VELO quizzed more than 300 executives taken from its own fleet of 50,000 managed vehicles to discover why they drove their particular company car and 47% said practicality was the overriding factor. In 62% of cases, performance was classed as 'vital' or 'very important' and a similar proportion said equipment levels were important.
More than twice as many respondents placed emphasis on style as those putting image at the top of their list of priorities. The research also suggested that comparison with colleagues' cars was the least important factor, and that executives do not display loyalty to any particular make with 75% classing it as unimportant in their choice.
A third of drivers surveyed said they chose the car themselves, but 6% had no influence on the decision and 3% said their partner decided. The survey also asked ex-company car drivers who had taken a cash alternative what prompted the decision. Most (48%) stipulated higher benefit-in-kind taxation, 12% said they preferred to benefit from the additional salary and 10% believed running their own car was more cost-effective. 50% said they weren't convinced the cash option was beneficial and were considering rejoining their car schemes, while 42% ran a second-hand car and 25% purchased their old company car.