Purchasing a truck is a major decision that most people in business have to face sooner or later. When it comes to having to decide on whether to buy a new truck for your business or if it would be better to rent one, the biggest factor or question you have to answer is, will buying a truck be worthwhile, is it a good investment that will bring in more business or would it be just another expense that drags down your bottom line, because after all you’ll have to factor in costs for truck maintenance and repairs that can be provided by a diesel repair shop for example, or you’d have to spend more money hiring a personal team of mechanics for your fleet. There can be advantages to both buying and renting a truck.
Sure, it’s nice to have a brand new shiny top of the line truck to drive and just look at. The old silly old idea that if you look successful, then you will be, still sucks many people in The reality is that in business you need every dollar working for you and all decisions need to be based on value for money spent. Getting an older truck could help, and having a new bed cover installed by Peragon, or other firms, could make a better financial choice than a brand new truck in some instances.
You need to consider whether the truck will be working and earning so it becomes an asset and produce a net income or are you buying it for prestige and because you want it? If you’re planning on buying a truck instead of renting it, then you will be responsible for all of the repairs that it may need to have in the future. You may want to take it somewhere similar to this Houston Truck Service if you find that your truck may need to have some repairs completed. There are many truck services out there that can help you get your vehicle fixed so that you don’t lose any potential profits from being out of work.
If you make, one or two deliveries a day, then it is hard to justify spending $40,000 to $60,000 plus on a truck. If it runs all day and is delivering your stuff everywhere, then yes, it is working for you and is probably justifiable.
There are pros and cons to every business decision you will ever make and if you make them on emotive issues instead of factual realities, then you are like many businesses likely to fail, you may get stuck with a truck you cannot afford and do not need.
Here are some of the pros and cons of leasing, renting or owning a truck:
It all comes down to value for money spent. If you’re getting value, making a good return on the investment of owning the truck, then that is the best option. But if you don’t have enough work, then renting it when needed is a smart money saving business strategy.