3 Steps towards Finding the Ideal Business Vehicle
Unless your company plan specifically rules out transfers and deliveries, safe, reliable vehicles are essential for most business tasks. Whether you’re looking for your first or fifteenth commercial car or van, it’s crucial that you receive value for money.
So, why not follow our three key tips to find your ideal business vehicle?
- Explore funding options
It may sound obvious, but this is arguably one of the most vital steps towards securing a business vehicle or fleet. Though you may be tempted to go for a make that promises high value retention, it’s important to compare the benefits of buying against those of leasing. True, if you buy a vehicle outright, you’re able to customise it to advertise your company, further increasing its public exposure as a result. However, a large one-off payment could affect your business’ cash flow – leasing, on the other hand, won’t.
Lease a fleet, and you’ll have more money for other projects. Yet buy, and you have the opportunity to sell your motor or fleet for more money further on down the line. Specialist services even offer straightforward vehicle specification checks, making it easy for you to asses the value of your car or van at any time. Weigh up the pros and cons of the main funding options, and you can boost the potential benefits of your investment.
- Research the current market
Whatever industry you’re in, it’s likely constantly changing – and this applies to the vehicles that leading companies use for key business procedures. With this in mind, do you know which makes, models and manufacturers are currently the most popular within your sector? If not, why don’t you contact fellow industry members to find out? Or you could join a sector-specific group to stay updated on shifting vehicular trends. Most likely, there’ll be a reason why particular models of car or van are trending; some, for example, may boast customer appeal. Eco-focussed designs, like EVs, are currently soaring in popularity, with 31,000 sold in the first seven months of this year – and this may very well influence company car trends across sectors.
- Calculate ALL vehicle costs – guaranteed and potential
Very often, it’s all too easy to buy a car – or secure its lease – upfront, without factoring in ongoing costs. But consider maintenance costs in advance, and you’ll be able to avoid unnecessary financial surprises later on. After all, unexpected costs can hugely impact on a business. Apply ongoing expenses to the price of your purchase or lease, and you’ll likely create a more secure company budget. Also, if you take surprise costs into account early on – like repairs and damage expenses – you can further protect company finances.
If this is your first-time leasing or buying a company vehicle, you may want to reach out to fellow directors within your business area to gain a clear insight into maintenance costs for particular makes and models. In addition, if you’re new to business car or fleet management, why not lease? That way, you’ll be able to undergo this venture without being tied to a long-term financial commitment.
Finding the ideal business vehicle doesn’t have to be as complicated as it sounds. In fact, so long as you know how to look – and what to look for – you can easily secure the make, model and design to suit your company down to the ground.