05/26/2025
Should You Use Your Personal Vehicle or a Company Car?
When it comes to choosing between using your own car and receiving the Privately Owned Vehicle (POV) mileage reimbursement, or opting for a company car or a company-covered rental, the better option isn’t always obvious—until you’ve had some experience.
Now that I’m older, wiser, and more financially informed about things like reimbursement rates, maintenance costs, and depreciation, I’d never recommend relying solely on your personal vehicle—especially for frequent or long-distance work-related travel.
Sure, using your car for short trips close to your primary workplace might be reasonable. But once you start driving outside your regular area, the math no longer favors you. While mileage reimbursement may give your paycheck a temporary boost, it rarely offsets the long-term costs of wear and tear, ongoing maintenance, and decreased resale value. Over time, you’re likely to come out on the losing end.
So, should you use a company car? Absolutely—if one is available, take it. And yes, you may not feel as sharp pulling up in a basic Prius, but let’s be honest: most people aren’t paying attention to what you arrived in anyway.
And before someone jumps in with, “But what about the tax benefits?”—great question. But that’s a topic for another post.
— A Change from Change with Dr. Jay, Your Financial Ambassador
