What Are The Benefits Of A Company Car In 2020?

Driving around in a company car may not be the status symbol it once was before the turn of the century, but it’s still something that comes with a huge amount of benefits for the average worker. 

Many of us know that driving a company car isn’t all free fun and games, with all the financial and tax implications, but that doesn’t mean the great benefits don’t outweigh such issues. If you’re facing the decision of accepting a company car in 2020, let’s take a look at some of the modern benefits. 

Access to cheap fuel

One of the main draws of having a company car is the financial element. Rather than having to reach deep into your own pockets for the cash to invest in a new car, your employers can do that for you. 

Company cars don’t just save on initial cost though. They save on one of the biggest financial headaches of owning a vehicle, fuel. How do companies do this though? Through fuel cards.

Fuel cards allow businesses and the employees that drive for them (whether that’s for business trips, delivery drivers, or a fleet of trucks) to take advantage of unique discounts on petrol and diesel. These cards can be used for both personal and professional purposes – just make sure you have approval from your employer before you do so. This turns every little trip to the store or cross-country drive into a way to save. 

To make sure you’re getting the right fuel card for your fuel type, vehicle, and company, you should use expert comparison sites such as iCompario, which review a huge range of fuel cards that can be used at stations across the world. 

Quick, easy solutions like this make the added benefits of company cars obvious. In the long run, this kind of collaboration makes driving cheaper for both you and your employer. 

No maintenance costs

Beyond fuel, keeping your car in working condition is probably the most annoying essential expense hitting drivers up and down the country. 

No one wants to drive around in a death trap, but regular checks on the quality of everything from your engine to your tires can mount up financially and make you consider chucking the whole thing out. 

That where company car schemes shine once again. When you agree to drive around a company car, businesses will usually sweeten the deal by agreeing to pay for the maintenance of your vehicle. You might have to take it into the shop, but when it comes time to pay you can reach for the company card. 

Companies have also been known to cover the bill when it comes to insurance. With these massive expenses out of your budget, you’re left with some extra pennies to enjoy yourself, such as improving your home or taking a much-needed vacation. All because you agreed to drive the company car. 

Easy replacement for your existing car

It’s an obvious one, but the ultimate benefit of using a company car is it allows you to get rid of your own one. 

That might not suit everyone, especially if you have a sentimental fondness for your car, but there’s no denying it saves you significant amounts of money. 

You could keep your own car after being gifted a company one, but then you’re just dealing with the expenses of a car you get to drive significantly less – you can hardly turn up to the office in the same old banger you’ve had for years if you just got handed the keys to a shiny new model. 

Much like maintenance, without all the added cost of owning your own vehicle you can spend that money on something else, small or special. 

It’s not even just a matter of money. The space having two cars would demand is something you’d quickly notice having a negative effect on your life. The quality of a new company car is something you’ll want to show off outside your house too, which gives you some much-needed space in the garage. 

We’re not going to say it’s all roses driving around in a company car. There is a litany of reasons you may not want to agree to the deal including:

• Having to take the finances out in your name
• The more miles you rack up the more costly for the company it’s going to become, and that can come back to haunt you
• You simply don’t like the car

However, as we’ve outlined here there are huge modern benefits to it too. Always do what suits your situation best, but keep these benefits in mind next time a new pair of keys gets dropped on your desk.