Anyone 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!!!