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Seven Benefits to Renting VS Buying Trucks

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Although many who work in the trucking industry prefer to own their vehicle, it may be hard to purchase your truck outright.

Renting VS Buying Trucks

Instead of rushing to obtain a loan, you may want to think about renting a rig.

Renting a truck is akin to renting a place to live. When you rent an apartment, you pay your landlord monthly and in return you’re given somewhere to call home. Your landlord will take care of any maintenance issues like broken heaters and leaky faucets, and should you need to move out, will provide you with a reference. When you rent a truck, you’re basically renting an apartment with wheels you will use for work.

Here are seven benefits to renting vs. buying trucks:

  1. If you buy a truck outright, you’ll need to come up with a large sum of money. If you take out a loan you could be faced with exorbitant payments. When you rent, however, you’ll only have to deal with monthly payments in the amount that you have set with the company you are renting from. Most leases last from 3-5 years.
  2. Monthly rental payments are usually lower than loan payments. Depending on the terms of your lease or rental agreement, you can set the pricing.
  3. You don’t have to purchase the truck at the end of your lease. When your lease is up, you can give the rig back and commit to a new model.
  4. Resale value is not your concern when you rent a truck. If you purchase your own truck you will have to consider its resale value. However when you rent a vehicle, you can return it once your lease is up and be done with it.
  5. Technology within the trucking industry is forever changing. If you rent you can easily upgrade to the newest technology without worrying about devaluing the vehicle.
  6. Renting can lower maintenance costs. Some companies will roll the cost of upkeep into your monthly payments or even offer a certain dollar amount or distance amount for free. When you own a vehicle, more often than not, you will spend more than you’d like on maintenance.
  7. When renting a truck, a down payment may not be required. Certain companies only require a damage deposit that will be returned to you when the terms of your lease are completed; baring the vehicle has not incurred any damages.

Think about both your long term and short term goals when renting a truck in order to better decide what option would be best for you and your business.

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