Advantages of Owning Your Company Vehicles

When your business has the proper cash flow ratio, it can be a huge advantage to invest in a company vehicle.

Not every business can afford the initial purchase, however owning a company vehicle can be a huge advantage.

Advantages of owning your company vehicles include write off expenses, advertising opportunities, and personal insurance discounts.

Write Off Expenses

One of the biggest tax advantages of owning a car through your business is through the write off expenses.

The initial purchase of the car, maintenance, fuel, and any other costs associated with owning the car can be a tax write off for your business.

If you choose to split personal and business time with the vehicle you will only be able to deduct costs associated with its business use and depreciation value will not benefit your deduction value.

Using a company vehicle as an expense write off can be a huge advantage for your business and its overall profitability.

Use It for Advertising

A company car can also act as free advertising for your business. With a company logo, special promotion, contact information or advertisement material, you can wrap your car to promote your company.

You can wrap several types of vehicles in whatever fits your business needs.

If you are paying for the car and it is a tax write-off, you may as well capitalize on the free advertising opportunity.

Wherever your vehicle goes, you can reach a vast audience as you represent your business.

Personal Insurance Discounts

Another advantage of owning your company vehicles is when it comes to personal insurance.

If your company car is covered under company insurance, then much of your driving for company related business will be under the company insurance.

This means less driving under personal insurance and lower initial insurance costs.

Additionally, if you get in an accident in the company car, there will be little to no repercussions regarding your personal insurance.

Your personal insurance is not likely to increase because you are covered under company, not personal insurance expenses.

Save money upfront and in the future by owning a company car and using it for company related business.

Company vehicles can have an immediate financial impact on your business.

From a financial and personal standpoint, a company car will improve the efficiency within your organization.

Write off expenses, use it for advertising, and offer yourself personal insurance discounts by owning your company vehicles.

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