Know Your Options – To Buy Or Lease A Work Truck?

Know Your Options - To Buy Or Lease A Work Truck?

Buy or lease? That is the question, isn’t it? When you’ve just started your new business, you need to make sure that every dollar is going exactly where it needs go. This can be tricky, of course, and it can be difficult. Especially considering that it may, at the time, seem better to take out a business loan and buy a truck. This is supposed to save money, but it may not, in the end. That’s because of things like interest rates and not knowing how your business is going to turn out. Sad to say, but it’s true. Things may change very quickly, and that purchase may have been for nothing.

These days, there are so many options that come with buying and leasing work trucks. You can lease a fleet of them for pretty cheap nowadays, and you can also buy a fleet of trucks for a good price. Of course, buying them is certainly a lot more expensive and far more costly down the line. And it also depends on the needs of your business. How many trucks do you need? How successful is your business right now? What exactly are you looking for? These are all very important questions to ask.

As a business owner, when you purchase a truck or fleet of trucks, that comes with its own set of risks and benefits. If you took out a loan, that becomes a liability. And all of the other costs are added to the balance sheet, along with the fact that your trucks have now become business assets. The other fact of the matter is, you may not actually have enough money to buy a very good truck. That may mean that the truck you buy will require a lot of maintenance and extra care, bringing a slew of scary costs that you may not immediately recognize.

Leasing a truck or a fleet of trucks may be the better option if you don’t have a lot of money upfront. At least, not enough money to actually purchase a good truck that doesn't have a bevy of problems. The benefits of using a company like, Flex Fleet Rental, is that you can rent the vehicle based on your needs, but they will even deliver the trucks to you and pick them up when you are done. No more spending tons of time transporting the vehicles to and from the job site.  When you lease a vehicle, those trucks don’t tie up all of your business capital in an asset that will, inevitably, diminish in value as time passes. You can lease good trucks for fairly cheap, and they’re often far nicer and attractive than used ones.

These days, simply due to the number of cheap and quick options, we’ve found that leasing is the best way to go. Especially during the initial startup phase where every dollar has to mean something. Every dollar needs to be going to something that is genuinely important to the business and towards furthering the aims of that business.

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    J December 2, 2019

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