Wife got company car. Should we sell 2 year old car?

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srinirs
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Wife got company car. Should we sell 2 year old car?

Post by srinirs » Tue Mar 05, 2019 7:48 pm

My wife works in GM and recently got promoted. As part of her new role, the company will provide her with a GM car that she can use for daily commute and personal use. The comany pays for insurance, maintenance and gas. The catch is that the household cannot own a non GM car. She drives a 2017 Honda Pilot that we bought and has 10k miles on it. I drive a 2018 Buick with 3k miles on it. We paid cash for both cars so loans to worry about.

She plans to stay in the company for about a year or maybe two but not more and will lose the company car when she changes companies. So if we sell the car now, we will be in the market again pretty soon.

Given that should we sell the Pilot and take the new car depreciation loss? Or if we just keep the car in the garage and take it off our insurance? How to calculate what makes sense numbers wise?

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Re: Wife got company car. Should we sell 2 year old car?

Post by bloom2708 » Tue Mar 05, 2019 7:54 pm

Seems like an easy "sell". Cars don't do great sitting.

A company car is a great perk. I would have no problem selling a 2 year old Pilot. It should be very sell-able.

If you don't want to bother with selling Private Party, consider CarMax if you have one in the area.

You won't get top dollar, but the company car should more than make up for a small loss on the sale.
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Re: Wife got company car. Should we sell 2 year old car?

Post by BeneIRA » Tue Mar 05, 2019 7:55 pm

srinirs wrote:
Tue Mar 05, 2019 7:48 pm
My wife works in GM and recently got promoted. As part of her new role, the company will provide her with a GM car that she can use for daily commute and personal use. The comany pays for insurance, maintenance and gas. The catch is that the household cannot own a non GM car. She drives a 2017 Honda Pilot that we bought and has 10k miles on it. I drive a 2018 Buick with 3k miles on it. We paid cash for both cars so loans to worry about.

She plans to stay in the company for about a year or maybe two but not more and will lose the company car when she changes companies. So if we sell the car now, we will be in the market again pretty soon.

Given that should we sell the Pilot and take the new car depreciation loss? Or if we just keep the car in the garage and take it off our insurance? How to calculate what makes sense numbers wise?
I would probably remove the company name due to privacy concerns. As part of her agreement she probably signed that she agrees to the terms, including not owning a vehicle that is not from the company. This is common in the banking industry where all assets must be consolidated at the bank. If the bank finds out that the employee did not abide by the agreement, the employee needs to provide a legitimate reason why they did not abide by it (Example: Pension cannot be taken from the old company due to plan rules). Going against the spirit of the agreement is very risky. I would absolutely sell the car and move on. I would have probably baked that into any negotiation that this is effectively a loss of salary. You could buy a 2017 Pilot in two years if you really want it. Honor the agreement.

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David Jay
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Re: Wife got company car. Should we sell 2 year old car?

Post by David Jay » Tue Mar 05, 2019 7:57 pm

A Honda will typically have good resale value, I would sell it.
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Re: Wife got company car. Should we sell 2 year old car?

Post by retire2022 » Tue Mar 05, 2019 7:58 pm

op would it pay to loan your honda to a friend or relative with understanding that you will eventually retrieve the vehicle?

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Re: Wife got company car. Should we sell 2 year old car?

Post by quantAndHold » Tue Mar 05, 2019 8:02 pm

Cars don’t like to sit. And they continue to depreciate while they’re sitting there. Sell it, enjoy the free car, and if you still want a 2017 Pilot when she quits, then buy a 2017 Pilot.

I had a “1 year” job that I ended up staying at for 7 years. You never know what’s going to happen. But in this case, even if it was a 1 year contract position that I knew was going to absolutely for sure end, I’d probably still sell the car.

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Re: Wife got company car. Should we sell 2 year old car?

Post by tibbitts » Tue Mar 05, 2019 8:19 pm

You didn't say but I assume she can choose at least the equivalent to a Pilot, maybe a Tahoe, etc. If she's getting a Spark... you might say no thanks and keep the Pilot.

I'm surprised she's allowed to park a Pilot at work - that's very unusual, or at least used to be.

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Re: Wife got company car. Should we sell 2 year old car?

