Worldwide vehicle production fell by around 1 percent in mid-2022, according to the S&P Global Mobility Light Vehicle Production Forecast. With the economic turbulence the world is facing this year, it’s likely that this will drop further due to lack of demand, even with more economical options such as Ola EVs coming to the fore. But some parts of society, like businesses, need vehicles more than others. If you’re a business owner, you’d want to make sure that you make the right investment when buying a company car. To achieve that, you need to hone in on these three pivotal factors.
Choose the Appropriate Vehicle Type
Vehicle type is one of the most important factors in choosing a company car, perhaps now more than ever. On one hand, you want to maximize the utility you can get out of the vehicle, but on the other, you also have maintenance, repair, and fuel costs to think about. In today’s business landscape where you have to be very agile to survive and thrive, you don’t want to be bogged down by a company car that’s more trouble than it’s worth.
You may be tempted to just buy the all-around useful SUV, since it’s versatile, durable, and fairly future-proof. But depending on your resources, you may be getting into an investment that will cause you trouble later on. Remember that there’s a wide variety of car types and body styles out there, and with a little research, you could find one that gives you the best performance without the danger of diminishing returns somewhere down the line.
Pay Close Attention to Features
The car’s feature list will be crucial to help you determine whether the car is a good fit for your company. You need to account for everything such as the car’s transmission, which is one of the most important parts of a vehicle, since one that is in good condition can reduce fuel consumption. Things like active/passive safety systems, and driver assist systems may seem like frivolities, especially if your employees are experienced drivers. But they will be worth more than what you paid for them when they save your workers’ lives, the lives of other people on the road, and your finite business resources that could have been strained by a potential accident. Not to mention that many modern car safety features are mandatory in India nowadays.
Consider the Car’s Environmental Impact
With new initiatives being launched to intensify focus on sustainability, it’s also especially vital these days to make sure that your business vehicle adheres to modern emission standards. It also pays to look at the larger environmental impact of the vehicle you chose. If the manufacturer is known to use non-sustainable methods when building their vehicles, it could negatively impact your brand image. On the cost side of things, it’s likely that more taxation will be implemented to enforce new sustainability initiatives. Hence, it helps to be ahead of the curve to dodge such extra expenditures.
These major factors are the product of developments both old and recent, but the result is three of the most important things that should inform your business vehicle purchasing decisions for years or even decades to come. The core tenets of business these days are agility, safety, and sustainability. These are what the above factors are based on.