When it comes to choosing a company car, don't make these two mistakes
Choosing a company car is a big decision. This is an asset that you plan to have in your company for a long time so you need to choose wisely.
Unfortunately, many business owners make the wrong choice here and spend years regretting their decision.
To ensure you don't suffer the same four-wheeled-fate, we're revealing two big mistakes you must avoid when you buy your company car.
Read on to find out what they are...
These are the two mistakes you must avoid when you choose a company car to buy
Mistake 1: Going for the cheapest option
You may think it's best to go for a cheap, second-hand car, but this isn't the case. These cars can come with a multitude of hidden problems that you'll have to pay to fix later on.
These cars will also have a shorter lifespan as someone has already used them and reduced the value and condition of the car.
Rather just fork out the money and invest in a good car. Even if you wince at the price tag, it will save you a lot of hassle and repair costs later on.
Here's the second mistake you must avoid.
*********** Advertisement ************
Confused about car and travel allowances?
Get expert answers to the 69 most frequently asked company car and travel allowance questions.
If you've ever turned to Google to get answers to your company car or travel allowance questions, you know there are thousands of pages to search through...
And how do you know if the answers you get are correct?!
That's why we've teamed up with two leading tax experts to give you the expert company car and travel allowance answers you need.
This is the second mistake you should avoid when choosing that company car
Mistake 2: Letting your employee choose the car
Your employee's input can be very useful in helping you choose that company car. But you shouldn't leave the decision up to him. His wants are very different to your needs and he may choose a car that has all the bells and whistles but has terrible fuel economy. That'll cost you even more in fuel expenses.
It's best to consider how he uses the car and what'll benefit him, while prioritising your company's needs.
If you avoid these two mistakes you can be sure your new company car will be a great asset to your company.
Note: 5 of 1 vote