Post by megabad » Tue Mar 05, 2019 8:21 pm

I am on the fence. How much do you like the Honda? And how certain is the 2 year job change? Your depreciation cost would probably only be about 10% so not much of a hit there if you wanted to sell. Then again your cost to keep for only a couple years would probably be pretty minimal too. I would not take it off insurance because I would want to drive it every so often, otherwise you will have to prep it for long term storage.

For me, a once a month drive and insurance is maybe a few hundred bucks a year so pretty insignificant outside of the lost opportunity costs (which would also be low on a short timeline). If I really loved the Pilot and was planning on keeping it for the next 15 years, I would keep. Otherwise I might sell.

If you sell, it seems like worse case you are only out maybe 4k on depreciation and then you are guaranteed not to incur any additional expenses. I guess that is the most conservative strategy (especially if you end up keeping the GM job longer term). I would say your breakeven might be 4 years or so (a lot of assumptions here though). If you are less than that I would say keep the car, more and selling would probably come out ahead. If you don't know for sure though it is a crapshoot.

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Re: Wife got company car. Should we sell 2 year old car?

Post by tainted-meat » Tue Mar 05, 2019 8:23 pm

If she’s only planning on being there a year or two it is debatable. I sold mine when I got a company car almost a decade ago - it’s one of my favorite perks of the job. Drive a new car every couple years? Yes please.

She might find out how great of a perk it is and stay!

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Re: Wife got company car. Should we sell 2 year old car?

Post by Nate79 » Tue Mar 05, 2019 8:26 pm

Yes, just sell. If you get market price you can just rebuy something similar in the future for what you sold yours for if needed.

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Re: Wife got company car. Should we sell 2 year old car?

Post by killjoy2012 » Tue Mar 05, 2019 8:27 pm

OP's spouse shouldn't have been driving a Honda to begin with. Sell it.

(Unless you're dead set on her leaving GM in a year, then keep it. You'll pay more in taxes when buying another new'ish car than just taking 1 year depreciation on the nose.)

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Re: Wife got company car. Should we sell 2 year old car?

Post by megabad » Tue Mar 05, 2019 8:28 pm

tibbitts wrote:
Tue Mar 05, 2019 8:19 pm
You didn't say but I assume she can choose at least the equivalent to a Pilot, maybe a Tahoe, etc. If she's getting a Spark... you might say no thanks and keep the Pilot.

I'm surprised she's allowed to park a Pilot at work - that's very unusual, or at least used to be.
Really? I have visited both GM and Ford plants over the years and I can tell you that a good bunch of employees didn't get that memo. Not a majority mind you, but enough that I noticed. Can't really blame them. I think personal financial decisions should be made regardless of your employer unless employer wants to buy them cars (as in OP's case). Heck in a few years, GM and Ford won't even make cars anymore so if you want a sedan, you won't be able to drive one. "Employee Pricing" has become somewhat of a joke these days.

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Re: Wife got company car. Should we sell 2 year old car?

Post by tibbitts » Tue Mar 05, 2019 8:43 pm

megabad wrote:
Tue Mar 05, 2019 8:28 pm
tibbitts wrote:
Tue Mar 05, 2019 8:19 pm
You didn't say but I assume she can choose at least the equivalent to a Pilot, maybe a Tahoe, etc. If she's getting a Spark... you might say no thanks and keep the Pilot.

I'm surprised she's allowed to park a Pilot at work - that's very unusual, or at least used to be.
Really? I have visited both GM and Ford plants over the years and I can tell you that a good bunch of employees didn't get that memo. Not a majority mind you, but enough that I noticed. Can't really blame them. I think personal financial decisions should be made regardless of your employer unless employer wants to buy them cars (as in OP's case). Heck in a few years, GM and Ford won't even make cars anymore so if you want a sedan, you won't be able to drive one. "Employee Pricing" has become somewhat of a joke these days.
Yes, really. But not always because of the employer's rules; sometimes because of the union's rules. In some cases the issue was driving a non-union-assembled vehicle, not a car from another (or a foreign) manufacturer. In other cases the issue was indeed manufacturer regulations.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Jack FFR1846 » Tue Mar 05, 2019 9:05 pm

Things must have changed at GM. Not so long ago (12 years?), visiting Inland Fisher Guide as a supplier to their electric vehicle development team, the usual sales person had to do something else and I was brought in by a rep with a Honda. I noticed parking lot signs....closest one was vehicles built at this facility, next one was GM vehicles and waaaaay out there, non-GM vehicles. We parked in the visitor's lot just as a shift change occurred. The looks could have killed someone.

