My friend told me that he would like to trade in his car to buy an older, cheaper car. I guess many of us are finding ways to downgrade our lifestyle and try to ride this economic turmoil as best as we could.
The problem with my friend is that he needs a car, and a good one at that, in his work. He is in sales and it is important to drive a good car to show how successful he is, to build confidence of his clients. He may be using his own car but the image he is projecting is that of his employer's. I can certainly understand that but my friend is afraid that he may not be able to afford a luxury car anymore.
Well, I think that as long as he is holding his job and his employer continues to pay him his monthly car allowance, he should be fine. Although he is using his car, the company opted for is using a vehicle reimbursement program to the benefit of both parties, the employer and himself.
And since this allowance is tax-free, I think that my friend would gain a little from that, even though the employer isn’t providing him with company vehicle.
The problem with my friend is that he needs a car, and a good one at that, in his work. He is in sales and it is important to drive a good car to show how successful he is, to build confidence of his clients. He may be using his own car but the image he is projecting is that of his employer's. I can certainly understand that but my friend is afraid that he may not be able to afford a luxury car anymore.
Well, I think that as long as he is holding his job and his employer continues to pay him his monthly car allowance, he should be fine. Although he is using his car, the company opted for is using a vehicle reimbursement program to the benefit of both parties, the employer and himself.
And since this allowance is tax-free, I think that my friend would gain a little from that, even though the employer isn’t providing him with company vehicle.
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