Hi everyone!
So... I am just a baby in the world of mustachianism. I am relatively low income (about 30k), have no work benefits (no 401k, health insurance, etc), but I have gotten myself to a savings rate of about 35-40% and am working up from there, hurray! My job is hourly and part time (about 25 hours per week at the main job so that I can go to school and max out my classes.
My dilemma is my vehicle. I've always had used vehicles, but I've been on a slew of little repairs that are adding up more and more. Work has offered me a vehicle, but I am not certain it's overall advantageous. I'll admit I am college hacking right now, just came off an 8 day intensive class program, and my brain is kind of mush, but I've gone over the details and here's what I've got. Any insight or suggestions?
My Current Vehicle:
1996 Toyota Rav4 Coupe (the really little one)
26mpg city/28mpg highway
purchased for 3500, paid ~$700 in repairs since then
Because it's sort of a rare and "fun" car, I could probably sell for the purchased price, MAYBE 4k.
Suddenly it's burning oil and I don't even want to deal with the situation (I will, but...).
I pay $500/year for insurance, $90/year for personal property tax, $45/year for registration
Work offering:
2011 or 2013 Ford Fusion (whichever they let me have)
2011 23/33 mpg
2013 25/37
*There's also a chance they'd ask me to drive the 2008 Ford 500, which gets 21/29
I would need to reimburse: .22 per personal mile, pay for my own gas, pay for my own oil changes.
Work would cover: Insurance, Repairs, Personal Property Tax, Registration fees
Me:
I drive 400 personal miles per month, about exactly half city driving and half highway driving.
I would use one of the other company cars for work related travel, rather than itemize my reimbursements back to them- we have about 12 extra smaller cars in our fleet.
I like having my own vehicle because I can take my dog to the hiking trails. This is a high life value item for me, and I don't want to give it up. I could probably put her in a work car, but it's against company policy. They'd certainly let it slide because I am a valuable asset, but I'd have to get a full backseat dog cover hammock and pay a little extra for interior upkeep.
...So what does everyone think? What should I do? I just got the Rav4 a few months ago after selling my last used car for a profit over purchase price, so it feels strange to talk about selling it, but having immediately needed a CC, some exhaust work, and a few other small things- and now seeing that it's starting to burn oil, I feel exhausted with the upkeep- yet I don't want to lock myself into basically a lease with my company if it is not advantageous to me. As a side note, most people end up purchasing their work vehicles from the company after driving them for a few years. My predacessor purchased his for $1500 when he retired. However, they buy Ford and Chevy vehicles for the company fleet...... :/