Are you looking to replace Ol’ Betsy, but don’t want to pay an arm and a leg? Maybe your car broke down un-expectantly and repairs surpass the car’s worth. Even if you’re an entrepreneur looking for a cheap alternate way to buy a company car, here are a couple vendors to consider.
A Credit Union
Many banks and other financial institutions often resort to repossessing an automobile if the owner defaults on a loan. To salvage some of the loss, the institution may choose to detail and resell the vehicle. This can either take place in an auction or car lot setting. Please be aware that most cars are sold “as is,” so adequate prior research is optimal.
Since credit unions are owned by its members, the community, these branches can afford to sell at a lower price than some financial counterparts. Consequently, salesmen tend to be more open in negotiating a lower price. The branch may even offer attractive financing terms. If you are interested, visit www.repofinder.com, select your state, and choose from a list of financial institutions. A popular choice in Tampa is Suncoast Credit Union; we recommend your local credit union.
A Car Rental Agency
Another way to get a bargain on a used car is through a rental service company, such as Hertz or Enterprise. These companies are constantly buying updated cars for their services and need to rid of old equipment. Miles tend to be very high on these cars, but rental companies are typically proactive with vehicle maintenance. Be sure to check the company’s inventory on their website and research the market price of similar cars before traveling to the agency.
Finally, remember to consult with your CPA to discover any tax incentives and benefits associated with buying a new car and its sales tax. If you have questions on how to deduct your automobile for business purposes, contact your CPA.