What Vehicle Should My Business Invest In?

Whether your business requires a fleet of vans or executive cars for business travel, you’re likely to be looking for reliability, efficiency and affordability. However, there are many other questions for a business owner to consider when choosing a vehicle for business purposes. This guide will take you through some of the considerations you should make when choosing the best vehicle for your business to invest in.

The Importance of the Vehicle

Your business vehicle has the potential to maximise your business efficiency and finding the appropriate one can:

  • Improve staff motivation and retention if used as a reward for valuable employees
  • Make a positive green statement if you choose an electric company car
  • Work as a marketing tool for increased exposure if it’s a branded vehicle
  • Allow your employees to get to appointments quickly, without the need for public transport

So, what questions should you ask yourself when selecting the right vehicle for your business?

What Will You Use It For?

Ask yourself, will the vehicle primarily be used for long journeys, so that your employees can transport goods across the country? Or for short journeys travelling to and from business meetings? This is important to clarify as it could be a wasteful resource if you purchase a vehicle that’s a higher spec than you need, or if it’s expensive to run or unreliable to handle lengthy journeys.

Choosing something small and economic in central London might make good business sense as it’ll be cheaper for petrol and to insure, as well as being congestion charge exempt. If it’s a delivery vehicle you require, don’t always think that bigger is better. Smaller vans are a cheaper alternative and will be easier for your employees to drive and park. If it’s being used to motivate your star employees, a car with real appeal and excitement is your best option.

Try consulting experts in business vehicles, Cap HPI, if you want a closer look at a vehicle’s history, specification and running costs to help you make a decision.

Should You Buy or Lease?

This depends on whether you want to own the vehicle or not. One of the downsides of leasing is that if you choose not to buy the car at the end of the contract, then you’ve spent a lot of money without actually owning the car at the end of it. If you do decide to buy it, it will have ended up costing more than if you had bought it outright in the first place.

However, leasing can be very convenient for businesses as all the costs are usually included in the monthly fee, including repairs, maintenance and tyres. Plus, you don’t have to worry about selling it when you decide you’d like to change to a different car.

When deciding to invest in business vehicles, make sure you take the above factors into account to make sure you pick the right vehicle that improves your business efficiency, motivates your employees and can even work as a promotional tool for your business.

 

Michael Foote

Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors, gaining a financial qualification in 2010-2011. LinkedIn Profile

What Vehicle Should My Business Invest In?

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