Sell the Honda.
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srinirs
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Re: Wife got company car. Should we sell 2 year old car?

Post by srinirs » Tue Mar 05, 2019 9:29 pm

Based on comments from lot of folks I went and re-read the agreement. I misunderstood the terms to be "Thou shalt not drive a competitor car", but the intent sound like "Thought shalt not own a car of different company". In the spirit of the agreement, I will be selling the car.

Thanks for the advice everyone.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Cycle » Tue Mar 05, 2019 10:07 pm

Every day is a great day to get rid of a vehicle
Never look back unless you are planning to go that way

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Re: Wife got company car. Should we sell 2 year old car?

Post by tim1999 » Tue Mar 05, 2019 11:21 pm

I recall being at a rental car office at the Detroit airport about 5 years ago where a woman was absolutely having a meltdown because the rental agency wanted to give her a Hyundai (the lot was nearly empty) when she was apparently in town to sell something to Chrysler and insisted on getting a Chrysler product as her rental car because "I CAN'T SHOW UP TO CHRYSLER DRIVING A HYUNDAI!"

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Re: Wife got company car. Should we sell 2 year old car?

Post by fru-gal » Tue Mar 05, 2019 11:28 pm

I am not sure from the OP's post if his DW cannot own a non-GM car as long as she is an employee or if only the company car depends on this.

I wold not sell the car. If she is dependent on the GM car, then that's an extra hassle if she leaves/gets fired at some unpredictable time.

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Re: Wife got company car. Should we sell 2 year old car?

Post by quantAndHold » Wed Mar 06, 2019 1:01 am

fru-gal wrote:
Tue Mar 05, 2019 11:28 pm
I am not sure from the OP's post if his DW cannot own a non-GM car as long as she is an employee or if only the company car depends on this.

I wold not sell the car. If she is dependent on the GM car, then that's an extra hassle if she leaves/gets fired at some unpredictable time.
You’d recommend she have an entire extra car because somewhere down the road she might need another car? Wouldn’t that apply to everyone? I mean, if I have an accident in my current car, it’s going to be a hassle, whether it’s a company car or not. Should I have an extra car sitting around in case something happens to the car I normally drive?

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Re: Wife got company car. Should we sell 2 year old car?

Post by Watty » Wed Mar 06, 2019 1:18 am

One thing to be aware of is the cost of sales tax and registration if she sells the Pilot and then buys another one next year. In my state that would be about 7%.

It doesn't sound like she has much choice though even if she could technically drive the Pilot to work there.
quantAndHold wrote:
Tue Mar 05, 2019 8:02 pm
I had a “1 year” job that I ended up staying at for 7 years. You never know what’s going to happen.
+1

I once took a job that I only expected to say at for about three years. It lasted 26 years until I retired.

One thing to watch out for is that it could also go the other way. I once took a job only to find out there were all sorts of issues that were not revealed in the job interview, and they would not let me try to fix them. I soon knew the job would not work out and I was looking for a new job within a month, three months later I quit. Three years later the company was out of business.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Epsilon Delta » Wed Mar 06, 2019 2:53 am

quantAndHold wrote:
Wed Mar 06, 2019 1:01 am

You’d recommend she have an entire extra car because somewhere down the road she might need another car? Wouldn’t that apply to everyone? I mean, if I have an accident in my current car, it’s going to be a hassle, whether it’s a company car or not. Should I have an extra car sitting around in case something happens to the car I normally drive?
The difference is she already owns the car, you don't. So the difference between the two situations is the expense of the round trip of selling and buying. The higher those costs the more she should hold onto the car and the less you should buy a spare on spec.

Personally I'd keep the car and start looking for a new job. A company car is not a nice perk, it's somebody else deciding how I should spend part of my paycheck.

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Re: Wife got company car. Should we sell 2 year old car?

