Having a company car is a serious perk! If you’re allowed to be involved in the choice of the company car, then there are a few things you might want to keep in mind to help you and your company save money. From estimating the fuel consumption of the car you’re considering, through to being really mindful about the size of the company car, these adjustments can make a big difference in your overall running costs. Are you better off buying or leasing the car? Don’t forget to look into a tax relief which can help reduce the overall cost. Keep reading to learn my top 4 ways to save money on your company car.
1. Check Out the Fuel Consumption
Right now fuel prices are sky high, so choosing a car that gets good mileage from its fuel use is really important. While we’re discussing it, it may even be worth looking into an electric vehicle depending on how much travel you do and how much you think you’ll spend on fuel. Do some calculations to see what the annual fuel costs will be with either option and see what would work out the best for your company in the long run. Don’t forget to schedule in car detailing vaughan to keep your company car looking its best.
2. Think About the Size
Do you need a really big company car in order to transport large things? If not, maybe it’s worth getting a smaller car or a compact SUV in order to have a more affordable vehicle. Will you be transporting many people, or mostly driving by yourself? These questions are important to ask yourself before committing to something bigger and more expensive to keep on the road. In general the smaller the car the more affordable it will be to run, but also the more inexpensive it will be to buy or lease.
3. Lease or Buy
Depending on how long you plan to have the company car, how often you plan to upgrade it, and what you will be using it for, it may impact whether you lease or buy a car. Leasing can be a great option especially if you find it important to always have the latest model car, then you don’t have to go through the hassle of buying and selling and can simply change the lease year to year. Buying can work out for the better if you want to modify the car in any way which would require a considerable financial investment. It’s important to learn more about what’s going to be best for your company in the long run.
4. Check Out Tax Reliefs
Depending on where you are, you might be eligible for tax relief if you buy an electric vehicle or a new car. If it’s a business expense, there are also ways you can write this off to reduce your overall tax obligations. If you’re not familiar with taxation laws in your area, why not consult with an accountant for specialized tax advice.
Getting a new company car is an exciting event, hopefully these tips help ensure you make the best financial decision for your company. Having a company can be a stressful endeavor and things can change quickly. If you’d like expert legal advice on how to best manage any workplace incidents or company structural changes, then get in touch with Goulartlawyers.ca. Their expert advice will help you navigate any workplace legal issues with confidence.