Is it the right size and shape?
If you’re a builder, electrician or rural producer, your entire business operations may well rely on your vehicle. In this case, you may need a secure and covered vehicle with plenty of room for tools and equipment, organised and easily accessible for quick access.
Did you know that our Toyota Dealer can help plan the entire fit out of your vehicle? This way you can get on with your work, while we organise experts to create the perfect work vehicle for you.
Speak to our Toyota Dealer
Is driving your business?
For tour operators and private bus companies, your vehicle doesn’t just help your business, it is your business. That means the vehicle, fuel and upkeep could be tax deductible. Of course if you’re claiming tax deductions, it means you’ll have to keep on top of your records. Reading our guide for keeping track of tax expenses may help.
Vehicle costs vs running costs
The full cost of a vehicle doesn’t end with monthly repayments. You’ll also need to account for the insurance, repairs and servicing, maintenance and weekly petrol. These extra costs can have an impact on your cash flow, so ensure that you’re accounting for them.
But if your business uses passenger vehicles, like a Toyota Camry, Corolla, Yaris, RAV4 or C-HR you have the choice of a hybrid engine. Hybrids are cost effective to maintain, and competitive in terms of the total cost of ownership. Consider how much travel you’ll be doing with your business, then take a look at the Toyota Hybrid range to find out how much you could save in the long run.
Explore the Toyota Hybrid Range
How much will your vehicle be used for work?
It may be difficult to predict this, but this is a key question when it comes to the tax deductions you may be able to claim at the end of the financial year. Certain tax deductions will require the use of a logbook to prove the vehicle was used for work. If you or an employee plan to use the vehicle mostly for personal use, there may be better suited options, like a novated lease you could apply for when you purchase your business vehicle with your ABN.
To help you work out which form of financing suits you, have a read of our article, business vehicle finance, explained.
What’s your long term plan?
Is this vehicle just an interim plan, or will it serve your business for a long time? Remember that owning the vehicle outright may not always be the best option for your business. Certain business vehicle leases allow you to change the vehicle to a bigger or smaller option if things change, or simply cancel the agreement. Leasing, renting or hiring may also be better for cash flow, and small regular payments may suit you better than a big one-off payment. It also avoids having to calculate depreciation, which can get complicated.
We suggest reading our vehicle depreciation guide to get an idea of what this could mean for you..