There are many reasons why you might be looking to purchase your first company car. You might need a vehicle to transport goods, travel from location to location, or facilitate clients. Whatever the reason you are buying a company car, there are some universal steps you will need to take to ensure you are able to receive the highest return on your investment.
- Outline Your “Why”
The first step you will need to take when it comes to purchasing a company car is to outline your reasons for this purchase. The reasons why you are buying a company car will have a bit impact on the make, model and size of the vehicle you are purchasing. The clearer and more detailed you can be at this stage, the better able you will be to find a car that continues to cater to your long-term business needs.
- Create A Budget
Once you have clearly outlined why you’re purchasing a company car, the next step is to create a comprehensive budget. Again, it is important that this step is as detailed as possible to ensure the continued return on your investment.
When you are creating a budget for your car, you will need to consider the following costs:
- The price of the vehicle.
- The running costs, especially the fuel costs.
- The cost of insurance.
- Possible repairs and maintenance costs (this is especially important if you are purchasing a second-hand vehicle)
If you are only looking at a certain size or make of vehicle, then you might assume that the running costs will not vary too much from car to car, but this is not always the case. As Root Insurance explains, there are some costs, like insurance, that can vary significantly depending on your car and your provider. Taking the time to create a budget and then shop around for the right deal to meet both your business and financial needs is essential.
- Make the Right Impression
When you are buying a car for your business, it is easy to focus wholly on the financial and performance aspects; however, in having this focus, you might be unknowingly ignoring quite an important factor, and that is the impression your vehicle will be making. Making the right impression is very important in a business context, as it will be seen as a reflection of your company and the standards that you hold yourself to, so it is vital your company car is sending the right message.
If your company vehicle is old, dirty, and damaged, then clients will instinctively assume that your company does not bother with small details, that you just do the bare minimum. When you are shopping for a company car, it is important to consider who is going to see this vehicle. It is also worth spending a little bit of time finding out what cars your competition is driving. While appearance is certainly not everything, you want to make sure you are making the right impression when it comes to buying a company car.