Fleet Vehicles are a necessity to many companies and making the right choice is important. Any money that is spent purchasing and maintaining fleet vehicles is money that could be invested somewhere else in the business. However, if that money is spent elsewhere and not on the fleet vehicles that are responsible for your everyday success and the jobs are not done, business could be held back. Here are five tips to minimize the cost of buying fleet vehicles and keep your business costs low.
1. Fleet Vehicles and Financing
The financing options for fleet vehicles are not unlike the options most of us have in buying a vehicle. You can lease or own a fleet vehicle; you can choose 36 or 60 months on payment options. Choosing the right rate and having the flexibility in payments are important when buying a fleet vehicle. When it comes down to it, the best financing options are the ones that not only fit your fleet vehicle needs but also your overall business goals.
2. Fleet Vehicles Insurance, Fees, and Taxes
As with all vehicles, the higher the price tag the higher the insurance, fees and taxes. Work with your insurance company on costs as they relate to each fleet vehicle by factoring the coverage, the drivers, and the vehicle types. Beware of the impact taxes and registration can have on the cost of operating fleet vehicles.
3. Fleet Vehicles and Depreciation
It is important to have an understanding in your business on whether your perspective for each fleet vehicle is long-term or short-term. This will help to determine whether resale values will hold up on either schedule. Business needs will change often and your fleet vehicle choices will need to reflect that.
4. Fleet Vehicles and Fuel Economy
Much of this will depend on the type of business your fleet vehicles will be servicing. Whether it is long distances with passengers or hauling heavy equipment on short trips, you need to discover the daily, monthly, and annual business mileage you anticipate. You will need to calculate your business needs over several fuel price points and fleet vehicle options to determine the most cost effective solution.
5. Fleet Vehicles Repairs and Maintenance Costs
There is nothing worse than getting a great deal on a fleet purchase to only have the vehicle in the repair shop repeatedly. Other than repairs, every fleet vehicle will need routine service to make sure your business continues. However, maintenance costs can vary widely so it is best to consider the recommended maintenance and service costs from the manufacturer. Comparing those costs can give you the make and model that will outperform the others for your fleet vehicles.
