Depending on the type of business you own, buying a company car could provide some noteworthy benefits. It might come in handy for deliveries or driving between work locations, and the tax benefits of owning a business vehicle are substantial. But like any major purchase, there are several things to consider before you sign on the dotted line. Start by reviewing these 10 tips for buying a business car.
1. Determine between leasing and owning a company car
Your first decision may be about whether it’s better to lease or own a business car. If you decide to purchase a car, you may need a loan, which you will have to pay back even if the value of the vehicle drops below the amount of the loan. Sometimes this happens when an accident occurs. If you choose to lease a car instead, the residual value at the end of the … Read more