If you need a van for your business, there are plenty of different options to choose from. With substantial growth in people who require and rely on a van for the work that they do, the number of vans selling in the UK is also on the rise. As with purchasing any new vehicle, buying a van is a very important decision, especially when your livelihood relies on it. There are a lot of factors to take into consideration, and the wrong move could hurt your business. So, what should you think about before buying a van for your business?
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New or Used?
One of the first questions to ask yourself when buying a new van is whether a used van will be sufficient for your business needs or if a brand new van is needed. A new van will come with a lot of pros including the latest technology, higher mechanical reliability, and a longer warranty if anything goes wrong with the van. However, it will likely cost you a lot more compared to a used van and can depreciate very quickly from the moment you drive it away. On the other hand, buying a used van such as a used Ford van Liverpool from John Charles Motor Group can be a great way to save money, but you will need to approach buying the van with more care.
Claiming Your Van as an Expense
Your van will usually be a significant investment in your small business, but the good news is that if you are using it solely for work purposes, you can get some tax advantages. You can claim the cost of buying your van against your tax bill. Your new business counts as a capital allowance and unlike cars that are used for business purposes, vans qualify for the annual investment allowance, allowing you to deduct the full value of your van from your profits before submitting your tax return.
Where to Buy a Van
Where you decide to buy your new van will depend on several factors including whether you decide to go for a brand new or a used van. A new van can be bought from local dealers, manufacturers, or showrooms, while you can get used vans from private sellers, local dealers, and online. If you decide to buy a van from a private seller, always be careful and make sure that you have seen and carried out checks on the van before you buy it. It’s a good idea to take somebody knowledgeable about vans with you to see the van beforehand.
Before buying a van for your business, it’s important to first consider exactly what you will need from your van along with the scalability of your business. If you plan to grow your business in the future, which might require transporting more items in your van, for example, then it’s worth going for a bigger model that can grow with your business.
