Since the business is doing pretty well, it will feel a necessity to have a business car. You have the freedom to choose between buying and leasing but you are undecided. Businesses will actually call for the reduction of overheads as you aim at boosting your operations. This will draw you to making a decision on what you need to go for. Leasing might be better. So, we shall need to properly examine what benefits come with leasing and any possible drawbacks. These are as indicated in here.
The low costs of something will be the ones to attract people to something. Leasing usually has a very low initial cost attached to it. The down payment needed when purchasing a car is always higher than this cost. Leased cars will usually attract certain tax benefits to it. This happens when the car is used for business duties for at least half of the time it is used generally. This will result in you being able to save more money that can be invested in other relevant enterprises. This will actually boost the growth of your business. Additionally, fewer demands are attached to leasing in comparison to when you purchase. Your business will not be exposed to many costs since the maintenance and repair expenses of a leased car are literally low. There is the freedom to switch to a different car in case you note that the first car is too costly. Still, at the end of the leasing cycle, you will not need to worry about selling your car.
A leased car will help you in attracting newer customers. Most clients do prefer working with firms that seem financially stable and well established. Once you have a car that is even leased, you will be able to create this impression. Your business will be made to look bigger than it actually is. This will make it possible for you to sell your goods and services without any straining.
However, there are a few drawbacks. Eventually, you will discover that it might be a bit expensive. In as much as leasing saves you money to run your daily business needs, it might cost you more than if you just purchased the car in the beginning. Ownership rights of the car are not guaranteed. Some hidden charges will not be discovered up until the end of the cycle. Your car will not be allowed to get any form of customization as a result of the agreements made. The public will not be able to enjoy the culture of the firm as a result. If there is a possibility of customization, then there is a need to repaint the car once the cycle has been completed. Therefore as you choose which option to go for, do it wisely.