A recent study by Cox Automotive found that car buyers spend 61% of active time shopping online. Choosing the right vehicle for your company fleet is a critical decision you must think about carefully. After all, the wrong choice can lead to serious financial, safety, and environmental consequences. As a business owner, you need to take the time that is necessary to choose the right business car. Below we look at how to make the most of your time and money when buying fleet vehicles for your business.
Define Your Business Needs
Before you can visit an auto dealer, specify why your business needs a vehicle. This step will help you select the right car in terms of costs and features. For instance, if your employees travel a lot to meet clients, invest in a small or midsize fuel-efficient car. If your daily operations involve cargo delivery, consider buying a van with enough storage and seating capacity. On the other hand, settle for a heavy-duty truck for hauling heavy equipment if you are in the construction industry.
Establish Your Budget
Decide whether you’ll pay for the upfront price in cash and take an auto loan or lease. When you opt for cash payment, creating a budget for a car is easy. However, besides the buying price, you must factor in insurance premiums, registration fees, fuel costs, and maintenance expenses.
If you choose to take an auto loan or lease, determine how much you can afford each month, with the cost of gas, insurance, registration, and maintenance in mind. Knowing how much you can pay every month helps you calculate the actual vehicle price.
Research Car Models
Use the internet to gather useful details about fuel efficiency, resale value, and mileage of different automobiles. Take time to go through expert reviews on various car brands and models often used by companies. This process might take several hours, but it’s worth the time investment. You will have a clear picture of the essential features your business car should have. This includes reliability, safety and technology, aesthetics, size, and add-ons. Interestingly, nowadays, a number of small business owners are drawn to practical and robust vehicles like heavy duty trucks. Besides being spacious, a dually truck offers more road contact as well as width for greater stability. It ensures more balance, and traction while driving, too. Needless to say, business owners view it as an excellent choice.
Compare Insurance Costs
Once you’ve identified the ideal business vehicle, find out how much you’ll be spending on insurance premiums. Keep in mind, your driving record, vehicle model, age, gender, and location are some factors that affect auto insurance rates. Therefore, spend some time researching which cars have affordable insurance coverage and ensure your driving record is clean. Additionally, insurance costs vary from one insurer to another. During your search for vehicles, compare multiple quotes, and choose an insurance company that offers affordable rates.
Investing in the perfect business vehicle isn’t as complicated as many people assume. You only need to specify your company’s needs and research carefully. When you know what you want in a business car and how much you can spend, the buying process becomes simple.