If your business is experiencing rapid growth and development, you may be considering investing in a company car. It can be a great way to save money on the cost of commuting for your employees and also boost brand awareness with your company’s branding recognisable and visible to consumers whilst stationary as well as on the move. If you are considering a company car but require additional information before you can proceed, continue reading to find out everything you need to know.
The size of the vehicle
If you are considering investing in a company car to transport equipment, materials, or tools from place to place, you may require a large vehicle in the form of a hatchback, estate, pick-up, or van. If you are considering investing in a company car for the purpose of car-sharing or commuting between offices, on the other hand, a smaller vehicle with sufficient storage space may be necessary for the needs and wants of the business. It may also benefit you to consider how much fuel will cost, especially if you are a small business with a limited budget.
The process of organising insurance
If you have decided to invest in a company car, you must familiarise yourself with the process of organising insurance before you make any permanent decisions. It may, for example, benefit you to compare motor trade insurance from a number of reputable providers in your local area or compare motor trade insurance based on word-of-mouth recommendations from your friends, family members, or fellow business owners that you are in regular communication with.
The option to lease or buy
It may sound like an obvious choice to make but before you choose a company car for your business, you must choose whether to lease or buy with a number of pros and cons associated with both options. If you choose to lease, for example, it may cost you less in upfront fees and expose you to a competitive deal with additional benefits included. If you choose to buy, on the other hand, you will benefit from complete ownership and keep the profits from any sale you end up making down the line. It will, however, more than likely come down to your personal preferences and your needs and wants as a business owner at the end of the day.
If you are considering investing in a company car for your business, there are a number of things you must consider ahead of time to help you make an informed decision. This includes the size of the vehicle, the process of organising insurance, and the option to lease or buy with the decision you ultimately make largely based on your personal preferences and your needs and wants as a business owner. It may also be worth assessing your reasons for considering a company car and deciding whether you need a company car or whether it is an investment that can wait until a later date.