Post by snackdog » Wed Mar 06, 2019 3:04 am

Sell both cars and drive the company car into the ground.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Nissanzx1 » Wed Mar 06, 2019 5:39 am

No way I’d sell with the short period she’ll be in the role. Always gotta keep a getaway car.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Jack FFR1846 » Wed Mar 06, 2019 6:51 am

tim1999 wrote:
Tue Mar 05, 2019 11:21 pm
I recall being at a rental car office at the Detroit airport about 5 years ago where a woman was absolutely having a meltdown because the rental agency wanted to give her a Hyundai (the lot was nearly empty) when she was apparently in town to sell something to Chrysler and insisted on getting a Chrysler product as her rental car because "I CAN'T SHOW UP TO CHRYSLER DRIVING A HYUNDAI!"
Another story from my time flying around the country for my job. In Huntsville, Al, all the reps drove Chryslers. The Chrysler facility visitor parking lot was overlooked by a second floor buyer's office. As the rep told me, if you showed up in a Chrysler product and had an appointment, you'd be seen on time. Show up in a Ford or GM and they'd be 15 minutes late. Show up in a foreign nameplate car and somehow, they forget about your appointment and never show up.
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Re: Wife got company car. Should we sell 2 year old car?

Post by sunny_socal » Wed Mar 06, 2019 7:12 am

Nissanzx1 wrote:
Wed Mar 06, 2019 5:39 am
No way I’d sell with the short period she’ll be in the role. Always gotta keep a getaway car.
I don't think I'd sell it either. Well I would: I'd "sell" it to Grandma for $1. After I quit GM, I'd "buy" it back from Grandma for $1. Keep it in the family! Seriously, [Honda Pilot] > [Any GM car.]

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Re: Wife got company car. Should we sell 2 year old car?

Post by dm200 » Wed Mar 06, 2019 2:09 pm

srinirs wrote:
Tue Mar 05, 2019 7:48 pm
My wife works in GM and recently got promoted. As part of her new role, the company will provide her with a GM car that she can use for daily commute and personal use. The company pays for insurance, maintenance and gas. The catch is that the household cannot own a non GM car. She drives a 2017 Honda Pilot that we bought and has 10k miles on it. I drive a 2018 Buick with 3k miles on it. We paid cash for both cars so loans to worry about.
She plans to stay in the company for about a year or maybe two but not more and will lose the company car when she changes companies. So if we sell the car now, we will be in the market again pretty soon.
Given that should we sell the Pilot and take the new car depreciation loss? Or if we just keep the car in the garage and take it off our insurance? How to calculate what makes sense numbers wise?
That seems to be quite a financial benefit - no "catches" seem to jump out.

Of course, you/she never know if she works there longer.

How, exactly, will she "get" this new car? Is there a local "dealer" involved? If so, maybe the Honda Pilot could be very desirable to that dealer.

Are you (both) or will you be able to put a lot of "personal use" miles on the new car? if so, the deal gets even better.

I might also try to speak with other employees that have had this "deal" and see if there are any "catches".

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Re: Wife got company car. Should we sell 2 year old car?

Post by northtexan » Wed Mar 06, 2019 2:38 pm

sunny_socal wrote:
Wed Mar 06, 2019 7:12 am
Nissanzx1 wrote:
Wed Mar 06, 2019 5:39 am
No way I’d sell with the short period she’ll be in the role. Always gotta keep a getaway car.
I don't think I'd sell it either. Well I would: I'd "sell" it to Grandma for $1. After I quit GM, I'd "buy" it back from Grandma for $1. Keep it in the family! Seriously, [Honda Pilot] > [Any GM car.]
one flaw in this would be that if you actually change the title you need to pay tax on the car based on what the car is worth, it would probably be 3-4k in tax over all to change the title two times. Could always loan the car to avoid the title change

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Re: Wife got company car. Should we sell 2 year old car?

Post by dm200 » Wed Mar 06, 2019 4:49 pm

northtexan wrote:
Wed Mar 06, 2019 2:38 pm
sunny_socal wrote:
Wed Mar 06, 2019 7:12 am
Nissanzx1 wrote:
Wed Mar 06, 2019 5:39 am
No way I’d sell with the short period she’ll be in the role. Always gotta keep a getaway car.
I don't think I'd sell it either. Well I would: I'd "sell" it to Grandma for $1. After I quit GM, I'd "buy" it back from Grandma for $1. Keep it in the family! Seriously, [Honda Pilot] > [Any GM car.]
one flaw in this would be that if you actually change the title you need to pay tax on the car based on what the car is worth, it would probably be 3-4k in tax over all to change the title two times. Could always loan the car to avoid the title change
While there might be legal, honesty or ethical issues involved (I have no opinion), I wonder if there might be title changes that allow, effectively for you to keep the car.

