Most people see getting a company car as a real bonus to their job and a perk that is worth quite a bit of money, however before agreeing to take a car through the company it’s vital that you read through any agreements to check that there are no downsides to the contract.
The usual perks of having a company car is obvious, brand new car, usually from a range that you would not normally be able to afford, hassle-free set up of an all-inclusive tax/insurance/breakdown package and getting to drive to and from meetings in comfort. The cons though are often somewhat overlooked, so here are some points to consider before signing on the dotted line-:
- Check the term of the agreement – most are 2-4 years but can vary.
- Check about any early termination charge – these can be imposed if you leave the company before your term on your lease is up.
- Ask about damage re-charges as these can be very hefty and ensure you clarify exactly what the company class as ‘fair wear and tear’.
- Verify the wait time that is expected on ordering your vehicle as some cars are built to order and can take months to arrive once ordered.