Having a company car to call your own feels like a status symbol to some. To others, a company car is there to serve a specific purpose within the business.
No matter what the purpose or the “status” of your company car, you’re going to have what seems like an endless amount of options. But, just as with a personal vehicle, you’re going to be restricted by budget, function, and practicality.
We’ve got 4 tips for picking out the best car for any situation. Read on to learn more.
1. Consider How It Will Be Used
Not all corporate cars are created equal, nor are they created for a universal purpose.
Is this car used to transport a large number of workers? If so, you’ll need a car with many seats like a van.
Is the car to get you to and from important executive meetings? Maybe a luxury vehicle like a BMW would make sense for you instead of a used Toyota.
Is it going to be used for marketing and to go to events? Perhaps pick an interesting car that’s unique and stands out from the crowd.
2. Leasing vs Buying, Used vs New
There’s no one method that’s best. Whether you lease or buy will largely depend on your company budget and your plans for the car in the future. Leasing is great for those without much capital to buy a car, but you’ll be pouring money into a car that you don’t truly own.
Used vehicles are another great option for companies who can’t afford a new car. However, used cars can come with problems, maintenance issues, and won’t last as long.
3. Match Your Business’ Image
Let’s say you work for a company that preaches environmental safety and green living. Wouldn’t make sense for you to roll up to a business meeting in a Hummer, would it?
Consider your brand image and how different cars will work alongside to promote your message.
A high-end executive business would go along well with a luxury vehicle like a Tesla, and perhaps not so much with a 2000 Saab for example. An uber-modern app company would go great with a small innovative car like a SmartCar, but perhaps not so much with a Ram truck.
4. Don’t Get Greedy
We get that it’s exciting that you get to pick out a company car. However, don’t get greedy or overzealous with your choice: it’s tempting to go out and get a Mercedes for yourself, but this might not make sense with your budget or your company.
Consider how much you can feasibly spend, and don’t forget about maintenance, gas, and insurance costs, either.
It might be better to play it safe, too. Just because you have the budget now for a fancy car doesn’t mean you will in the next few years. Think economically: go for a car that will save you on insurance, gas, and maintenance costs in the long run.
Picking a Company Car: Final Thoughts
A company car needs to be practical, but let yourself have fun with it. Make sure you follow our tips to choose one that’s going to do what it needs and make sure you’re going to be happy to drive it around.
Once you’ve chosen, make sure you read our guide on how to maintain the car properly so it will last for years to come.