Company Car Plan

[dr. d]

Not SMC.

SMC pays well for its tenured guys, but entry level pay is low. Bonuses lang babawi but still not as good as MNCs.



We have a choice when choosing companies, benchmarking their offers.

you decide which company you want to work for, on the basis of their car plan?
please tell me i mis-understand...
heh heh.

[dreamur]

Just a rub, dear bro...

Oo nga, - Enron, WorldCom, Tyco early 2000s >>> Sarbanes-Oaxley (SOX).... Accounting Scandals > Accounting Controls > Accounting as Heads of Companies....

Now, that's staged takeover!....
(Sila ang gumawa ng scandal,- sila pa ngayon ang sikat!)....


"The measure of a man is what he does with power" LJIOHF!

29.2K _/_/_/_/_/_/_/_/_/_/

My point exactly bro. They call it creative accounting. You get billions illegally and return half as a compromise and the stockholders are already happy thinking they were able to cut their losses. And then they call it as a settlement withour admission of guilt.

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[dreamur]

you decide which company you want to work for, on the basis of their car plan?
please tell me i mis-understand...
heh heh.

Doc, that is how it works these days. Cars, gadgets, take home pay (in that order). In older generations where buying a car is almost the same odds as winning the lotto and computers and cellphones are not heard of, people were already contented with having a job and and bringing home the pay envelope. Hell, working in a airconditioned office wearing a long sleeve shirt and a tie was already considered a perk! Ganyan lang ang ideal job noong araw.

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[jut703]

you decide which company you want to work for, on the basis of their car plan?
please tell me i mis-understand...
heh heh.

I consider the car plan and other benefits (bonuses, health coverage, allowances, paid leaves, flexitime, etc) along with basic pay when I evaluate a company's offer.

Primarily I consider the work that I'll be doing, career advancement opportunities, and whether the company itself is something I can be proud to be working for, but I'll be lying if I said that I was not particular on their offer as well.

Please do explain to me what's so unusual about that. [emoji848]

[BratPAQ]

What do you think of this company car plan.

1. 50/50 ang hatian, the 50% from employee eh salary deductible starting from 2nd year to 5th year ng sasakyan. although the employee has the option to not pay 50%, after 5 years the car would just return to the company.
2. The company provides 180 liters fuel allowance monthly.
3. The car would be owned by the company for the 1st 5 years, pero yung employee ang gagamit, but since owned ng company, if the company needs a ride, pedeng hiramin, although hindi ito nangyayari dahil nahihiya din naman yung iba hiramin.
4. since its owned by company, sagot nila maintenance including parts, repairs also tires.
5. If the employee leaves the company before the car is turnedover to him, either he pays the remaining of the his 50% share or leave the car to the company.
6. The budget is 900k.
7. This is for the managers and up.
8. After 5 years, the car would be replaced, bibigyan ulit ng bago yung employee, if the employee opt to pay the 50% sa kanya mapupunta yung car and he would also get a new car as company car (which he also have the option to pay for 50% of it)

Reasons why the 2nd thought.
1. Since the car is with a manager, pag may outing or team events, what usually happen is si manager magsasakay sa mga tao nya.

2. Since its a company car, you have the option to not opt for the 50% payments, you still have fuel allowance, etc. After 5 years nga lang di mapapasa iyo ang sasakyan, although papalitan ulit ito ng company every 5 years. For that reason, ito ang nagiging "pangharabas", the "go-to car" instead of the one owned by the employee, syempre if after 5 years it will be your car, mawawalan na yung "pangharabas" na tag, iingatan mo na rin ito.

Do you think this is fair? Kung kayo, opt in for the 50% share or not?

[hinlog]

Personally, I'm okay with the arrangement as the company pays the maintenance, insurance, etc during the covered period especially if your car is expected to be in high mileage car by the end of the coverage.

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[dr. d]

I consider the car plan and other benefits (bonuses, health coverage, allowances, paid leaves, flexitime, etc) along with basic pay when I evaluate a company's offer.

Primarily I consider the work that I'll be doing, career advancement opportunities, and whether the company itself is something I can be proud to be working for, but I'll be lying if I said that I was not particular on their offer as well.

Please do explain to me what's so unusual about that. [emoji848]

personally, i found it a bit curious, because in my world, car plans aren't even on the negotiating table.
i didn't think that car plans weighed that heavily, in your decision-making process.

