If you’re a Company Director, you have to drive a nice car. It just makes sense. Not only will it make you look good and shows that your company is doing well, but you also deserve to drive a nice car.
However, there are quite a few nice cars on the market. And there are a lot that are perfect for Company Directors.
So, which one do you go for?
In this article, we look at the top cars for Company Directors.
BMW 5 Series
BMW’s make perfect company cars, and the 5 Series makes the perfect car for a Company Director. It’s pretty efficient and it won’t cost you too much in company car tax. It’s also great to drive, and is beautiful to look at. Of course, it’s a BMW so you know you’re going to get a classy interior and exterior, as well as a good amount of standard equipment. You can’t beat BMW when it comes to quality company cars.
Okay, we said BMW can’t be beaten when it comes to Company cars, but Audi come close. The A6 is practical, fast and powerful. The entry level model achieves 0-62mph in 8.7 seconds and the fastest model takes just 5 seconds. It’s sleek and makes a great executive car. The A6 comes with 17” alloy wheels and also comes with an SD card based Satellite Navigation, four-zone climate control and a leather interior. There are three engines to choose from including a 3.0 litre BiTDI quattro.
If you want something a bit different to the German big hitters, then the Jaguar XF is perfect for you. The new model is lighter and leaner but is bigger inside than its predecessor. It also comes with more engines, including a diesel. The new XF looks executive and it drives well, perfect for those who travel frequently. It’s a great car for a Director and is something a little bit different.
Again, this car is perfect if you want something executive, but a little bit different from the norm. Lexus are one of the more underrated luxury brands, in my humble opinion, and there is no reason why they should be. The GS is stylish, well-built and drives well. It also comes in hybrid form and the GS won’t disappoint when travelling to meet clients. Being environmentally conscious is in, and so is low Company car tax.
Mercedes are another popular company car brand and with good reason. Their cars are stylish, well-built and are extremely popular. The E-Class is a luxury saloon that will look good being driven by a Company Director. This also comes as a plugin-hybrid. Again, great for the Company’s image, your environmental footprint, and low company car tax. If a plugin-hybrid isn’t for you, you can choose from a variety of engines, including a V6 model.
Range Rover Evoque
While it might not be your first choice as a Company car, we think it should definitely be considered. The Range Rover Evoque is a hugely popular car, and there’s no reason it can’t be used as a Company car. Range Rover go above and beyond when it comes to comfort, with the option of 14-way electric front seats with memory and massage function. It also beats many cars on interior design, with Configurable Ambient Interior Lighting. It also comes with heaps of technology and two different infotainment systems to choose from. The infotainment system can even find a parking space or track a stolen vehicle for you.
Tesla Model S
Again, this might not be your first pick as a Company car, but hear us out. The range on a Tesla is better than any other electric car, practically erasing range anxiety. It’s also incredibly sleek and stylish, and fast. It’s fully electric which means it produces no emissions and therefore you pay nothing in Company car tax. Also, they aren’t common enough for people to ignore them. If you’re in a Tesla, you’re bound to turn heads, and for good reason.
What are the different types of business leasing?
So those were our top cars for Company Directors, what sort of business leasing is available to you?
There are three different types of business finance; Business Contract Hire, Business Contract Purchase and Finance Lease.
Business Contract Hire is the most popular form of leasing and is what most people are talking about when they lease a car. With a Business Contract Hire, your business makes monthly payments for a car for a set period of time. Once that time is up, you hand the car back with nothing more to pay (subject to mileage and condition). It’s as simple as that. You can watch our Business Contract Hire video below.
Business Contract Purchase, however, is slightly different. It is the same for the duration of the contract, but once the contract is up you have three options;
- Hand the car back with nothing more to pay
- Subject to mileage and condition
- Part-exchange the car (you will still have to pay off the future value)
- Purchase the car for the pre-agreed value
- This is called the minimum guaranteed future value and we have an article on that here.
You can watch our video on Business Contract Purchase below.
Alternatively, you could look at Hire Purchase or Hire Purchase with Balloon, as they are also available for businesses. A Hire Purchase is where you simply pay a fixed monthly fee for a set period of time and then at the end of the contract, you own the car. A Hire Purchase with Balloon is very similar except you have a larger payment at the end. You can watch our video on Hire Purchase below.
Or, you could look at Cash Purchase. This is where you simply buy a car outright with cash.
And finally, you have Finance Lease. This is the better option for those whose vehicles are doing excessive mileage or are going to be suffering from more than fair wear and tear. It’s also great for those with things like refrigeration units etc.
Finance Lease works the same way as the others in that you pay a monthly fee for a vehicle. However, before your contract starts, you and the finance house agree on a final payment at the end of your contract. Once your contract is up, you will have to pay that final payment off. You can do this by selling your car on and using the money to pay off the payment. Alternatively, you can pay a ‘peppercorn rental’ which is usually one monthly payment, and continue with your contract for another year. However, you will have to pay off the final payment at some point. You can watch our video on Finance Lease below.
So those are our top cars for Company Directors, and the different lease and finance options available to you. Of course, these aren’t the only options available to you, but they are our top picks. You can look at what else we have on offer using our search function below.
- Benefits of business car leasing - 13th April 2021
- Things businesses should consider before hiring a Fleet Manager - 12th April 2021
- Tax benefits and implications of business car leasing - 8th April 2021