What is the company car actually worth?

iStock_000055812592SmallAnyone who has ever been in pharmaceutical sales knows the benefit of getting the company provided vehicle.  For those that are trying to break into the industry I have no doubt that through your research, you not only know this, but view it as a huge benefit.  I know that when I was a young professional trying to break into pharma sales, I looked at this as a tremendous selling point on the position and in my young naivete, was one of the reasons I pursued pharma sales so passionately.

But what is that company car actually worth? I decided to break it down with a fictitious example utilizing the ever present pharma rep car, the Dodge Charger SXT *RWD.  For reference, I went to the Dodge website for some of these calculations.

Dodge Charger Monthly Lease:

– Based on 36 Month Lease with 10% Down on an MSRP of $29,695:

Estimated Monthly Lease Cost: $286/Month

 

Dodge Charger Monthly Insurance:

– Because this varies state to state and with those driving in the city or in more rural areas, I simply estimated the below cost.

Estimated Insurance Costs: $100/per Month

 

Dodge Charger Monthly Gas:

– Gas Tank Holds: 18.5 Gallons
– Average of City/Hwy (18/27) Miles per Gallon: 22.5 Miles/Gallon
– Monthly Drive Rate: 1500 Miles/Month*
– Based on Price of Gas: $2.50/Gallon

Estimated Total Gas Costs: $166.50/per Month 

 

Estimated Total Monthly and Yearly Cost for the Company provided vehicle: 

Estimated Total Costs $525.50/per Month or $6,630/Year

So there you have it!!  That company car packs a punch when it comes to savings!!!

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