miles after a few years anyway? I am assuming a lease isn't an option for a work vehicle if I will be racking up 24k miles/year just for work.
Thanks.
I am curious to hear opinions from those who have experience with this.
I would be responsible for using my personal vehicle. On top of my base salary, I would be reimbursed as follows for mileage:
1. $0.65/mile per the latest IRS rate.
or
2. If I average over 1,300 miles per month, the employer would give me an extra $700/month (taxable) in my paycheck, and would reimburse me an additional $0.25/mile on top of that; instead of the $0.65/mile IRS rate.
I would be using my 2011 Mazda6 which has 165k miles on it. My plan would be to continue driving my current vehicle to make sure I enjoy the job first. If I find I like it, I would be open to buying a vehicle dedicated for work. I'm assuming based on work plus personal use, I would average 25-30k miles per year.
Does either one of the two options above sound better than the other? What else should I be aware of? I assume the least expensive option is just to drive a higher mileage reliable vehicle, since a new car would just be slammed with miles after a few years anyway? I am assuming a lease isn't an option for a work vehicle if I will be racking up 24k miles/year just for work.
Thanks.
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