The investment in a company car can often represent a significant outlay. The decision should be taken seriously, as the choice is likely to have several practical implications. Fortunately, there have never been more vehicle options available that are suited for business use. But which kind of car is right for you? Let’s assess a few of the options.
A Sports Utility Vehicle, or 4x4, offers enormous amounts of capacity, and towers over everything else in the office car park. For certain kinds of rural business, like farms, the power that comes with a vehicle of this sort will be hugely practical. If there’s the slightest risk that you’ll stuck in the mud during winter, the SUV might be way to go. Big vehicles like this are a great deal sleeker and more aesthetically pleasing than they once were – and they’re often favoured by executives as well as farmers.
A saloon provides up to five seats, and tends to look great as a company car. They also tend to offer superior fuel efficiency to some of the larger alternatives, especially if you’re not carrying anything around in the boot. If the only thing you’re transporting is yourself, then a saloon is likely to provide the solution.
Estates tick many of the same boxes as saloons, with the exception that they come with much more capacity for storage. If you sometimes find yourself transporting things as well as people, an estate will ensure that you aren’t caught out.
Having identified the kind of car that you’d like to buy, you’re still left with the question of how, exactly you’re going to buy it. Here, there are a multitude of options to choose from, but they all broadly amount to a simple choice: you can either pay in full, or you can pay in instalments.
In the long-term, you’ll end up paying slightly more should you choose to pay in instalments. This is to cover the interest. But it can often be more sensible to pay the extra, especially if you know that the company car is going to impact your profitability in the short-term, making those payments less onerous.
Diesel or Petrol? Or Electric?
You should research your options carefully before investing in either diesel or petrol. There’s no general sense in which one is better than the other, but for certain models and lifestyles, one might be preferable. If you have the charging facilities available, it might suit your circumstances to opt for an EV.
Your company car will form part of your professional image. It’s therefore critical that you pick colours that look – well – professional. Dark blues, blacks and greys are all common choices.