When people first create their own start-up business, using their personal vehicle for work purposes and changing their insurance to cover business needs is often the only option. After all, how many brand new businesses have the money to splash out on a company car?
However, as time passes and your business becomes more successful, a company car can become a good option; especially if you’re looking to add them to employee benefits to attract top candidates. Although company cars can be incredibly expensive, there are reasonable options available as long as you pick the right car. Here’s what to look for in a company car.
Price
It may almost go without saying, but price is almost certainly the most important factor when it comes to selecting a company car. Although most personal buyers either but their car outright, on a finance deal or through PCP, this isn’t always the best option for businesses.
Instead, you’re far better off looking for a competitive lease deal. This is because it not only lessens your initial outlay (which would interrupt your cash flow), but also because you can ensure that your monthly repayments are manageable.
You can get any style of car you require, too. From a large 4×4 to a small hatchback, there are many available. Just choose what’s best for your business.
Comfort
Once you’ve decided whether a lease deal or a different type of deal is best for you, then you’ll need to look for certain features. The first of these is comfort.
If you’ve decided to opt for a company car, it’s likely that it’s because you’re driving frequently, and often over long distances. Due to this, comfort is one of the main factors that you need to think about. A sports car may look great (especially if the business is paying for it), but it’s impractical on long distance journeys. If there’s just you and passengers in the car, then saloons and hatchbacks are generally a great choice. However…
Practicality
As well as being comfortable, your company car has to be practical, too. If you work in remote locations, then consider whether a 4×4 would be better suited. Likewise, if you’re often going to be transporting stock then you should put serious consideration into a van. Consider its usage carefully as it’ll be used for everything.
Economy
Finally, your company car will be a business expense (although there are expenses and benefits available). As such, you want to limit your outgoings as much as possible. So, when you’re looking for vehicles, consider how economical the cars you’re looking at are.
This is especially important if you’re considering buying a fleet, as all your petrol costs will be multiplied and could become costly.
That’s everything you should look for in a company car. Good luck finding one.