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Finding the right business vehicle is a big decision since it is an expensive asset, so it’s important you choose wisely.
There are many factors to consider when choosing what vehicle you should get. It’s not just about what model you want or how much it costs, but also about how the vehicle fits into your overall business strategy and what image you want to portray.
To help make sure you find the perfect fit, here are seven handy tips.
Decide Between Leasing and Owning a Company Car
The first question you should ask yourself is whether to lease or buy. There are pros and cons to both, and which you choose heavily depends on your particular needs, situation, and budget.
Leasing allows you to enjoy the benefits of a company car without the down payment or other high upfront costs. You also have access to new vehicle options, more predictable monthly payments, and the leasing company covers any necessary repairs or maintenance.
On the other hand, if there’s just one specific vehicle that works best for your business, then buying might be better so that it can be customised exactly how you need it tailored.
Choose a Vehicle That Fits Your Business Needs
The vehicle you choose to use for your business will significantly impact how well it functions. The best way to find the right fit is by considering your business needs and weighing them against the features of each vehicle.
Are you looking for something that can comfortably seat multiple passengers and drivers? Will you be hauling supplies or equipment on a regular basis? Knowing the size, weight and load capacity, features, and more of the business vehicle you need will help you make an informed decision when it comes to buying or leasing one.
Keep Your Brand’s Image in Mind
The car you choose should be reflective of your brand and its values. Whether you’re a small business or a Fortune 500 company, your vehicle choice will demonstrate how seriously you take your image.
While this isn’t always possible, it’s important to make sure that when you’re looking at cars, you’re considering how well they align with what your company stands for.
Know Your Budget
When it comes to car shopping, it’s important to know exactly how much money you have available to spend on a business vehicle.
- What are your budget limitations? How much do you want to spend?
- If leasing or buying a car, how long do you intend on keeping it?
- How much does fuel cost in your area? Fuel efficiency matters for any type of business vehicle, so keep this in mind when considering options.
- What kind of maintenance work will need to be done over time? And what does this cost per month/year?
Prioritise Fuel Economy and Range
The fuel economy and range of your vehicle are two crucial factors to consider when choosing a car for business purposes. The type of business you have, the size of your team, and the distance travelled will all play into this decision.
For example, an electric or hybrid model may be best suited for your needs if you plan on making long trips every day or frequently driving over long distances. If travel is only local or regional, look at smaller vehicles offering better fuel economy but at a lower cost per mile travelled.
Cost of Ownership
When you’re considering what kind of car to buy and how much it will cost, be sure to include everything. You’ll want to consider the following:
- Insurance – If your vehicle is financed through a bank or leasing company, your insurance payments will be included in your monthly payments.
- Fuel costs – Fuel prices vary greatly depending on where you live, so it’s important that you do some research into whether fuel prices are higher or lower than usual before buying a new car.
- Maintenance – Like fuel costs, maintenance costs differ by region and type of vehicle.
Get Your Insurance Right
Insurance is an essential consideration for any new vehicle purchase. If you’re going to use the car for business purposes, you’ll likely need commercial car insurance.
Insurance companies can vary widely in their offerings for commercial vehicles, so it’s important to shop around for a policy that meets your specific needs and budget.
Final Thoughts
Your dream business vehicle is out there. It’s just a matter of finding the right one for you. The tips we’ve listed here will help you get started!If you’re considering leasing, check out the deals available at Lease Loco! With more deals than anyone else, you can be sure to find a fantastic deal.