[dreamur]

personally, i found it a bit curious, because in my world, car plans aren't even on the table.

But you got the best med reps with a so-so car plan ;)

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[dr. d]

But you got the best med reps with a so-so car plan ;)

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we're not med rep, po.
strange as it may seem... aside from the professional interaction, med reps are totally estranged from us.

maybe i/we should take more interest and see the rest of the world outside our cocoons.

[_Cathy_]

we're not med rep, po.
strange as it may seem... aside from the professional interaction, med reps are totally estranged from us.

maybe i/we should take more interest and see the rest of the world outside our cocoons.

I cringe when I see how med reps are treated by some doctors especially the older generation of doctors now in their 70s or 80s. Sa hospital dati meron pa nakalagay (MMC) bawal sila in the elevator and to sit with patients.

May med reps pa daw talaga nagpapa alipin sa dr as much as driving for them.

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[dr. d]

I cringe when I see how med reps are treated by some doctors especially the older generation of doctors now in their 70s or 80s. Sa hospital dati meron pa nakalagay (MMC) bawal sila in the elevator and to sit with patients.

May med reps pa daw talaga nagpapa alipin sa dr as much as driving for them.

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personal observation ko lang..
medreps have this tendency to "hunt in packs". they occupy lotsa space, and without meaning to, they inconvenience others.
in many hospitals, limiting medreps' movements and activities, is a common policy.
maybe that is the reason... maybe i'm wrong...

the "alipin" part...? let's just say, it's a two-way street, madam. sometimes, i'm not sure who is the alipin...

going back to thread...
i'm sure the medreps have a car plan. but i do not know which one from among jut's list (entry #26), they fall under. what with all the tools of the trade that they are required to carry, it would be difficult to do without.

[dreamur]

I think med reps are given either vios or altis which is usually under a fleet plan for the pharma. You check the toyota service centers and you can find a lot of med reps waiting in ths lounge area. Good opportunity to strike up a deal.

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[papi smith]

What do you think of this company car plan.

1. 50/50 ang hatian, the 50% from employee eh salary deductible starting from 2nd year to 5th year ng sasakyan. although the employee has the option to not pay 50%, after 5 years the car would just return to the company.
2. The company provides 180 liters fuel allowance monthly.
3. The car would be owned by the company for the 1st 5 years, pero yung employee ang gagamit, but since owned ng company, if the company needs a ride, pedeng hiramin, although hindi ito nangyayari dahil nahihiya din naman yung iba hiramin.
4. since its owned by company, sagot nila maintenance including parts, repairs also tires.
5. If the employee leaves the company before the car is turnedover to him, either he pays the remaining of the his 50% share or leave the car to the company.
6. The budget is 900k.
7. This is for the managers and up.
8. After 5 years, the car would be replaced, bibigyan ulit ng bago yung employee, if the employee opt to pay the 50% sa kanya mapupunta yung car and he would also get a new car as company car (which he also have the option to pay for 50% of it)

Reasons why the 2nd thought.
1. Since the car is with a manager, pag may outing or team events, what usually happen is si manager magsasakay sa mga tao nya.

2. Since its a company car, you have the option to not opt for the 50% payments, you still have fuel allowance, etc. After 5 years nga lang di mapapasa iyo ang sasakyan, although papalitan ulit ito ng company every 5 years. For that reason, ito ang nagiging "pangharabas", the "go-to car" instead of the one owned by the employee, syempre if after 5 years it will be your car, mawawalan na yung "pangharabas" na tag, iingatan mo na rin ito.

Do you think this is fair? Kung kayo, opt in for the 50% share or not?

No issue whether it's fair or not, it is what it is, unless it is negotiable. I personally would not opt for the 50% share, hindi ako kikita dyan if i sell it after 5 years. Ownership? not my type to own a 5 year old company car. I might even be able to buy a better 5 year old car with my 50% share if i wanted to own one.

Isa pa, wala kang emotional attachment sa vehicle, may makisakay or may humiram ok lang, you can treat it like hell if you wish, without the headaches

[_Cathy_]

I think med reps are given either vios or altis which is usually under a fleet plan for the pharma. You check the toyota service centers and you can find a lot of med reps waiting in ths lounge area. Good opportunity to strike up a deal.

