How to Choose the Right Vehicle for Your Business?
Picking the right vehicle for your business is not a decision you should take lightly. If you pick the wrong car, not only will it get in the way of doing your job, it could also put a serious strain on your company’s finances. Once you’ve made a purchase, it’s difficult and expensive to turn back so you need to get things right on the first try.
When you’re shopping for a car, you should focus on a combination of resale value, mileage, and suitability. Depending on your business, one category may be more important than others. However, the perfect vehicle should meet all three.
Resale Value Helps Your Balance Sheet
A company car is a business asset. It is something your company owns that has value. The problem with cars is that they are depreciating assets; every year they lose value. Finding a car that keeps good resale value is important for a couple reasons. When you eventually decide you want a new car, you’ll get more money back from selling your old one. It also means your car will be easier to sell if your business gets stuck and needs cash fast.
You can compare resales values by looking at the current selling prices of older models of the car you want. If a 2006 model is still selling for a decent price, the current model is also likely to have a good resale value.
Keep Costs Low with Mileage
Have you seen the price of gas lately? Oil prices have soared over the past decade and this trend is going to keep rising. If you buy a gas eater with poor mileage, each week your business will be wasting money on gas. Finding a car with good mileage, like a hybrid, will keep this expense under control. This is especially important if your job involves driving all over Australia.
Do a Test Run to Check Suitability
Before you buy a car, you should test it for the job you want to do. Delivering fragile goods? Try delivering a few to make sure nothing breaks. Plan on carrying a lot of cargo? Check to see if you can get everything to fit. You don’t want to wait until after you’ve bought your car to discover it doesn’t work for your business.
Don’t waste your company car allowance on the wrong vehicle. By keeping these three factors in mind as you go shopping, you’ll guarantee that you’ll choose the right vehicle for your business. Speak with one of the Platinum Direct car allowance consultants today to help you choose the most effective car finance solution.