My company recently decided to get company vehicles for the employees who need one. Although it's quite an investment, we've decided that the advantages far outweigh the disadvantages. Current employees and job applicants alike will be able to see the company vehicle as a job benefit, which can increase the retention rate. They'll also be able to use the vehicle for commuting, company errands, or as part of their daily duties, ensuring that they use their time efficiently. The higher-ups put me in charge of providing company cars for the employees, which leaves me with the question: should I buy a car or get corporate car leasing in Singapore?
Eventually, I opted to get a company car lease. Here are the three reasons I chose to lease a car rather than buy one for the company.
Lesser Commitment
When we were still discussing the possibility of providing corporate cars for the team, one of my coworkers pointed out that buying a car might be a detriment in the long run. After all, cars depreciate over time, so you'll never be able to sell them at the same price you bought them. Plus, not all employees can guarantee they'll stay in the company long enough to enjoy a car fully.
With a company car lease, we won't have to worry about any of these. Firstly, the monthly fee will reflect the current state and deprecation of the vehicle, guaranteeing a fair transaction each time. Plus, if an employee leaves the company, all the company would have to do is end the contract and return the vehicle. Then you can lease another one in case another employee needs one.
Eco-Friendly Cars
We pride ourselves in our commitment as an environmentally-conscious company, so knowing that there are eco-friendly options for our corporate car leasing in Singapore was relieving. These electric or low-emission vehicles can help lessen our overall carbon footprint, even as the employees use them for their daily workload or company errands. Getting a car that's energy efficient has become more accessible and less expensive, plus we're able to commit to our sustainable goals easier.
Fewer Worries About Maintenance
One factor that deterred me from buying a car was the maintenance. I'll have to carve out time from my schedule to keep up with the car's maintenance, cleaning, and any needed repairs. This arrangement won't do as I'm already busy with my workload, and the employee receiving the vehicle shouldn't have to worry about its maintenance either. Because of these factors, it was only fitting for us to get a company car lease with an accompanying maintenance package instead. Not only is maintenance taken care of by the leasing company's employees, but since the cost is already in the monthly fee, we won't have to worry about shelling out emergency money in case of a severe break.
Do you need a lease to own cars in Singapore for personal use or your company? Hertz Singapore has excellent deals for renting or owning a vehicle to ensure you're paying less for the car of your dreams. For more information on getting a company car lease, visit their website.