Protecting Your Investment: What to Look Out for When Buying Fleet Vehicles for Your Business
Buying or leasing fleet vehicles for your business may be the natural progression you need to make – but don’t rush into this huge investment without some careful planning and thought.
Below, we take a look at some of the costs involved in purchasing fleet vehicles and how you can make sure it’s the right investment for your company – and that you’re protecting this investment:
Should You Lease or Buy?
A lot of companies avoid buying fleet cars and lease them instead.
But if this is what you plan to do, make sure you’ve checked and double-checked what’s involved in the lease terms.
How does it work? What are your options when the lease runs out?
For example, some manufacturers will help you with the resale at the end of your lease, which is far preferable to finding yourself stuck with loads of old vehicles in years to come.
Equally, if you’re thinking of buying, make sure you do your research and shop around first. Some companies may only offer good deals if you’re buying/leasing a certain number of vehicles or a single model.
Can You Afford the Running Costs?
Not only do you need to think about the cost of leasing or buying the vehicles but the cost of keeping them on the road. If you’re going to have quite a significant number of fleet vehicles, it might be a good idea to have one employee who’s responsible for managing them and making sure repairs and maintenance are regularly carried out.
Can You Justify the Costs?
If employees aren’t using vehicles very often, can you justify the cost of leasing/buying them when you could just rent them as and when required?
Don’t forget, you might also face huge storage charges to make sure your vehicles are safe and secure when they’re not in use. And you’ll need to fully insurethe vehicles to ensure you’re not liable for any accidents that could strip your company of its cash.
Are You Paying the Right Money?
Finally, don’t let yourself get drawn into signing on the dotted line without making sure you’re getting the best value for your money. Regardless of whether you’re running a cleaning business or you’re selling cars for a living – getting the right price is imperative for your business.
So before you agree to a price, run a full car specification check on cap hpi. This will give you all the details you need to make an informed, accurate decision about your vehicles and to ensure you maximiseyour profits.
Teamed with all of the above cost considerations, you’ll be able to make sure that fleet vehicles are the next best step for your business and its investments.