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Re: Wife got company car. Should we sell 2 year old car?

Post by mrc » Wed Mar 06, 2019 6:05 pm

If GM made great cars that people wanted to drive, would they have to force people to be rid of other brands?

Run the numbers on a sale now (including taxes and fees), and a buy back in a year or three. See if it's cost effective (it should be with insurance paid). Then proceed until the wife leaves the company.

This is likely a company-paid lease. My relatives picked these up (and exchanged the old ones) at work. Occasionally at a (very) nearby dealership.
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Re: Wife got company car. Should we sell 2 year old car?

Post by sunny_socal » Wed Mar 06, 2019 6:17 pm

Thought about this on my way to work. The 'free' car definitely is attractive.

But how much is it really "worth"?

- Gas for a year: 52 x $30 = $1560
- Insurance for a year: 14 x $150 = $1800
- Maintenance for a new car: $0 (usually it's included, these days)

So you gain $3360/year by having this car. IMO you're going to lose a lot more by selling the 2017 Pilot and subsequent purchase of another car. In fact taxes alone are going to be as much as the company car benefit! I'd estimate at least $7k total loss, could be $10k or more if you don't get a decent deal on your sale.

I'd never sell it. Take the wheels off, put it on blocks, attach a battery tender and get a good car cover. Run the car for 20 min every couple weeks. Rent a $50/m storage place to keep it.

When the GM job is over you'll miss the Pilot

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Re: Wife got company car. Should we sell 2 year old car?

Post by miamivice » Wed Mar 06, 2019 6:23 pm

Two comments:

While the company may not charge your spouse for personal mileage, her personal mileage (if not just random occasional use) will be considered a taxable perk, and she'll owe your marginal tax rate * mileage rate (or something like that). When my wife drove a company vehicle, we always had to forgo her final paycheck because 100% of that went to taxes.

I do not believe that a company legally can terminate your spouses employment because of something that someone else (a spouse's husband, spouse's child, etc) does (own a non GM vehicle.) They might threaten but I don't think that that it'd hold up.

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Re: Wife got company car. Should we sell 2 year old car?

Post by killjoy2012 » Wed Mar 06, 2019 8:56 pm

sunny_socal wrote:
Wed Mar 06, 2019 7:12 am
[Honda Pilot] > [Any GM car.]
Based on what facts. Your opinion? I'd take any GM vehicle over any Honda. So who's right?

mrc wrote:
Wed Mar 06, 2019 6:05 pm
If GM made great cars that people wanted to drive, would they have to force people to be rid of other brands?
...
This is likely a company-paid lease. My relatives picked these up (and exchanged the old ones) at work. Occasionally at a (very) nearby dealership.
It's not a company paid lease. And it's quite simple -- his spouse gets a new GM company vehicle approx every 6 months, including gas and insurance, for $0. And in return, the employee's spouse commits to driving a GM products no older than a few model years at all times they're in the program. It's a no-brainer decision financially, and if the employee doesn't like GM vehicles, well, they know where the door is - and they shouldn't be there to begin with.

Most people I know would love to drive a Tahoe, Yukon, Escalade, Corvette, Camaro, XTS, etc.
miamivice wrote:
Wed Mar 06, 2019 6:23 pm
While the company may not charge your spouse for personal mileage, her personal mileage (if not just random occasional use) will be considered a taxable perk, and she'll owe your marginal tax rate * mileage rate (or something like that). When my wife drove a company vehicle, we always had to forgo her final paycheck because 100% of that went to taxes.
Except that we're not talking a vehicle stipend perk, but rather the company vehicle is a product evaluation for their employer. No additional effective taxes to the employee. It's work, not a perk.
miamivice wrote:
Wed Mar 06, 2019 6:23 pm
I do not believe that a company legally can terminate your spouses employment because of something that someone else (a spouse's husband, spouse's child, etc) does (own a non GM vehicle.) They might threaten but I don't think that that it'd hold up.
1) At Will employee
2) While they may not be terminated if discovered, they'd certainly be banned from participating from the program going forward.

