Here are the 5 top things to consider before getting a new company vehicle.
Think If You Will Buy Or Lease A Vehicle
You have two options in getting a vehicle, and these are to buy or to lease. They have their pros and cons, so weigh them to determine the best choice for you. In purchasing a vehicle, you can buy either a brand new or a used one. A brand new car is more expensive, but you don’t have to worry about any problem since it hasn’t been used. Also, it still falls under warranty. A used car is cheaper, but be sure to get the help of a professional mechanic to ensure that it is working correctly.
A car lease is one type of car financing in which you rent the vehicle for a specific period. It doesn’t require a down payment, but you will be paying a monthly lease. At the end of the lease period, you have the option to either purchase it or give it back to the leasing company.
Consider Your Needs
Determine where and how you will use the car. For instance, a smaller car will be enough for business-related transport, such as attending meetings and visiting clients or suppliers. However, you may need a bigger one if you will be transporting goods or providing delivery services. See to it that the size of the vehicle you choose and its type will suit your needs.
Register It In Your Business Or Name
If you are the business owner, you can register the car under your name or your business. If you want to take advantage of tax relief, register it under the company. Business use of a vehicle is non-taxable.
Look Around For Insurance
Start looking for vehicle insurance too for your new company car. It’s a must-have once you have a company car. Most states require vehicle owners to get at least the minimum insurance, which is auto liability coverage. This insurance has two components: property damage liability and bodily injury liability that will cover the damage or injuries you cause to another party. While you want to get the best deal on company car insurance, you certainly don't want to skimp on coverage in your vehicle policy.
Consider The Features Of The Car
New models of vehicles come with the latest technology. Consider the features that matter to you, especially the safety and security features. Some of these features are GPS, accident avoidance systems, tire-pressure monitors, and airbags. Find a business vehicle that is fuel-efficient too to save money on its gas or diesel consumption.
You may also use the work vehicle for advertising your brand. You can either have it painted to show your company name, logo, and contact details or use a vinyl decal to apply to the vehicle. It's a smart and cost-effective way to turn your company car into a marketing tool and a mobile billboard!
Company Car Considerations Conclusion
A business vehicle can be a smart investment or a necessity. Keep these 5 company car tips in mind to ensure you select the right automobile and get the most out of it.
