Wreck

[Jeff 232]

Crap!!!!!!!!! we worked from 6am to 9pm last night and after we dropped trailers at the shop one of my employees got in a 3 car wreck with my 2001 Dodge Ram on the way back to my house. One of my main guys Derek was shaken up, but un injured, no injuries at all. All 3 vehicles went on wreckers and derek was cited by SCHP, CRAP!!!!

Now we have 3 trailers and only 2 truck, Nothing we cant handle, trying to stay positive, but this sure throws a monkey wrench in our busy schedule. At least Derek is OK

CRAP!!!!

[Beth n Rod 1,279]

Last year some dingbat broadsided Rod while he was in our pickup. Well we made sure that the rental vehicle was a work truck. We had the skid put in the back, and off we went. Lost about 2 days of time.

Beth

[We Wash Concrete 64]

Jeff, I've got a nice Frontier I need to sell that could pull that trailer just fine for ya. I'll deliver too! :) Glad nobody was hurt.

[Tmrrptr 164]

Sry to hear the rough news Jeff.

As you said, at least no one was badly hurt.

You might take the opportunity to lease a new Ford !

They'll be willing to deal nowadays.

Lease payment is total write-off for biz.

r

Whew! gud thing nobody hurt!

[One Tough Pressure 580]

Good place for a Dodge is on a wrecker.

[Scott Stone 604]

Good place for a Dodge is on a wrecker.

*sniff* you make me so proud.

There is a truck rental company that is set up so that you can use their pickups to tow a trailer. Most rental companies frown on towing.

[Ron Musgraves 240]

Uhaul may be the only one. Budget got pissed when i came running in towing a rig with one of there trucks.

[Mike Williamson 198]

Sry to hear the rough news Jeff.

As you said, at least no one was badly hurt.

You might take the opportunity to lease a new Ford !

They'll be willing to deal nowadays.

Lease payment is total write-off for biz.

r

Whew! gud thing nobody hurt!

Lease payments are also a lousy thing for just about anyone to get into...Not to mention the many rules and records one must keep to satisfy the IRS.

Purchasing a truck is also a write-off for businesses, though for many of us, claiming mileage rather than depreciation gives us a higher deduction.

[PressurePros 249]

I don't agree with that, Mike. I know you know your stuff when it comes to taxes but the true depreciation of a purchased (new) vehicle far exceeds deduction amount on taxes.

[Scott Stone 604]

There is a national company that specializes in renting to businesses. It is called Capps, but I do not think that they are in your area. Sorry,

[We Wash Concrete 64]

Jeff, are you going to have the dodge fixed or is it totalled (sp?) ?

[Jeff 232]

I'm using my bro in laws truck with the new trailer Bob set up and pulling the other 2 trailers with my otrher trucks. You cant get anyone around here to let you tow with a rental and Uhaul the way their hitches are set up close to bumper my trailer hitch wont fit I tried that before. It fits their trailer and that was it

The real crappy part of this all is my guy is the one that got the ticket. failure to yeild right of way. Dominos guy hit him in rear & side pushing my guy into a pickup stopped at a red light

Domino car was a 97 Cav, pretty totaled looking, truck was a 06 chevy drivers side front end crunched pretty bad . My dodge some rear & rear quarter damage, front end damage, hood, grill and passenger wheel bent out.

Id never buy another Dodge since my tranny went after a little over 70K and its common I hear with Dodges. I dont know the book on my truck, but I wish they'd total it

I am going to get whacked now with insurance, THAT SUCKS

Was bummed a little, stressed a little and pissed a lot, but got to keepon cleaning. Im cool now

[One Tough Pressure 580]

So total score is 2 Chevy's and a Dodge are off the road. Sounds like this is a good thing afterall.

[Tmrrptr 164]

Mike and Ken...

and I guess Micah is sure interested!

I sold cars, years ago... had a young couple interested and right on the edge of buying a new expedition... each of them had regular jobs, but they were apparently quite wise, and frugal, and had purchased a number of homes they rented out...

Well, I was just stuck. I went up to the mgr and axed him to come in and put a good word in for us. Great guy!

Well, he came in for a sec, listened to what the couple had to say, then he made his short spiel..."Pride of ownership is a good thing. Invest money in real estate. An automobile depreciates soon as it's sold."

They signed the lease, and drove home 2hrs later.

To the best of my knowledge, if you own some other vehicle, which you claim is for personal and private use, there should be no problem with the revenooers abt claiming every bit of expense on a lease vehicle as a write off. If it's a good one... buy it at the end of the lease.

If not (tranny goes out!) it is responsibility of the leassor.

r

[Mike Williamson 198]

I don't agree with that, Mike. I know you know your stuff when it comes to taxes but the true depreciation of a purchased (new) vehicle far exceeds deduction amount on taxes.

Depends...for most of us smaller guys without several hundred grand in vehicles and equipment, we can fully depreciate (over several years) both vehicles and equipment. In addition, the interest paid on loans for such equipment is a deductible expense. For Section 179 Deductions, the cap for deductions in 2005 was $105,000.00. Using a 5 year schedule, that would mean I'd need over $500k in depreciable Section 179 items to reach that limit.

Either way, it is irrelevant for me, since the mileage deduction is more than I'd have gotten by deducting my vehicles' depreciation.

[Mike Williamson 198]

Mike and Ken...

and I guess Micah is sure interested!

