For companies playing in the big leagues, the kind of cars that the CEO and his business executives drive matters — a lot.
In a way, these people are the face of the company and, as such, must project the right image. They should appear to walk the talk and thereby inspire investor confidence.
For that reason, most businesses make a point of acquiring or helping their top management acquire suitable cars befitting of the company’s image.
When undertaking this all-important exercise, you must bear several factors in mind. Not only must the car be functional, but it must be an economically viable purchase for the company too.
In this breakdown, we look at the key factors you need to consider when acquiring an executive car.
Whether you are looking to rent an executive car, the safety features included in the vehicle are paramount.
Some of the invaluable safety features you are likely to find in some models include adaptive cruise control, which ensures that the car stays at a safe distance from the vehicle in front.
Some vehicles also have automatic braking and collision warning systems to alert the driver of potentially hazardous collision zones.
Others may feature automatic adjusting headlights, which ensure proper illumination even when moving uphill or around bends.
There are also cars with lane centering and lane departure warning systems to guide the driver when driving.
The safety features in a car can tremendously reduce the number of accidents to which the vehicle is exposed.
When going for an executive car rental, check the company’s fleet. Does it seem well maintained? Do the cars come with comprehensive insurance cover?
One of the reasons that companies acquire executive cars for their top employees is to ensure talent retention. In this regard, executive cars come as an added perk for working for that particular company.
Consequently, the car you choose to buy or hire will need to appeal to the user. In that case, the level of comfort that the vehicle offers is vital.
It should render an enjoyable ride or driving experience. That is more so for executives who tend to be on the road a lot.
The Mercedes Benz A-Class is a perfect example of an executive car with unbridled comfort features.
Among the car’s features are ventilated and heated front seats, ambient interior lighting, automatic climate control, remote button start, and adjustable power seats.
The car also offers a quiet ride even on the highway and a responsive suspension system for added comfort when going over bumps.
When shopping from a dealership, a test drive will enable you to evaluate the level of comfort that a car offers.
Bearing in mind the amount of cash at your disposal, get numerous price quotes from several dealerships. That will ensure that you secure the best car for your needs at the most competitive price.
Also, where the car is needed for a limited period, consider whether a car rental is better than purchasing.
With a car rental, you get the same benefits without impacting your company’s budget too heavily.
That is a critical factor when securing a vehicle for temporary executives, such as those who work on contract.
While contemplating the budgetary aspect, you might also consider the dealership or rental company in question.
What do their products include? Do they come with a warranty? In the case of a rental, whether there is an indemnity cover in place is equally important.
In the case of a purchase, budgetary considerations should also include the car’s post-acquisition maintenance and service costs. Always aim for a car that is relatively easy to maintain and service such as the Camry.
4. Acquisition process
Since a car is a depreciating commodity, how we choose to acquire it has financial implications beyond the purchase price.
Those implications come to the fore when acquiring the vehicle through hire purchase agreements or loan arrangements.
In such cases, the buyer must be careful lest they wind up paying more than the car’s worth. Experts suggest that the best loan repayment period for a vehicle should not exceed three years. Otherwise, the interest accrued might push the price up to and beyond the car’s fair value due to depreciation.
Another essential issue to bear in mind with dealerships is whether or not they offer trade-in options. These might come in handy when you eventually need to upgrade to a newer model.
On the other hand, car rentals do not expose you to the ravages of depreciation. If anything, you get a new vehicle with every lease and only pay according to the car’s worth at that particular point in time.
With leases, aside from the car selection, the most important decision you will need to make is the choice of Rental Company. Once you have a reputable car hire with a dependable fleet, you are good to go!
For most companies, executive cars need to exude a severe corporate image. Here, the styling and brand of the vehicle come to mind.
However, a lot will also depend on your type of enterprise and the executives’ age.
Are they young people who need fast cars or an older generation who might lean more towards conservative models?
While the choice of styling is subjective, knowing the users’ general preferences is essential.
The image that the company wishes to put forward is just as critical. Most companies that want to appeal to an opulent and lavish client base go for equally decadent and expensive brands.
Similarly, businesses that wish to appeal to environmentally conscious consumers might want to go for executive cars with a low carbon footprint.