There are lots of reasons why you might be considering buying a second vehicle; you could be launching your own business or looking to expand an existing one, or perhaps you need a much-deserved vacation and are looking into the possibility of a relaxing road trip.
Whatever your reason, buying a second vehicle requires some thought and careful consideration into what your needs and requirements are; you don’t want to make an impulse purchase and later regret it.
Therefore, you should consider the below questions before deciding to buy another vehicle.
What will your vehicle be used for?
If it is strictly for your business, what transportation needs does your company currently have?
Will you be simply using it to drive yourself to meetings? Or will it be used by multiple employees?
Will you be transporting potential clients as well? Or will it be used as a means of transporting your stock or goods?
All these questions are vital in deciding what type of second vehicle you should buy; be that a car, a mini-van or a larger vehicle.
Does your vehicle require any specific features?
If you are planning long trips or regular outings to places that you have not been before, then you should consider a vehicle with a satellite navigation system such as GPS; you don’t want to be late for any meetings or get lost when you are driving around prospective clients or suppliers.
Cosmetic features also play a significant role, especially regarding your brand appearance, as you don’t want to appear unprofessional. However, do not get too carried away with expensive accessories as you want your second vehicle to help you make money, not lose it.
Don’t forget the importance of safety features such as passenger airbags, you don’t want a lawsuit on your hands.
Would a multi-tasking vehicle suit you better?
Wouldn’t it be great if you could purchase a vehicle that could be used to improve your business and as a means of going on vacation? Well, you can. A motorhome or campervan can make the perfect mobile studio for an artist or a photographer, or as a mobile salon for a beautician, or even for a freelancer who wants to travel whilst they work.
Although there are many things you need to consider before you buy a motorhome, it is definitely an investment worth looking into.
Does the vehicle have good fuel economy?
A crucial element to consider, especially if your second vehicle is going to be used primarily for business or for long journeys. You may be able to justify a sports car with a massive engine for your own personal use, but that’s not the best option for a work vehicle.
Ideally you should look for a vehicle that uses between 5-8 liters per 100km or, at a push, 8-12 liters. There are also several ways that you can improve your vehicle’s gas mileage yourself.
Do you have the right insurance cover?
Business motor insurance is different to standard car insurance and you need to make sure you choose a policy that covers you adequately. Do not try and save money by cutting back on your insurance as you may not be covered for certain situations and you will end up out of pocket.
Make sure you are honest about who will use the vehicle; just you, other employees or family members, and if you are going to be transporting commercial goods.