Around 35% of business travelers in the US prefer to use their own car for transportation, according to a study conducted by Rockport Analytics. If you travel a lot for your startup, that’s an option to look at beyond securing and using a company vehicle. But before you jump and use your personal vehicle for business travel, there are several considerations to keep in mind that my affect your decision.
Tax Deductions
The average cost of using a car rental for business travel is about $325 each day, based on the findings of the Corporate Travel Index. If the location of your business trip will take several days of driving, that cost can stack up. So why would using your own vehicle be better than that? For starters, the IRS allows you to deduct any expenses accrued during business travel. So if you use your personal vehicle to drive to long-distance conferences or to meet with clients, that falls under business travel. This equates savings for your startup.
Vehicle Condition
Is your personal vehicle in the right condition for prolonged drives? An average of 450,000 road accidents occurs each year because of poor car maintenance, according to the National Highway Traffic Safety Administration. So if your vehicle looks like it’s seen better days and it would cost way too much to get it back to its best running condition, you’ll need to consider your options. Ultimately, it would be in your best interest to take a look at getting a vehicle that can get you to your destination safely. Doing careful research into your different options can help you narrow down a brand new or used vehicle offering within your price range.
Road Effects
When you’re traveling for business, it is important that you arrive at your destination in prime condition. Traveling by car has one unfortunate side effect: fatigue. When you’re fatigued, you are not in the best condition to tackle swift business decisions. When you’re the head of a startup your “A” game needs to be on and fatigue isn’t something you can risk. If you would still prefer to drive, it is advisable to give yourself leeway to recover. For example, you can plan to arrive 12-24 hours prior to the start of a convention so that you may get sufficient rest.
There are pros and cons to utilizing your personal vehicle for business and it’s important that you think about them first. As a startup owner it’s best to make sure that it’s the best move for you personally and professionally. That way the next time you have a business trip, all you have to do is roll into your car and drive off in safety, economy, and comfort.
