How to Save Money When Buying a Company Car

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Negosentro | How to Save Money When Buying a Company Car | Not every business requires one (or some), but if your line of business requires a vehicle to conduct business, you’re going to want to learn how to save the most money when buying one. Running a business costs a lot of money, from paying employees to purchasing items for your inventory, which is why saving money where you can is important. Below, we’ll provide some helpful tips on how to save money when buying a company car.

Do Your Research

The most important part of securing a good deal on a company car is doing your research. You don’t want to buy the first car you see on the lot. Why? Because the dealer down the road might have the same make and model for much cheaper. Here are some important areas to research to save money when buying a company car:

  • Dealership: All dealerships are run differently, which means some may offer different discounts and packages to choose from. When you’re looking for a company car, look at all of your local dealerships. Go to each one and schedule a test drive and ask about financing. Let them know other dealers are offering lower costs and then make a list with each dealer’s price. This may be time-consuming but will save money in the long run.
  • Fuel Efficiency: If you’re looking for a company car, it most likely means your sales representatives, delivery specialists, or other employees are going to be on the road for a long stretch of time. This means you’re going to want a car that is fuel-efficient to save money on gas. Look for vehicles with the highest miles per gallon, or consider investing in a hybrid or electric car.
  • Space: Depending on your line of work, you’re going to want to look at how much space is in the vehicle. If your sales team needs a car to get to meetings, consider going to Mercedes-Benz of Pembroke Pines or an Audi dealer in Malibu, wherever you’re located, and buy a sedan. However, if you’re looking to deliver large packages and items, you may need to look at SUVs, flatbed trucks, or even vans.

Determine Whether to Lease or Buy

Another important option you need to consider is whether you want to lease or buy. Both come with their own benefits and drawbacks, which are important to keep in mind when looking to save money. 

When buying a car upfront, you’ll be hit with a fairly hefty sticker price, which may put a dent in your company’s wallet. Purchasing a car is also a big commitment, which makes it hard to sell later down the line. However, buying a car means it’s yours to keep. This means you’ll have free range on how you use it. You’ll be able to add your own customizations, such as personal decals that can help market your business. Even better, you won’t have a cap for how many miles you’re allowed to drive.

Leasing, on the other hand, allows you to “rent” a new car for either two or four years. Once the lease is up, all you have to do is return the car and it’s out of your hands. You can then lease a newer model car, or purchase the one you’ve leased outright. However, leasing a car comes with some strict requirements, such as a limit on how many miles you can drive and the inability to add any of your own personal touches.

Search for Insurance

When you purchase a car, you’re going to need to think about insurance. After all, you want both your employees and other drivers safe and covered in the event of an accident. Unfortunately, commercial auto insurance can be pricier than the standard car insurance you’re used to paying. However, shopping around for different deals and discounts can save you a lot of money, especially if you’re buying a fleet of cars.

Train Your Employees

Once you’ve purchased your company cars, it’s important to ensure they’re properly used. Training your employees is a crucial step to safeguarding these expensive assets. Before hiring drivers, conduct a background check to determine their driving history. Once you’ve made your decision, enroll your staff in an online training course that teaches them about the rules of the road and safe driving habits.

Key Takeaways

Deciding whether to purchase a company car is a tough choice to make. They’re expensive and put a lot of liability on your shoulders when you’re sending employees out on the road. However, there are a few ways you can keep some extra cash in your pocket when swiping the company card. From negotiating a fair price to researching different vehicles and dealers, these tips will land you a great deal. Alternatively, head over to https://www.moneyexpert.com/car-finance/ to have a good look at all the possible car payment plans that can help you out financially.

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