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Re: Wife got company car. Should we sell 2 year old car?

Post by Jags4186 » Fri Mar 08, 2019 8:22 pm

How would they even know if you owned a Honda?

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Re: Wife got company car. Should we sell 2 year old car?

Post by randomguy » Fri Mar 08, 2019 8:35 pm

killjoy2012 wrote:
Wed Mar 06, 2019 8:56 pm
sunny_socal wrote:
Wed Mar 06, 2019 7:12 am
[Honda Pilot] > [Any GM car.]
Based on what facts. Your opinion? I'd take any GM vehicle over any Honda. So who's right?

mrc wrote:
Wed Mar 06, 2019 6:05 pm
If GM made great cars that people wanted to drive, would they have to force people to be rid of other brands?
...
This is likely a company-paid lease. My relatives picked these up (and exchanged the old ones) at work. Occasionally at a (very) nearby dealership.
It's not a company paid lease. And it's quite simple -- his spouse gets a new GM company vehicle approx every 6 months, including gas and insurance, for $0. And in return, the employee's spouse commits to driving a GM products no older than a few model years at all times they're in the program. It's a no-brainer decision financially, and if the employee doesn't like GM vehicles, well, they know where the door is - and they shouldn't be there to begin with.

Most people I know would love to drive a Tahoe, Yukon, Escalade, Corvette, Camaro, XTS, etc.
miamivice wrote:
Wed Mar 06, 2019 6:23 pm
While the company may not charge your spouse for personal mileage, her personal mileage (if not just random occasional use) will be considered a taxable perk, and she'll owe your marginal tax rate * mileage rate (or something like that). When my wife drove a company vehicle, we always had to forgo her final paycheck because 100% of that went to taxes.
Except that we're not talking a vehicle stipend perk, but rather the company vehicle is a product evaluation for their employer. No additional effective taxes to the employee. It's work, not a perk.
miamivice wrote:
Wed Mar 06, 2019 6:23 pm
I do not believe that a company legally can terminate your spouses employment because of something that someone else (a spouse's husband, spouse's child, etc) does (own a non GM vehicle.) They might threaten but I don't think that that it'd hold up.
1) At Will employee
2) While they may not be terminated if discovered, they'd certainly be banned from participating from the program going forward.
I don't know anyone who would love to drive those cars. Everyone I knows prefers to drive the pilot and highlander. And of course you might get the sonic:) The big question to me is what if you the hubby decide you want a car. Being constrainted to GM seems pretty rough and if your wife happens to say work for ford in 2 years, having to sell your car can get pretty expensive.

Honestly this is pretty bizarre. Any sane person is going to be driving the free car as much as possible. That pilot is going to sit in the garage for 2 years so why they heck does GM care about it. It is one thing for employees to eat the dog food. It is another to make their families eat it also.

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Re: Wife got company car. Should we sell 2 year old car?

Post by megabad » Fri Mar 08, 2019 9:30 pm

killjoy2012 wrote:
Wed Mar 06, 2019 8:56 pm
miamivice wrote:
Wed Mar 06, 2019 6:23 pm
While the company may not charge your spouse for personal mileage, her personal mileage (if not just random occasional use) will be considered a taxable perk, and she'll owe your marginal tax rate * mileage rate (or something like that). When my wife drove a company vehicle, we always had to forgo her final paycheck because 100% of that went to taxes.
Except that we're not talking a vehicle stipend perk, but rather the company vehicle is a product evaluation for their employer. No additional effective taxes to the employee. It's work, not a perk.
Just wanted to make sure you check and make sure the IRS agrees with your specific conclusion here (I do not, but I am not a tax professional). That said, in this particular case, it doesn't seem to be optional and I assume GM payroll would certainly have the wherewithal to process taxes correctly if so owed.

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dm200
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Re: Wife got company car. Should we sell 2 year old car?

Post by dm200 » Sat Mar 09, 2019 2:13 pm

I wonder if there may be a way to keep the car that complies with both the letter and spirit of the rules.

TravelforFun
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Re: Wife got company car. Should we sell 2 year old car?

Post by TravelforFun » Sat Mar 09, 2019 2:17 pm

My son has the same perk and it's great! He sold his personal vehicle immediately.

TravelforFun

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