Miles are adding up

[dhall57]

Back in April 2017 I bought my wife a CPO 2013 Genesis 3.8 with Tech Pkg with only 36000 miles. Its been a great car so far with no issues what so ever. And most important the wife loves it. She has to use it for work also and her company reimburses her for gas and the mileage she drives ever month. But no other money for maintenance, etc. I think it sucks but that's the way it is. So driving it this way the miles are turning over faster than I like. I think the car is near 52000 miles so that's 16000 miles in 8 months. So her keeping on this way by the time April of 2018 rolls around she will have drove 24000 miles in a year and the car will at 60000 miles. I think I the best thing for her is to drive a cheaper less expensive car to use for work and have the Genesis just our family car so to keep the miles off of it.

 

[homeofstone]

We put over 212,000 miles on our 2011 Genesis 4.6. We purchased it new in Sept. 2010 and traded it in Oct. 2017. It was a great car and extremely reliable. Drive it and enjoy it.

 

[EdP]

She has to use it for work also and her company reimburses her for gas and the mileage she drives ever month. But no other money for maintenance, etc. I think it sucks but that's the way it is.

Typical mileage reimbursement is calculated to include the cost of purchase, insurance, maintenance. IRS says 53.5 this year. IRS does not care if you select a Lamborghini or a Pinto. Potentially you have $12,800 to play with

 

[Mark_888]

Typical mileage reimbursement is calculated to include the cost of purchase, insurance, maintenance. IRS says 53.5 this year. IRS does not care if you select a Lamborghini or a Pinto. Potentially you have $12,800 to play with

Since her company reimburses for gas and mileage, they are probably not be using the IRS mileage cost guidelines.

Here is what I found:

"You cannot deduct both miles and gasoline on your taxes. You must choose either mileage or the actual expense method of deduction. Choosing both will likely result in an audit. The IRS will disallow one of the deductions."
http://smallbusiness.chron.com/deducting-mileage-vs-gas-receipts-business-expenses-22009.html​

 

[dhall57]

She turns in her mileage driven on company business at the end of each month and they pay her like .54 per mile I think. With the miles (not years) going like it is the car will be out of warranty long before I want it to be.

 

[EdP]

If she is getting that plus gas she is getting above average. The key to being happy is finding a car you like to drive and within the money you get paid for it. Since she is getting gas, no need to look at an econo-box but you can't get a new G90 either, unless you want to subsidize it. Leasing high miles is a challenge to, but there are high miles leases. Many years ago I had a company car with an Avis lease. At the end of two years, we had a lot of miles but every one of us bought the car because it was a great deal. I kept mine for another 8 years for my wife to use.

 

[Gunkk]

Must be nice to get paid to drive a Genesis. 2013 3.8 tech is a helluva car.

Just get yourself an extended HPP Platinum warranty (Platinum covers the pricy tech stuff). You'll be glad you did, trust me.

 

[dhall57]

Being a CPO Im covered to 100000 miles. Also have a extended warranty that covers what the CPO doesn't. So I'm good until than, but my concern is the car will be out of warranty completely in only another few years if the miles continue the way they are. This is a great car and my plan is to keep this car for quite a while and one like this with all the bells and whistles and no warranty isn't a good idea IMO. Oh well no worries for a few more years anyway

 

[Gunkk]

FWIW, you can purchase an extended warranty that goes well beyond 100k miles. I know this wasn't your plan, but always something to consider vs. the alternatives...

 

[dahammer]

If your wife is driving 24,000 miles a year, it’s in her best interest to do so in comfort and safety and I think the Genesis is a great choice. If she is getting reimbursed for business mileage at the rate of $.54 per mile, she will receive a tax free check for about $13,000 or close to $1100 per month. I doubt she is getting reimbursed for fuel, but if so this would add another $2400 or so.

How did you finance this car? If you took out a 60 month loan for example, you need to put aside any reimbursement funds in excess of fuel, maintenance, insurance and loan repayment. This way you will have a reserve to fund a warranty extension, a down payment for a new car, or bridge the gap between what you owe and the trade in value should you be upside down.

I covered large territories for work in the past and drove up to 30,000 miles a year. My car was my rolling office and I wouldn’t want to be doing that in an Elantra. If you did purchase a second car for work, you would have a second depreciating asset and additional insurance as well as another monthly payment.

______________________________

Help support this site so it can continue supporting you!

 

[Aquineas]

Gunkk do you have any experience with this? I'd like to hang on to my 2015 for longer, but am currently at 65K miles.

 

[Gunkk]

Experience with what?

 

[Aquineas]

Extended warranties past the 100K mark.