Either way, a company car serves a practical purpose for traveling to business meetings, onsite projects, and company-sponsored events. Check out this quick guide on what to know about company cars for your business to see the ways a company car may benefit you.
This guide will detail some important considerations to keep in mind, like the type of car, fuel economy, add-ons, and leasing versus private ownership so you can avoid costly mistakes.
Type of Car
The first thing to keep in mind is the type of car to consider. Ultimately, consider the practical implications and use of the vehicle.
A thriving startup or company may have better use for a luxury sedan whereas a farm or industrial crew will need a pickup truck. Whichever size, make, and model you choose, understand the cost, fuel economy, and add-on features that go along with it.
Choose a vehicle respective to your business that will offer the greatest fuel economy and overhead cost. In some cases, it makes more sense to lease a vehicle for a temporary amount of time. In other situations, it makes more sense to purchase the vehicle for long-term use.
Add-ons and Modifications
Also, consider the modifications and add-ons you want in your vehicle. Some add-ons are important for business travel. Navigation features, safety upgrades, and performance modifications offer the best practicality depending on the purpose of the vehicle.
Otherwise, consider adding a personal flair, like a car wrap, to advertise your company. Even cosmetic enhancements offer better advertisement and prestige than a factory-ready fleet vehicle.
Fuel Economy
When thinking about what to know about company cars for your business, always keep in mind fuel economy. A lifted, geared-up pickup will not offer the same mileage as a sedan or SUV, but this also depends on performance.
Sometimes larger, less fuel-efficient vehicles are the right choice for local businesses. Otherwise, those who travel long distances for work meetings or onsite duties will need something with better mileage. You don’t want to have employees spend considerable amounts of money on gas with constant refueling.
Leasing vs. Purchase
Finally, another important consideration is whether you’ll lease or purchase the vehicle. Leasing vehicles offers temporary ownership. In a way, leasing a car is similar to renting in the sense that you have temporary control in a certain time span.
However, some dealers pose mileage restrictions on leased vehicles. Owning a car, on the other hand, has a greater overhead cost but requires no monthly payments.
If this is a long-term investment, it makes more sense to purchase fleet vehicles than lease them. Utilize regular maintenance and upkeep to keep your company cars ready for use.
Image Credit: by Adobe Stock royalty-free image #162955109 By Friends Stock
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