If you are scaling up your business, then getting company cars is probably on your mind. This isn’t an easy decision for an entrepreneur because it involves a lot of money, but it is a necessary decision that needs to be taken sooner rather than later.
Getting cars for your employees is critical if your team members need to be mobile and need to service customers in different parts of the city or the country. Here are a few ways you can get a company car for yourself or for your team quickly and easily.
1. Using Your Car
If you already have an extra vehicle in your personal possession, make use of that. You can assign the vehicle to the company garage and it can be forwarded to any employee who needs a vehicle. All you need to do is inspect the car and make sure it is mechanically sound and then integrate it into your company. If the car is operational, it will not cost a lot to bring it to optimal condition. Carrying out these things beforehand will eliminate employee downtime and will make business operations that much smoother.
2. Buying Used
Another option is to buy a used car. This is cheaper than buying a new car but it comes with its own challenges. If you need a car quickly or you need a car with a certain specification, it can be hard to find it in the used market. Moreover, recently, used car prices have gone up drastically so you might not be saving as much money as you had imagined.
If you don’t have the cash right now but your employee needs a car, consider getting a lease. If the business is also tight on cash then consider a novated lease rather than a lease that the business has to finance. Novated leases are deducted from the employee’s salary so the business doesn’t have to spend any capital on the vehicle. In a few years, when the purchase price is completely paid off, the employee will be awarded the vehicle.
4. Buying New
If you are looking for the most reliable option then buying new is the best choice. You can still save quite a bit of money when buying new if you tackle the situation intelligently. For instance, rather than buying from a dealership, buy directly from the manufacturer. Also, get a professional to handle things like registration and insurance as they will be able to get you a business discount. Buying new will save you from a lot of additional expenses and will give you the most reliable vehicle possible. It will still be worth your money to get an after-market warranty or insurance for the car.
Before you buy a vehicle, make sure you’re considering exactly what you need it for. Simply buying a diesel variant rather than a petrol variant can save you a lot of money. Similarly, buying a vehicle with the right specifications and the right add-ons can make it that much more useful for your business and save you the hassle of having to do aftermarket modifications. Hiring a mechanic to manage and service your fleet of vehicles will ensure you get the most value from them.