Owning a car is a great thing, isn’t it? It shows off your standard, imparts a great impression of your personality on the minds of your colleagues, friends, etc. but many people also prefer having a company car instead. Why is that so?
Well let s learn something about the benefits and drawbacks of having a company car in this blog post.
Doesn’t it sound really great when your company offers you a vehicle? You look forward to it as a benefit. Of course, your own car would cost you government taxes and maintenance charges as well, which we often do not see in the case of vehicles offered from companies.
Many associations add this benefit either to attract the employees or to keep the current employee working dedicatedly for their company.
But it highly depends upon the rules of your office, whether they allow the car for personal use as well. This we think, is the biggest disadvantage of the offer as for one would prefer cash instead of a car allowance which comes with this condition. Whether your company provides you with fuel charges or not is yet another issue.
The greatest benefit an employee finds in having a car allowance is that, he can step aside those huge car expenses, which would otherwise eat up all his savings. However, some companies may set up eligibility criteria for providing this attractive benefit to its employees.
But many people see it as a total loss, for of course, the car allowance is going to somehow be adjusted in your pay.