Insider: Top Tips for Getting a Company Car

Choosing the right car can be a tedious process, especially when you’re doing so for official purposes. There are thousands of vehicles out there, so you want to get one that fits within your budget and fits into your company image as well. For this reason, it’s crucial that you take your time to look around before committing to buy or lease a vehicle. Weigh out your options and know that you’re getting both the quality and value that you need. Here are top tips for getting the right company car for your business that could help guide you along your process.

Pick the Right Model

When choosing a company car, there are so many things you need to take into consideration. It’s different than buying a personal car as you’ll be using it for official purposes. When choosing a company car, ensure that you get the right model. Start by researching what some of the best cars are for the purpose you need it. If, for instance, you’re going to be taking the car from state to state, then you may want something economical when it comes to fuel consumption.

Some of the cars with the best gas mileage include the 2018 Toyota Yaris iA or the 2018 Mitsubishi Mirage. You will typically find that vehicles that are economical when it comes to fuel are plug-in hybrids and capable of running on electricity solely. Any EV will be more satisfying to drive than a Mirage, that’s for sure.

Style

The style of the car you choose is also important, so choose wisely. You want a car that adequately represents your company and brand. If you work with high-end clients, then you may want to go with a luxury car. On the other hand, if your focus is on logistics and your vehicle will be for everyday use, perhaps choose something spacious, affordable and easy to get around with. It is also a good idea to consider using vehicle wraps as a way of getting your company more awareness.

Choose a Good Insurance Plan

Aside from the mentioned, choosing the right insurance plan is also important when getting a company car. Without it, your business could be at risk, especially in the case of an accident or serious damages being done to the car. Protect your business by taking out insurance on the car and ensure you read the fine print carefully. When looking for insurance, using comparison sites is typically a good idea. This will help you see what offers are out there, so you make an informed decision. It is also advisable that you try and negotiate with providers, so you get a good deal.

Consider Taxes

If you’re going to be allowing employees to use the company car for business purposes, it’s crucial that you consider taxes. Note that if the car is used for business purposes, then it is deductible as a business expense. You can give employees an auto allowance as a way of reimbursing them for money they spend in relation to the car. The expenses that you reimburse them for can also be deducted on their personal tax returns.