Securing a lucrative fleet is one of the biggest investments any business can make. So, it makes sense that you want to get the most bang for your buck. However, purchasing the vehicles is only half of the process; you must also consider what type of vehicles you need for your fleet. In this post, we’ll be discussing what new business owners need to know before shopping for fleet vehicles.
Consider Your Niche
The niche of a business plays a significant role in many processes, and establishing a fleet is certainly one of them. If your business is all about delivering products, then you would need small and compact vehicles. If your business delivers to supplies to stores, then you would need an 18-wheeler.
Think About the Overall Cost
You’re going to be spending thousands on these vehicles. However, you don’t want to spend more than you can afford. Furthermore, the initial cost of the vehicles themselves isn’t the end of it. There are additional expenses you need to consider as well. There’s one expense we need to go over: fuel.
The price of fuel can really eat away at your budget. Even if your fleet drivers know the quickest routes to their destinations, fuel can cost you hundreds per month. Did you know that companies with fleets spend almost 25 percent of their revenue on fuel alone? A fantastic way to save money on your fleet is to purchase electric vehicles (EVs). Electric vehicles are considered to be a cleaner and cost effective method of sustainable transportation. In addition to reducing your carbon footprints, they can also cut down on your fleet operating costs as well.
Don’t Forget to Look at Used Vehicles
You might be thinking that since you’re going to be spending a fortune anyway, you may as well go with a new one. However, you shouldn’t underestimate the value of used vehicles. A quite common misconception is that used vehicles aren’t in the best condition and cost you more money due to needing repairs. The thing is, used vehicles can be just as valuable as brand-new ones. While you obviously need to have them checked for any lingering issues, you can save money by shopping around for used vehicles. There’s no need to buy the latest models, especially since they’re more expensive than the average vehicle.
You Need to Have Fleet Insurance
No matter what vehicles you have in your fleet, it’s critical that you place them on a fleet insurance policy. Fleet insurance is almost no different from standard auto insurance. The only real difference is that you can put multiple vehicles on a single policy rather than having multiple policies. This insurance can protect you, your drivers, and your vehicles in the event of an accident. More specifically, fleet insurance covers both bodily injury, property damage, and even combined single limit (CSL). Keep in mind, however, that not every state has the same regulations and requirements. You must review your state’s guidelines before proceeding.