A company car can be a worthwhile asset for your business. If you do a lot of travelling for work, you want to make sure that the costs are covered by the business. A company car can also be a mark of prestige, highlighting your professionalism as well as the business’s brand. Here, we’re going to look at how you can go about choosing the right company car.
What you can expect in this article:
1. Don’t be afraid to go used
You might think that it would represent the business better if you bought a new car but, in reality, few people are going to be able to tell the difference. Buying second-hand cars can make better cars available within your price range than if you tried to buy them new. If you have concerns about the reliability of the vehicle, then you can always look for certified pre-owned, which tend to cost a little more, but are inspected and certified to meet the manufacturer’s standard for a car they would sell.
2. Know what it will be used for
Depending on how you work within your business and how you travel, your company car may be used for different things. This can include occasional long-distance trips over the highway, or it might include regular short trips through the city. When you’re considering a car, use a site like Edmunds to get an idea of what kind of driving best suits the car, and whether it fits how you’re going to use it. You don’t want to buy a zippy city car that becomes much more inefficient over highways if you take long drives most of the time.
3. Consider the costs of your vehicle
Every vehicle comes with running costs. When choosing a car, not only should you look at the purchase price, but you should try to run estimates on how much insurance is likely to cost, how much fuel it will use, as well as how much you’re likely to pay on maintenance per year. Sites like Financial Mentor can help you calculate a car’s running and ownership costs so that you can get a better idea of how to fit it into your budget and, depending on those costs, you might want to lean more towards reliability or energy efficiency.
4. Consider the brand
Although, primarily, a practical choice and a tool that is to be used for a purpose, a car is also an aesthetic asset. One that can fit or go against your brand, harming the image of your company. For instance, if you run a company that is supposed to be environmentally conscientious, then an electric or hybrid company car might make a lot more sense than a gas guzzler. Similarly, if you run a prestige brand, then you might want a prestige car to represent you when you arrive to meetings and conferences.
A company car should make financial sense and should be a practical choice, but it should also reflect your brand well. Consider the above points if you’re in the market for a car and want to ensure you choose the right one.
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