Need some help from the all knowing board, particularly those that are better at the mathz.
My wife is taking a job in sales and they are giving her the option of a company car or driving our personal vehicle with a car reimbursement allowance.
We are definitely not car people, so there is no thought to the cool factor of the car, other than it has to be a decent car to have customers in and safe to drive. We currently own a 2014 Ford Fusion that is paid off with around 80k miles on it. She will likely drive around 20k per year, and we would replace at around 120-150 before maintenance gets too heavy.
The company will pay a fixed reimbursement of $330 per month for the car, maintenance, insurance, etc plus $.17 a mile.
So, I get $3400 + $3960 = $7360 per year if we choose the allowance, plus we also have the asset for this car and others in the future.
How do you value this against the company car to see which is the better deal? Any calculations for this?
Thanks!!