Best Cars To Lease For Business
Leased cars are one of the best options for business.
There are a many of benefits of leasing a car. For example:
✓ You won’t have to pay out a big sum as you would if you were buying the car outright, leaving more money to grow the business
✓ Payments aren’t shown as a liability/asset on a company’s balance sheet, which makes it easier to get funding from investors or bank loans
✓ You don’t have to worry about depreciation in value, because you don’t own the asset.
✓ You can claim 100% of VAT back on the monthly payments and all of the VAT on any maintenance agreements you take out
In order to qualify for a business car lease, you need to be one of the following:
- A limited company or private limited company
- A sole trader
- A VAT registered company
- A limited liability partnership
- A partnership
Choosing the best cars to lease can be difficult. There are a lot of different factors to consider, such as make and model, price, fuel efficiency, and more.
To help you choose the best vehicles for your business, we’ve compiled a list of the best options on the market.
With so many business leasing deals out there, you are sure to find your perfect fit.
Top 5 best car models to lease for business
1. Toyota Camry
The Toyota Camry is a great option for businesses that need a reliable and affordable car. It’s one of the most popular cars on the market, and for good reason. It’s dependable, fuel-efficient, and relatively inexpensive to lease.
2. Honda Accord
Like the Toyota Camry, the Honda Accord is a great option for businesses that need a reliable car. It’s also fuel-efficient and relatively affordable to lease.
3. Ford Fusion
The Ford Fusion is another great option for businesses that need a reliable and affordable car. It’s slightly more expensive to lease than the Camry or Accord, but it’s still a good value.
4. Chevrolet Impala
The Chevrolet Impala is a great option for businesses that need a large and comfortable car. It’s one of the most popular cars on the market, and for good reason. It’s spacious, comfortable, and has a lot of features.
5. Chrysler 300
The Chrysler 300 is a great option for businesses that need a luxurious and stylish car. It’s more expensive to lease than the other cars on this list, but it’s worth it for the luxury and style.
Read more about reliable city cars Millennial entrepreneurs love.
What to consider when choosing a leased car model
There are many factors to consider when choosing the best business car to lease.
From the type of business you have to the distances you travel – all will play role in choosing the best car.
Here are some other things to consider:
Check the company and vehicle reviews
Before you pick the provider and a vehicle, read some reviews. Leasing a company car is a big decision, and you want to be sure you’re getting a good value for your money.
Consider your budget
Set a budget and stick to it. Monthly payments can quickly add up.
Decide how much you can afford to pay for a vehicle or fleet of vehicles each month through the company. Weigh it up as a business expense and include any tax incentives.
Remember, a leased vehicle is a part of business expense, and it’s important to know these details as a business owner.
Choose your contract terms
You’ll see initial rental cost based on how long you want the car for and the number of miles you’ll drive each year.
There are usually 2 types of car leasing contracts:
📌 Closed-end leasing
The most common type of lease agreement. The finance provider takes on the depreciation cost at the end of the agreed term. Contracts tend to be less flexible, so you’ll need to stick to the annual mileage and ensure that the car is returned in good condition to avoid fees.
A more flexible lease, but your business will be responsible for any depreciation on the car above what would be expected during the term of the lease. This may suit your business if you plan to lease a fleet of cars and can’t afford to be restricted by annual mileage.
Think about fuel efficiency
Fuel efficiency is an important factor to consider when choosing a car. If you’re going to be driving a lot for your business, get a car that gets good gas mileage.
Choose a reliable car
Select a car or cars that suit your business. It may be the vehicles need plenty of space to transport bulky items, or they’re likely to need to cover a lot of miles so should be as fuel efficient as possible.