Buying a fleet of company cars for your employees holds many benefits, especially the tax advantages. However, there is a lot to keep in mind when purchasing company vehicles to ensure they are a sound investment for you and your employees. Here are a few things to consider when purchasing company cars.
Does Size Matter?
Small luxury cars may sound appealing to purchase for your employees, but are they a practical size? Consider what type of space your employees will need for their travels. Will they have to transport sample products or materials? Will they likely be traveling with other employees often? If so, you’ll likely want to purchase something slightly bigger.
Additional Tech Never Hurt Anyone
Adding extra technology specs to company cars will only improve your employees' experience and safety. For employees expected to travel to unfamiliar destinations often, a built-in navigation system is a must-have. Additionally, adding on some of the best automotive technology to your fleet of vehicles will keep your employees and cars safe, such as hands-free information systems or collision detection systems.
Scope Out the Competition
Don’t forget to look into what your competitors are driving around. If you plan to advertise your business based on your vehicles, you certainly won’t want the same vehicle your competitor is using. You also won't want to purchase vehicles that look significantly less lavish than your competition. Owning a less fancy fleet can reflect badly on your business's reputation.
More Miles More Money
If your employees will be driving their cars all over, don’t invest in vehicles with poor fuel economy. While buying a fleet of Jeeps would make your business stand out from the crowd, your employees will also be spending excessive time at the gas pump. Make sure the cars you purchase have a solid fuel economy to keep you and your employees from dishing out paychecks for gas.
While there are many things to consider when purchasing company cars, size, technology add-ons, competitor vehicles, and fuel economy are all important assessments to make.
