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You would have to be doing things very wrong to loose money on mileage reimbursement. My TSX is hardly the most efficient vehicle out there, and it costs $0.11 a mile in fuel. Even if my other maintenance and depreciation costs were $.09/mi, that would only be $0.20/mi. Anything paid over that is pure profit. A cheaper, more fuel efficient vehicle will do much better. Take a look at your fuel log to find out how much you spend in fuel every mile, and estimate your cost per mile for maintenance and depreciation.
My friend had a Mazda Protege completely paid for in travel reimbursements. He'd get a check every month for roughly the cost of his car payment.
Of course, a company vehicle that you can use for personal travel would be even better.
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