3 Reasons Why You Should Invest In A Reliable Commercial Vehicle Singapore For Your Business 2024
Entering the workforce, the term “commercial vehicle” can be unfamiliar to many. Essentially, a commercial vehicle is usually owned by the company and is used for business purposes. Such purposes include the transportation of items, employees and meeting clients.
Depending on the situation there are 4 main types of commercial vehicles used in Singapore.
Types of Commercial Vehicle | Weight Limit (kg) |
Light Goods Vehicle (LGV) | 3,500 |
Heavy Goods Vehicle (HGV) | 16,000 |
Very Heavy Goods Vehicle (VHGV) | Above 16,000 |
Goods-cum-Passenger Vehicle (GPV) | 5,000 |
There are several critical steps to buy commercial vehicles in Singapore, as such it is important that the company invests in a reliable commercial vehicle since it can provide several benefits. A reliable commercial vehicle allows the company to expand their business venture, cut down on cost and gain insurance that can greatly benefit the company.
Buy New Commercial Vehicles in Singapore
1. Expand Business Ventures
For businesses that heavily relies on transportation for their operations, having a reliable commercial vehicle will greatly increase the success of their business venture.
Firstly, a reliable commercial vehicle has a lower chance of breaking down that will require repairs, saving time and money. This allows the business to have consistent transportation that is capable of meeting delivery schedules.
With an improved efficiency, customers’ satisfaction and loyalty towards the company will be greatly improved. Plus, if the product or service is in good condition, it helps to improve the reputation of the business. A high reputation will allow business to attract new customers and opportunities as the business grows.
Nevertheless, a growing business will require good customer service. By acquiring a dependable commercial vehicle, the business is able to improve their planning and complete delivery on schedule. As such, businesses will be able to provide a customer with a more accurate delivery estimate and immediate response for customer needs.
Furthermore, the company can gain a competitive advantage against other competitors since a trusted commercial vehicle increases productivity of employees, enables greater flexibility and adaptability, reduces risk of accidents and legal issues, and allows scalability.
2. Cut Down on Cost
Be it cheap commercial vehicles for sale or an expensive pickup truck, a business should instead rely on a dependable commercial vehicle that suits their needs as not only will it expand the company’s business ventures, but it can also help cut down the cost, saving money for the company.
Since a sound commercial vehicle has a lower chance of breaking down, the amount of money spent to maintain and repair the vehicle is greatly lessened. Moreover, a good commercial vehicle will have a longer lifespan and consume less fuel compared to its counterparts. As such, with a well grounded commercial vehicle’s low maintenance and longevity, businesses will be making a long-time investment in a service that pays off over time.
3. Insurance Benefits
By owning a reliable commercial vehicle, the company is able to expand their business ventures and cut down on cost, both of which contributes to the business gaining a potential insurance benefit like a discount. Nevertheless, to gain such benefits for the commercial vehicle, the insurance company will often consider the vehicle’s safety and reliability. As such, having a well grounded commercial vehicle contributes in:
- Lowering Insurance Premium
- Lowering Frequency of Claims
- Improving Resale Value
- Qualifying for Risk Management Programs
As insurance companies generally prefer a commercial vehicle that is safer and less likely to encounter major incidents, a sound commercial vehicle may enable the business to qualify for lower insurance premiums. On top of that, with its safety feature, not only does a good commercial vehicle meet the safety standards, but it increases the chance of the insurance company to offer discounts and lower insurance premiums.
In fact, as a reliable commercial vehicle is less prone to breaking down and expensive repairs, the frequency of claims will be lowered. Additionally, with the low frequency of claims, it builds up a favourable claim history. In fact, when insurance companies are determining premiums, having a favourable claim history will contribute to lowering the cost of premium over time.
As previously stated, a dependable commercial vehicle will often retain a higher resale price. Therefore, in a scenario where the vehicle is lost, the payout provided by insurance may be considerably higher for a reliable commercial vehicle. This payout can be capable of assisting the business in recovering more of its initial investment placed into purchasing the vehicle
Finally, having a reliable commercial vehicle can qualify the business the option to apply for a Risk Management Programs concerning safety and loss prevention. For instance, by showing commitment in maintaining a light commercial vehicle, it is possible for the business to be qualified to attend risk management programs. Plus, by allowing the drivers of such vehicles to attend the programs, businesses can ensure the insurance companies that their driver is capable of promoting safe driving which reduces the risk of accidents from occuring.
In conclusion, for businesses that focus on transportation for their operations, buying a reliable commercial vehicle can help to expand their business venture, save money on maintenance and investments, and gain several insurance benefits. Therefore when a business buys commercial vehicles in Singapore, ensure that the vehicle is reliable, otherwise the business would be making a loss.
