As a small business owner, the freedom and convenience of finding the right vehicle will empower you to get your job done with ease and be where you need to be when you need to be there. Buying a car or van, for example, for your business can open up many doors for you and be a valuable business asset. Don’t forget, that you can also write off a business car on your expenses as long as you aren’t using a simplified version of cash accounting. There are rules you need to follow to correctly add your new purchase as an expense, and you need to be able to document everything you pay out for regarding your new business vehicle from the initial purchase to other ongoing costs. So, there are many benefits to adding a vehicle to your business assets. But the empowering part is finding the right one for you.
But what is a perfect vehicle for your business, and how do you ensure you choose the right one?
Determine The Usage
First things first. It’s crucial to understand what you will be using the vehicle for. Will you be transporting packages, requiring you to look at a small van? Will you be using it to carry people and/or pets for your business, such as doggy daycare or dog walking service, and do you need to add in travel crates and have seats for humans, too? Then a small van or 5 seater commercial vehicles can be a better choice as these can be flexible to accommodate your needs and different terrains if you take dogs for walks off the beaten track, for example. But if you are only commuting to meetings or to an office, for example, then you will need to be looking at reliable cars designed for long-distance driving. This understanding will make you feel more informed and prepared in your decision-making process.
Set Your Budget
You need to have a budget in place, whether you’re paying for your vehicle in monthly instalments or you’re buying it outright. However, you should not only think about the upfront cost of purchasing a car; you need to consider all of the other important expenses of owning a company vehicle, such as insurance, fuel or charging costs, maintenance, servicing, and more. The more realistic you are about the costs you can cover, the easier it will be to narrow down your search and pinpoint the right vehicle for your business. This financial security and confidence in your budget will guide you in making the right decision.
How Will It Represent Your Business
The type of business you run should factor into the decision to buy a vehicle. Will you be using it for marketing purposes, in which case you need to choose something that can easily accommodate your logo or branding being added to the bodywork? Using a vehicle for marketing can increase brand visibility and reach, but it also comes with additional costs for branding and maintenance. Or are you simply using it as a tool to get to clients and need a car that allows you to exude professionalism and success? Think about the image you want to convey without a vehicle and how it will represent your business on the road to help you make a more informed decision before going ahead with any purchase.
