You’re probably pretty familiar with how much her car cost to concerning your personal expenses. You know how much the vehicle cost or how much the leases. You know how much the insurance costs are. You have a record of all the costs associated with maintenance. But when it comes to a business setting, the overall cost of the car is a little bit different or at least has a different set of circumstances surrounding its value.
So from a professional standpoint, what are some things that you can look at to determine the cost and value of a vehicle? For some jobs, you get a per mile income rate for traveling to work. If a car is associated with a business, car accident settlements may be different. If you use taxis or Uber services, the value of a vehicle becomes different to clients and operators. And finally, some businesses use cars as perks or rewards for high performance from their employees.
Per-Mile Income and Expenses
One way to connect cars with the idea of a business expense or income opportunity is if you look at jobs that get money for driving. For example, if you’re a journalist, you may get paid for every mile you drive to get to the source of the story. Or, if you have to drive a long way to get to work, sometimes your business will pay you a certain amount of money per mile that goes toward the cost of gas and the cost of your time.
Car Accident Settlement
Laws and regulations are a little bit different when it comes to specific incidents involving company-owned cars as well. For example, you assume a particular process for a car accident settlement. However, if a company owns the car and it is an employee driving, there may be different things to consider. Especially if someone was injured or significant damage occurs, the insurance policy will often come through the company rather than the individual who was driving at the time.
Taxi Service and Uber
A classic example of where the value of a car in a business setting is quite variable would be when it comes to taxi services and Uber drivers. When you use the Uber service specifically, there are fixed rates at certain times a day for going specific distances. You can determine whether it makes more sense for you to use your personal vehicle to get around or you use someone else professional service. It’s astonishing how the money turns out in many cases.
Cars as Perks and Rewards
A final thought would be to consider the fact that in some companies, a company car is a perk. Sometimes it just comes with the job. Other times you get a car to use as a reward for doing good work. In any case, knowing that you have your company supporting you with transportation feels like a meaningful benefit of working for someone.