Business Owner’s Guide To Vehicle Leasing
Leasing a vehicle through your business but still need to keep to a tight budget? It can be done! Leasing is a more cost effective way of getting your hands on a brand new car, truck or van without worrying about depreciation and big upfront costs.
Whether you’re planning on leasing from here or just browsing for ideas, check out this helpful guide below to ensure you know how best to spend your hard earned cash:
Choose a vehicle that meets your needs
Of course that brand new model vanilla white van with leather and Bluetooth phone pairing would be really nice to have. Ask yourself these questins:
- Do I really need it?
- Will it cost more than the vehicle that actually meets my needs?
Sales men and be pushy so don’t fall for their sales pitch if you don’t have the budget for it. Do your beforehand, understand what your business needs and select your vehicle before you get to the lot.
How much mileage do you need?
Mileage is tricky. Many of us drastically underestimate just how far we drive so it’s important you overestimate when setting up your leasing policy. If you go over your agreed mileage amount you could be met with some unexpected fees that will be painful. Make a plan and know in advance what you think you will use and then over estimate for what you will REALLY use.
Keep the vehicle in good condition
It’s important that you maintain your leased vehicle to a high standard to ensure you aren’t charged for any maintenance when it’s returned. Have it serviced every year, keep it clean inside and out, do not modify the car and try to avoid scratching or denting it – although that can be difficult. If there is damage to the vehicle, try to have this fixed professionally before returning it.
Ensure your maintenance costs are covered
Warranties and maintenance coverage is important when leasing a business vehicle. You don’t want anything to go wrong a couple of months in and have to foot the bill. Ask your leasing company what maintenance is included and make sure you get what you need in terms of coverage.
For business owners, leasing a vehicle can definitely be a more cost effective way to go. It allows you to step into a higher end vehicle, for less money. Be sure you know what you need and have a plan and budget to stick to. As long as you take good care of the vehicle, service it regularly and get coverage for adequate maintenance and mileage, you should avoid any unexpected expenses down the road.