4 Factors To Consider While Choosing A Company Car

If you are entitled for a company car and have chosen to get one instead of allowance then you are required to consider certain factors

. As the car would belong to you for a limited time and would weight a lot on your budget, its choice is very crucial for the time period. Even though this vehicle would be mainly used as fleet transport but for time being it would work as our personal car. The correct choice of company vehicle implies directly on your savings or expenditure. This is because if you choose a fuel extinguishing model or one that does not go with the lifestyle it could lead to unnecessary taxes and expenditure. Therefore consider these four factors to choose the right and suitable company car.

Entitlement clause

Before going right on the selection of company vehicle you seriously need to look and understand the clauses in the company policy regarding this facility. Even though they remain fairly same for every type of job, some have clich requirements that matter a lot. It is always good to go through the company policy regarding the facility of vehicle, the drivers coverage, amount of time the vehicle is provided and the respective allowance if the facility is not invoked. The allowance is needed to study closely as it might matter or alter your decision of getting a company vehicle.

Car tax

Once you use the facility of company vehicle you are surely going to pay more amounts in terms of tax. These charges are particularly taken because the facility is considered as extra benefit apart from your gross salary. The company car tax depends a lot on the choice of car made from your side. The first element that counts in extra taxes is the accessories and car make. If you go on adding some luxury facilities in the car you ought to pay more as car tax bill. Understand the calculation of tax that depends on the specifications of the car from your federal regulations before making final choice.

Fuel type

This is the major aspect that would come forward while selecting a company car. You have lots of options in vehicles that run on different types of fuels. This matters in terms of efficiency and carbon emissions. It is known that choosing a diesel type is more favorable in order to save or get the money back. But if you travel limitedly then you might consider one that runs on petrol. Remember the tax you are going to pay over the vehicle also depends on the fuel of the car you have chosen as work vehicle. If you choose a car with great mileage but do not require traveling that much then it is a complete loss.

Depending on the number of years you are entitled to have the facility, consider some personal changes in respect to family. For an addition of family member the car should be suitable and should have the required space.

by: Carlos Ruiz

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