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AFAIK Vios or City (sub compacts) for those med reps that go around the hospital. I'm sure about the City because my office BFF said she didn't like a "med rep" car. No offense to med reps and vios/city owners. That was my office bff's statement and not mine

BTT My dad wasn't into sales but his car plan was 0 cash out. The car was still the company's property. We could use other company cars in the line up when we need it. Maintainance was paid for by the company. Gas also paid for (no limit). Same as the other poster my Dad can buy if he wants.

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[dr. d]

if the 5 year old car was used by a little old lady who used it only to fetch the apos from the school 15 minutes away, and to go to Church 5 minutes away, on sundays.... yes, i'll probably buy the car at 50% B/N price.
but if the car was the company default taxi.... i'll have to think hard about that.

[_Cathy_]

Not sure if this is still practiced but when my Lolo and Dad were still working, even the personal driver was provided or paid for by the company.

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[dr. d]

Not sure if this is still practiced but when my Lolo and Dad were still working, even the personal driver was provided or paid for by the company.

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that would be nice.. driver would be in uniform, with a cap, and a certificate of graduation from the "rolls royce finishing school for rolls royce cars".
wake me up... later... after the opera..
so's i can get in my bulokswagen and drive home.. geezz , i hope the battery isn't so dead yet...

[dreamur]

Nowadays, drivers/security personnel are only provided to expats.

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[jut703]

What do you think of this company car plan.

1. 50/50 ang hatian, the 50% from employee eh salary deductible starting from 2nd year to 5th year ng sasakyan. although the employee has the option to not pay 50%, after 5 years the car would just return to the company.
2. The company provides 180 liters fuel allowance monthly.
3. The car would be owned by the company for the 1st 5 years, pero yung employee ang gagamit, but since owned ng company, if the company needs a ride, pedeng hiramin, although hindi ito nangyayari dahil nahihiya din naman yung iba hiramin.
4. since its owned by company, sagot nila maintenance including parts, repairs also tires.
5. If the employee leaves the company before the car is turnedover to him, either he pays the remaining of the his 50% share or leave the car to the company.
6. The budget is 900k.
7. This is for the managers and up.
8. After 5 years, the car would be replaced, bibigyan ulit ng bago yung employee, if the employee opt to pay the 50% sa kanya mapupunta yung car and he would also get a new car as company car (which he also have the option to pay for 50% of it)

Reasons why the 2nd thought.
1. Since the car is with a manager, pag may outing or team events, what usually happen is si manager magsasakay sa mga tao nya.

2. Since its a company car, you have the option to not opt for the 50% payments, you still have fuel allowance, etc. After 5 years nga lang di mapapasa iyo ang sasakyan, although papalitan ulit ito ng company every 5 years. For that reason, ito ang nagiging "pangharabas", the "go-to car" instead of the one owned by the employee, syempre if after 5 years it will be your car, mawawalan na yung "pangharabas" na tag, iingatan mo na rin ito.

Do you think this is fair? Kung kayo, opt in for the 50% share or not?

It depends on what you do with the car after 5 years. If you keep the car until it dies or for over 10 years, then it's like you're getting a car at 50% off. However, if you plan to sell the car after 5 years, it doesn't make sense economically.

Say you get a Mazda 3 worth 960k today. You'll shell out 50% (480k) in monthly deductions for 5 years. At the end of 5 years and you decide to sell the car. Most likely you won't be able to sell it for more than 500k. So you don't make any money out of it.

I think that a car plan is only sensible if the employee share is 30% at most. Using the same example above, you only pay 288k, but you'll be able to sell the car for 400-450k after 5 years.

Whether the car will be laspag or not depends on how you take care of it. How often does your company have outings or team events? I doubt that it can make a significant impact on your car's condition if you fill it up with people a few times a year.

A high-mileage car that's maintained properly is still better than a low-mileage one that's always stuck in traffic and was always neglected by its owner.

[jut703]

personally, i found it a bit curious, because in my world, car plans aren't even on the negotiating table.
i didn't think that car plans weighed that heavily, in your decision-making process.

The car plan is important because potentially matatali ka sa company because of it. If you avail of a car plan, you'll most likely have to stick it out for 5 years. If you don't, you either give up the car (and any monthly payments you've made) or be forced to buy the car (and pay off the remainder of what would've been the company's share, plus interest).

For an 80/20 car plan with 6% annual interest, book value only becomes lower than market value after around 2 years. If you forfeit before that, lugi ka cuz you won't be able to dispose the car at a higher price than what you paid the company for it.