When you are in the electrical business, you will need a truck or a number of them, depending on your company’s size. Before you go ahead and purchase the trucks, ask yourself if leasing could be right for you. Discussed below are some of the reasons why you should rent trucks rather than buying.
It Is Affordable
You do not need a huge amount of capital to rent a truck, unlike buying. Also, you can look into multiple financing options available for renting trucks. Another thing that makes renting affordable is the lack of hidden costs like taxes, overhead, towing, among other expenses. With less paperwork involved, you will have more time dedicated to your business.
Lower Maintenance and Repair Costs
Another benefit of renting a truck is that most rental companies offer maintenance programs for the trucks. Truck maintenance is not cheap. Tire manufacture companies often recommend rotating your tires in intervals of every 5,000 to 8,000 miles. Usually, truck tires are expected to last about 50,000 miles or more. Such maintenance work can be a lot which costs you time and money. However, with a leasing company, you get to enjoy fleet service since all maintenance and repair expenses are undertaken by the rental company.
Get More Efficient Trucks for Your Business
Manufacturers release new truck models with better features from time to time. This is one of the benefits you will enjoy with truck renting since leasing companies constantly update their inventory. You may get something with better gas mileage that will help you save on fuel. Another advantage is that you do not have to worry about wear and tear. After some time, when you buy a truck, it will wear out, and you will start making trips to the mechanic. However, when you lease, you can trade it for a newer model as soon as your term is over.
Lower Depreciation Losses
Every time you use a truck, it depreciates in value. However, when you lease, even as value declines, you will not be affected. The same cannot be said about buying a truck. And in case you do not hold on to it for long, you may incur huge losses when selling. On the other hand, since a leasing company purchases their trucks at a more affordable price, the depreciation cost, which is not significant, falls on them.
With the discussed benefits, you may consider renting a truck rather than buying one. There are many truck rental companies that you can approach. Go through a few terms and see which one is more suitable for your electrical business.