A company car can be an essential part of the operation for many or simply a luxury for others. If you are trying to decide whether or not a company car is right for your business, there are a few key considerations that should help you to make the right decision. This post will look at a few of these so that you can decide if your business would benefit from having a company car.
How will the car be used
One of the key considerations is how the vehicle will be used. In addition to the type and frequency of journeys for work-related purposes, you also need to consider if they will be used for private use. If the car is used for non-work-related purposes then this will change the tax liabilities, so there are important financial considerations to this.
Ownership options
You also want to consider what the best ownership option will be. If you decide to buy the car outright then you will be able to use the car how you please, but keep in mind that depreciation will be an issue meaning that you will take a financial hit. You can avoid the biggest hit by purchasing a used car, but you need to make sure that you are careful when shopping in the used car market. Many businesses lease their company car to avoid depreciation and so that they can upgrade every few years, but keep in mind that you will not be able to customise the vehicle with branding and there are likely to be mileage restrictions in place.
The best company cars
It will depend on your specific needs, but you will find that there are some cars that are popular choices as company cars. Audi is one brand that is popular and this is because they are sleek, stylish, reliable and technologically advanced. There are plenty of company cars that are good options, both new or used. If you’re looking for the cheaper option and want to save a little money, most used Audis are great options, as well as BMWs, Mercedes etc. (usually, the cars that have offer great comfort). If you’re interested on specific brands, it could be worth looking at include the BMW 3 Series, the VW ID.3 and the Tesla Model 3.
Hopefully, the information in this post will be useful and help you to determine if a company car is right for you as well as help you to go about finding one that is a good fit for your business.
