There are approximately 3.5 million truck drivers in the US, and each of them requires a vehicle to deliver their goods. This highlights the high demand there is for quality work trucks for businesses.
But should you buy or lease a work truck? This can be a big decision, and you’ll want to know the advantages and disadvantages of each option before you part with your money.
That’s why we’re going to take a look at several key factors to help you decide which one could be right for your company.
Keep reading to learn more.
When you are in need of a commercial vehicle, the last thing you want is to have to pay a hefty upfront cost. Buying a vehicle outright can require a considerable investment, and it could represent a much higher fee than you would prefer to pay. In contrast, leasing can allow you to spread the cost over a longer period.
When deciding on the best option for your requirements, it can help to consider your financial circumstances. This can make it easier to determine which choice will be most suitable for your business’s needs.
2. Truck Maintenance Support
When you are using work trucks each day, they could experience a significant amount of wear and tear. If you have bought a vehicle and have to pay for the upkeep of these trucks, this could quickly drain your fleet management budget. However, if you lease a work truck, you may be able to benefit from a vehicle maintenance plan to help you keep your trucks in the best possible condition.
3. Fleet Upgrades
Manufacturers could release new work truck models that are more efficient and have features that would be useful for your business. If you are on a short-term lease plan, you could potentially upgrade to these types of trucks earlier than if you have used your budget to buy a truck.
If you’d like to learn more about leasing top-quality work trucks at great prices, contact this Ford fleet dealer.
4. Depreciation Costs
When you buy a work truck, it could depreciate quickly, especially if you cover a lot of miles. However, if you have leased your vehicle, you’ll be giving it back to a dealership, allowing you to avoid losses from depreciation. This could save your business a considerable amount of money.
Decide if Buying or Leasing a Work Truck Is Right for Your Business
It’s important to take your time when deciding whether to buy or lease a work truck. While you may have the budget to afford to purchase a truck outright, you might prefer to lease and return your vehicle to the dealership after a certain amount of time.
Leasing may also allow you to upgrade your trucks more quickly, and you could benefit from a vehicle maintenance plan to help look after your truck.
If in doubt, you may want to speak to a dealership that can help you understand your options in more detail.
While you decide whether to buy or lease a work truck, check out more of our helpful blog posts.