Depending on the type of company you own, buying a company car could offer you a lot of benefits. It may come in useful for deliveries or for driving between work locations. On top of this, the tax bonuses are substantial. If you want to buy a car for business use, then this guide will help you to make the right decisions going forward.
Should you Lease or Own?
The first thing you need to think about is whether or not you should lease, or own your company car. If you make the decision to buy the car then you may need to take out a loan. You will have to pay this back even if the car drops below the price you are paying. Sometimes this happens if you are involved in an accident. If you lease a car, then you will be able to lower the cost of the lease as time goes on. Keep in mind that the upfront cost of running a car can vary. If you buy the car then you will have to put down a payment, but when you lease then you will only have to pay the security deposit. The option you go with here will vary depending on the type of business you run, but either way, it helps to assess your options.
Buy a Used Vehicle
If you are thinking about buying a used vehicle then the benefits are no different when buying a car for personal use. You can save a lot of money, and it’s a great way for you to avoid talking with a salesman. That being said, with buying a used car, you do have some level of risk. Ideally, you should be getting the car inspected by a qualified mechanic, as this is the best way to make sure that there aren’t any issues. If you need some help buying a car then make sure that you check out Edmunds.
Determine the Type of Company Car
In this day and age, the scope of vehicles to choose from can be a bit daunting. The decision is only emphasised when you need to take out a car for business purposes. If possible, you need to take the time to evaluate how the car is going to be used and where you intend on driving it. You also need to look at the type of gas mileage you need and how much space is required. Some energy-efficient models may give you tax bonuses. If you know that you are going to be making deliveries or if you are going to be taking goods from one location to another then buying a light commercial vehicle could be the way for you to go.
Promote your Company
Branding your car is one of the best ways for you to promote your company. Quality is important here, and if you put your branding on the side of a tattered old car then this won’t give the best first impression. Make sure you take this into account when buying a used car.