I sold cars, years ago... had a young couple interested and right on the edge of buying a new expedition... each of them had regular jobs, but they were apparently quite wise, and frugal, and had purchased a number of homes they rented out...

Well, I was just stuck. I went up to the mgr and axed him to come in and put a good word in for us. Great guy!

Well, he came in for a sec, listened to what the couple had to say, then he made his short spiel..."Pride of ownership is a good thing. Invest money in real estate. An automobile depreciates soon as it's sold."

They signed the lease, and drove home 2hrs later.

To the best of my knowledge, if you own some other vehicle, which you claim is for personal and private use, there should be no problem with the revenooers abt claiming every bit of expense on a lease vehicle as a write off. If it's a good one... buy it at the end of the lease.

If not (tranny goes out!) it is responsibility of the leassor.

r

I'm certainly no expert on the pros and cons of leasing. What I can tell you is that the ONLY people I have ever heard push leases as a good idea are those who benefit from them...the profit margin for a dealership (as you may well know) is MUCH higher on a lease vehicle than it is on a purchased vehicle. I never hear a personal finance expert suggest leasing as a good idea for most folks

What the manager should have told them, if he'd had their best interests at heart rather than his commission check was that if they were truly wise and frugal with their money, they should go find a nice USED Expedition and let the poor sap who bought it new take the "drive off the lot" depreciation. Unless you can afford to take a hit like that (what is it, 10-15% depreciation as soon as you drive off the lot) then buying new isn't a wise choice. I bought my truck new, and would not do it again if I had it to do over. I'm the poor sap who took the $3-5k hit.

[Tmrrptr 164]

Hey Mike,

You may be right about profit and all that, but I'm operating out of the first truck I ever bought new. 108k and only a few wear and tear repairs.

I think there ARE advantages to a new vehicle. You know how it's been treated.

F-150 loaded as a work truck, 78k on the front, and 96k on the rear tires.

I drive it EZ ! (but didn't rotate tires soon enough... HA!)

If it had been a bad vehicle, or even a lemon, it would have been MY problem.

You have the option of returning something you don't like at the end of a 2yr lease.

I bought a Ford, Mike. What would you NOT buy again?

r

[Scott Stone 604]

Financially, it is smarter to buy a used vehicle. Personally, I prefer to buy new. I also run the vehicles until they have 180k on them, and run them hard. Then at 180k it is retired, but that is usually only 4 years. Just the way I do things.

But then, I also put custom wheels and high end toolboxes in them, and do other things to make the truck what I want it to be.

[Jeff 232]

I'm VERY SAD:lgtear:

They totaled my Dodge, it was real pretty truck when I bought it with the off road package, big tires, I used to be able to smoke them tires, I had some very good times in that truck when I 1st was with my wife and Friends, went on some fun trips too. 4 wheelin was great in it

I'm not loyal to any one brand of truck and I'd probably never by a Dodge again, but it sure was pretty cruising the Blvd, with the music blasting and a couple pretty women next to me

VERY SAD

Now I got to get another truck, what a PITA

I'll miss you old friend, boo who. I got to find my old pictures and sleep with them tonight LOL

[Jon 533]

Just go buy a new Super Duty Ford Diesel and get it over with already.

You did have insurance, right?

Oh and sorry you lost one truck but glad no one was hurt and the rigs were not damaged.

Jon

[Jeff 232]

Just go buy a new Super Duty Ford Diesel and get it over with already.

You did have insurance, right?

Oh and sorry you lost one truck but glad no one was hurt and the rigs were not damaged.

Jon

Thanks Jon,

How you been?

Had insurance got $11,500. I'm using bro in laws and looking for a used right now. Dont want another truck payment. I might go for another new one next year.

No one hurt at all, Thank God

Take care

[Jim Carroll 14]

Hertz equipment rental! call mike ammons. they normally have some for rent

[Jon 533]

Jeff we are enjoying life here in NM, far slower pace then CA but I do make trips back often for business. Mostly 4 days there and back for more books.

If I did not love my Super Duty so much I would consider selling it to you but the thing runs as good today as it did the day I bought it with 7 miles on it, today it is pushing 100,000 but not there yet.

Worst thing about accidents is how it makes you realize how much we depend one our vehicles to get around, whether work or pleasure.

Things have a way of working out and you won't have to long to wait till it gets back to normal again.

Jon

[One Tough Pressure 580]

Just go buy a new Super Duty Ford Diesel and get it over with already.

Okay Jon, I did. An F-450 with the 6.4L PSD. Thanks for the idea.

[jbruno 14]

About Leasing and depreciation, My accountant doesn't like the Leasing option because you're using the truck/equipment for work and it will take a beating unless you do the lease to own option like I did with my machines. At the end of the lease, I pay $1 and I own all the machines. Let the accountant figure out your best option, but leasing may get you burned, because you have to turn it back in. Plus who cares if the truck loses value when you drive it off the lot, it's your work truck and you probably won't be re-selling it next year!!

[MMI Enterprises 289]

Accidents can really play heck with ya if your in the cycle where you only put a little good faith money down and then get upside down in the schedule being to long. You'll owe way more than they give ya and then ya still got to come up with a new downpayment.

On the depreciation..one with actual expenses method, one with miles deduction...Can you say sitting pretty with heaps of receipts? :)