Company car

Is Taking A Company Car Really A Good Way For Me To Save Money?

Should you take a company car? Shouldn’t you take a company car? Will it really save you money?

These are important questions because you always have the fear of a catch with accepting something that seems like it’ll save you money – namely, that it’ll actually cost you cash.

But I’m telling you now that taking a company car will save you money and I’ve given you three examples of why this is true.

Access to cheaper fuel

One of the key ways that company cars can help you save money is by giving you access to cheaper diesel and petrol. How do they do this? Because they let you use fuel cards.

Fuel cards allow businesses and their employees (that’s you) to take advantage of discounts on petrol and diesel. These can be used for both company and personal purposes – so long as you get approval from your employer and you then make sure you record which is which.

To get the right money savings from fuel cards you need to pick the best one for you. The Texaco fuel card is a good example and iCompario’s Texaco review explains its benefits.

But that’s just one good example – my recommendation is that you and your employer check as many fuel cards as possible so that you get the best deal.

Don’t have to pay for maintenance

MOT day is like Christmas for cars. Every 12 months you’re surprised with a new present from your garage, but each year it’s as unimaginative as the last. That’s right, it’s the gift of paying for repairs.

Company cars are one way of getting over the hell of having to pay the maintenance on your vehicles. This is because your employer takes care of this for you – it’s their gift to you.

And it’s not just maintenance you don’t have to pay for – your company may also give you the stocking fillers of footing the bill for insurance, though, you’ll need to keep on top of the benefit in kind tax.

This leaves you with some extra pennies to use on more fun things – such as home maintenance, school feels, or life insurance…

You can get rid of your own car

I know it’s obvious, but company cars genuinely do save you money because you can get rid of your own car.

I’m sure we both feel better now – well, I do.

But there’s good reason for me to make this point because it’s one that’s easy to overlook – some of my family members have been gifted company cars and kept their own, and I really don’t see the sense in it.

Of course, it does feel nice to own your vehicle, but is it as nice as having more money to spend on things like holidays? Because if you can get rid of many of the associated costs of owning your own car then you might be going to New York for your next holiday, not Old York.

Recommended reading: Buying a Car 101: Useful Tips to Consider Before You Do

Cheaper fuel, no maintenance, and getting rid of your own vehicle are three money-saving reasons for taking a company car.

But lets put the cash aside for one moment – chances are that you’ll get a better car from your company than you will from your own pocket.

So, if you can save money and get a nicer drive then why wouldn’t you take a company car?

 

Image Source: https://www.flickr.com/photos/59937401@N07/5929550117

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