The investment, part of the firm's policy of upgrading its cars every four years, will see it switch over from manufacturer Jaguar to Mercedes.
The firm, which turns over around £3m, has placed orders for three hearses and five limousines, with the first new vehicle due to arrive in June.
Noting that investment in cars accounts for the firm's biggest outlay after staff costs, Mr Maguire said of the move to make the purchases: "We're now in the middle of a £1m spend on a new fleet. We are rolling out new vehicles.
"We have dealt with different manufacturers but we like the job of the new E-Class Mercedes.
"We have Jags at the moment, but we are going on to E-Class Mercs. They look really smart."
Mr Maguire noted the funeral business is also currently investing £150,000 to give its 10 funeral homes in Glasgow a "house style", and further £100,000 in developing a bespoke software package.
He also refused to rule out adding to its estate of funeral homes, which currently number ten.
Mr Maguire added: "We are very optimistic that growth will continue.
"What we are doing is letting the last two branches which we opened in the last two years bed in.
"If an acquisition came up, and it was in an area we want to go into, we would have no hesitation."