Are you a startup business that’s operating on an air-tight budget? Do you need company vehicles, but don’t think you have the finances to afford them? If so, then you need to learn about the benefits of leasing a car for your business.
Doing so can create a cost-efficient option for your company. You’ll have lower monthly costs, nicer vehicles that can give a boost to your brand image, and negate the need for maintenance costs.
See below for an in-depth list of the different benefits of leasing a vehicle for your company. Be sure to factor in how they’d fit into your business model.
1. Budget-Friendly Option
If there’s one thing that your startup business can’t have enough of, it’s purchases and investments that accommodate your budget. You want to make sure you’re maximizing the return on each of your investments.
Purchasing a car is no different. Many people will tell you that you should purchase a used car for your company because it gives you ownership of that car. But what if that used car needs major repairs a year or two down the line? Can your business afford that setback?
Leasing a car for your business has several financial perks. First, it can reduce your monthly payments. Getting $50 off a monthly car payment might not seem like much at first, but what if you lease 4 cars? Suddenly, that’s $200 less you’re spending each month on your fleet.
There are also no maintenance fees when you lease a car that’s under a warranty by the manufacturer. If something were to go wrong, then the manufacturer would be responsible for the repairs, not you.
Leasing a car also doesn’t require a down payment like buying a car would. That means your startup can save on the upfront costs while getting your hands on the vehicles you desperately need.
2. Boosts Your Brand Image
You might be thinking “what does leasing a car have to do with my company’s brand image?”. We are glad that you asked!
Let’s say you’re starting a corporate chauffeur service. Your customer sets up a time for you to pick them and their guests up from their home address. Then, you roll up to their house in an almost-brand-new (if not totally brand-new) luxury car. That alone will justify the purchase they’ve made in your company.
Now imagine the flip side of that. You had to settle for buying the 2012 version of a luxury car since you decided to buy a car. If you show up to your client’s house in that car, it won’t provide the same jaw-dropping impression. In fact, it might scare them away.
One of the biggest benefits of leasing a car is that you get access to one of the newest models of the vehicles you’re wanting to lease. If you go the buying route, you’ll have to sacrifice the age of the vehicle.
This gives a brand boost to almost any industry you’re in. Whether you’re an electrician, limousine service, insurance provider, corporate sales company, etc. Arriving in a sleek and shiny new car creates a lasting impression with all clients.
3. Easy Approval
Good luck trying to get pre-approved for a car loan as a startup business. Banks view small businesses as a high-risk investment. It will be difficult for you to get a loan to buy the vehicle(s) you need for your operations. When you finally find one, the APR might come back to bite you.
When you lease a car, the approval process is far less intense. Many times, you can get your needs approved within less than one day and get the leasing process moving along.
This can give you more peace of mind. Your company’s car needs will be fulfilled much quicker and you’ll be getting your hands on a newer model simultaneously. All of your prayers as a business owner will be answered in one fell swoop!
4. No Struggling to Sell It
Ask any business owner that owns their fleet and 9 out of every 10 will tell you one thing: they aren’t looking forward to trying to sell their vehicles.
If you lease a car, then you don’t have to ever worry about selling the vehicle. As long as you follow the instructions of your lease, it can be switched out for an even newer model in the next few years.
Your company won’t have to stand in limbo while you try to sell your current cars to gain money for new ones. Leasing your cars makes that process almost seamless!
5. Perfect Fit for Your Needs
Leasing a car can give you access to virtually any car model that you need. Whether it be a fleet of sedans, trucks, or vans, there’s a business car leasing company that can fulfill that need for you.
In most scenarios, you’ll have your veritable pick of the litter. You can choose the exact make and model that you’d like to lease for the next few years.
This also plays a factor in your brand image. If you choose a make and model that people deem desirable, they’ll associate that with your company as a whole.
Unlock the Benefits of Leasing a Car for Your Company Today
Now that you have seen all of the different benefits of leasing a car for your company, it’s time for your to do so for your business.
Start by finding the right car lease company to work with. Ideally, you want to find someone that you can grow a business relationship for the foreseeable future.
Be sure to browse our website for more articles on leasing a car, as well as many other topics that you will find helpful.