The production of commercial vehicles has seen an exponential boom in recent years. Since 2010, production has jumped from around five million units to over 8.5 million in 2018. Millions of companies utilize commercial vehicles for their businesses; however, there is still debate over the benefits of leasing versus owning.
Different businesses have different needs and for some work truck rentals and fleet services will be more financially opportune than owning individual vehicles. To get a better understanding of which is better for your business, here is what you need to consider.
The Power of Leasing
Renting from a fleet service has several benefits that traditional buying can’t provide. In terms of economic obsolescence, which looks at how many years a truck can be operated, renting from a fleet service provides more opportunity. For instance, when vehicles reach their tipping point — the point where maintaining them becomes more costly — they will need to be replaced with a newer, more efficient model. However, if you’ve purchased the vehicle, this means trading in your old vehicle for a fraction of what you bought it for and spending more money on a newer model.
Leasing, on the other hand, provides a much greater level of flexibility that allows for greater access to newer vehicles. This can mean a lower cost of ownership, heightened safety, and better retention of drivers.
Leasing fleet services can also provide additional benefits that you would otherwise have to pay for separately. This can include upgrades, washing, repair, servicing, replacement, and compliance management. Services bundled together in this way can help ensure that nearly all of your commercial vehicle needs are combined into a singular solution.
A Reliable Maintenance Network
Maintenancing your trucks is another benefit that leasing can provide. Without the proper upkeep, you could see lowered fuel efficiency, increased emissions, and greater costs of transport. However, by having your fleet service maintain your trucks regularly, you can help keep your leased vehicles in the best shape possible. This way, you know you are getting the repairs and maintenance that you need, without the hassle of having to find your own reputable outside services.
All commercial trucks should be regularly maintained by professionals to ensure they perform as optimally as possible. When kept up properly, you can expect lower costs overall and a lowered risk of breakdowns or safety hazards.
A Good Option for Commercial Vehicles
Renting vehicles from a fleet service gives businesses better access to new technology and professional maintenance. It can also help cut back on costs associated with third party repair and replacement. With new technology becoming available more rapidly than ever, leasing has continued to rise as one of the most cost-effective methods of utilizing commercial vehicles.
If your business is in need of new commercial vehicles, consider speaking with a leasing service to see what options may be available to you. You can also ask about bundling options for even more savings and flexibility.