Driving for both work and in your personal life can often require you to own two vehicles. If you have to keep both of them at home, this can be pretty inconvenient. Even if you keep one vehicle at work, you then have to drive to work and switch vehicles before swapping back at the end of the day. If this isn’t a very convenient option for you, you might consider buying a vehicle you can use for both work and personal use. It’s a particularly useful option for sole traders and business owners who are in charge of their own work vehicles. Consider these points if you’re going to buy a vehicle for both work and your personal time.
Understand the Tax Implications
One thing to think about is the tax implications of using a vehicle for both work and personal use. If you’re an employee, you might be able to claim expenses for the mileage that you use on your personal car. If you’re a sole trader or you own a limited company, the money you spend on your vehicle can be claimed as expenses too. You could buy a vehicle through your limited company, although whether it’s tax-effective can depend on what type of vehicle it is. Buying a van through your company could be a better decision than buying a car.
Think About How You’ll Use Your Vehicle
You’ll need to think about how you will use your vehicle to decide whether it’s smart to buy one to use for both home and business purposes. If you want a van to use for work but then you also need to drive your family around, it’s probably not going to work as a dual-purpose vehicle. If you simply need a vehicle to drive, without the need to carry any heavy loads, you can probably find a car that works for both personal and work purposes.
Consider the Practical Issues
There are various practical issues to consider before buying a vehicle for both work and casual use. For example, you’ll need to think about how much passenger space there is, fuel economy, and even the size of the vehicle, and how easy it is to gain access to different places and to park. If you’re looking at used vans to find the right purchase, you’ll need to consider that driving a van can limit your access to certain places and it affects maneuverability too. Think about how much storage space you need and how much effort it takes to maintain the vehicle.
Insure Your Vehicle Properly
If you do decide to buy a vehicle that you can use for work and in your personal life, you need to make sure you insure it properly. You need to have business insurance if you’re using your vehicle for work, unless you’re only using it to commute to work. Get some quotes to compare prices and find the right policy.
If you’re thinking of buying a vehicle for both work and personal use, consider the issues involved before you make your purchase.