BUSINESSES in many industries require a fleet of vehicles to operate but this can be an enormous expense.
It is important to know how to go about purchasing a fleet while being able to save money and be intelligent with the usage of the vehicles.
Leasing or Buying?
While you can benefit from freedom and flexibility when you purchase, this is not the smart financial move to make as you are owning an asset which is continuously depreciating in value.
You can avoid this with leasing, plus you also get to upgrade to newer vehicles each year and the monthly payments are often more affordable than a finance deal on a new car. This will still be a huge expense which is why it is a good idea to find funding from a specialist like Liberis.
There are many costs attached to buying and running a fleet of automobiles with the cost of fuel being a major one. The best solution to invest in an electric/hybrid fleet – although this will be a large expense upfront, you will make significant savings in the long run.
Not only this but driving electric vehicles will eliminate the need to pay road tax and can also be helpful for improving your reputation. Alternatively, you could look into leasing vehicles with a high MPG to reduce fuel costs and only drive when absolutely necessary and to always carefully plan routes.
Insurance is another major cost yet one which is, obviously, unavoidable. It is also vital that you have high-quality coverage in place as drivers are at a greater risk if they spend a significant amount of time on the road.
Fully comprehensive is a good option and you should shop around to find the best deals.
It can also be complex to manage an entire fleet which means that you need to have high-quality fleet management software in place.
This can help a business to manage a fleet effectively, reduce stress and maximise usage. This is through making it easy to keep on track of aspects like fuel, license checks, garage details, drivers, insurance etc.
If your business operation requires multiple vehicles then this needs to be an area of careful consideration.
It can be an enormous expense to source and keep a fleet on the road but hopefully this guide will help you to get the vehicles that you need, manage the fleet and save costs at the same time.