Learn the Benefits of Buying a Company Car
If your employer has company cars, you may have the option of buying one when your employer or its fleet management company removes vehicles from its fleet. You may have the option of purchasing a company car that you have been driving, or you may be able to choose another one from your employer’s fleet.
Buying a company car has two primary advantages over other car purchases: a low price and great information on its condition.
Company Cars Can Be Great Deals
Most companies will sell their company cars to their employees for low prices, usually below the cars’ wholesale values or “back of book” (prices are usually set based on the inspections and mileage). If your company or its fleet management does not sell its cars to you or other employees, then it has to sell them some other way, usually at an auction, an option companies typically prefer to avoid.
Chances are you will not find a better used car deal than the one your employer offers you on its fleet vehicles.
You Know If It's in Good Shape
When buying a company car, you probably know as much as anyone about the car you would be buying. If you have the option to buy a company car that you have been driving, then you are buying a car that you have been taking care of, so you know all about it. And even if you are considering a company car that you have never driven, you could contact your colleague that was driving it to learn about its condition. Either way, you have great information that you cannot usually get at a used car dealership. Moreover, since companies or their fleet management companies look after their fleet vehicles closely, you know that any company car you consider purchasing has been serviced properly to the manufacturer’s specifications.
Buying a company car is usually a good decision. Your employer will probably give you a good deal, and you can usually be confident that the car is in good shape. But 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 chose to purchase.