Buy a company car to save money and ensure quality
You may have the opportunity to purchase a company car if your employer or its fleet management company is removing vehicles from its fleet. Available vehicles could include the car you’ve been driving, or you can choose another one from your employer’s fleet – either way, you’re unlikely to regret your purchase.
When you buy a company car, you benefit from two main advantages compared to other car purchases: a low price and good information about the condition.
You can find great deals
Most companies sell their company cars to their employees at low prices, usually below the wholesale value or “book value” of the cars (prices are usually set based on inspections and mileage). If your company or its fleet management doesn’t sell its cars to you or other employees, it will have to sell them another way, usually at auction, an option that companies usually prefer to avoid.
You probably won’t find a better used car deal than what your employer is offering you on their fleet vehicles.
You know whether the vehicle is in good condition
If you’re buying a company car, you probably know as much as anyone else about the car you would be buying. If you have the opportunity to buy a company car that you have driven, then buy a car that you have taken care of so you know everything about it. And even if you’re thinking about a company car that you’ve never driven before, you can contact your colleague who has driven it to find out about its condition.
Either way, you’ll have great information that you wouldn’t normally get from a used car dealer. Additionally, because companies or their fleet management companies carefully maintain their fleet vehicles, you can be confident that any company car you choose to purchase has been properly maintained according to the manufacturer’s specifications.
Buying a company car is usually a good decision. Your employer will probably make you a good offer and you can usually trust that the car is in good condition. However, once you have decided to purchase your company car, your next step is to find financing for it, which is almost more important than the car you have chosen.
