Owning a business has a lot of profitable benefits, and not many things can be compared with the joy of watching your business grow. However, it takes a lot of deliberate effort to run a business successfully, and one of the perks of being a business owner is that you are the sole decision-maker. But this quality can be a burden as much as it is a benefit because you alone are responsible for the consequences of your decisions as well.
One of the biggest decisions you may have to make as a business owner once your business becomes bigger is deciding whether to buy or rent a truck. This, however, depends on the type of business you operate, and you will have to make this decision if your business requires you to make delivery to customers. Indeed, buying and renting a truck both have significant benefits. Therefore, you will have to consider the most appropriate option for your business, depending on specific factors that will be highlighted in this article.
Why You Need A Truck
As earlier stated in this article, the necessity of a truck is very much dependent on the type of business you operate. But the benefits of having a business truck cannot be understated, especially when your business demands one. A business truck enables you to make deliveries and transport equipment from one workplace to another very easily. In addition to this, having a business truck guarantees a level of safety for your goods and services.
Pros and Cons Of Buying A Truck
Buying a truck is often considered the better option than leasing one, especially when you have an already growing business. However, you have to duly consider the pros and cons of your options before making a decision. Here are some of the most significant considerations to ponder upon before opting to buy a truck for your business.
Pros
- The truck automatically gets added to your assets.
- Saves you the burden of having to look for a truck to rent whenever you need one
- Can qualify you for an instant asset write-off from the government.
- You can get access to it whenever you want because it is always in your custody, as opposed to leasing.
Cons
- Initial payment for the truck is often larger and can be overwhelming
- You are responsible for the maintenance of the truck
- A truck is a depreciating asset, and the value can depreciate over time
- You bear all the consequences of any damage alone.
All You Need To Know About Rental Trucks
A truck rental may just be what you need for a business that is still up and coming. The processes involved in renting a truck for your business may differ, depending on the leasing company. Here are some benefits and drawbacks of renting a truck.
Pros
- You don’t have to pay a large upfront price
- You are not responsible for all maintenances
- You will not be required to pay tax for a rented property
Cons
- You may pay more than the truck’s value within a longer period.
- The truck you want may not be available when you need it
- The processes involved may be too much
Bottom Line
No automatic manual shows which option is better between buying and leasing a truck for your business. Hence, you are advised to weigh both options by considering their pros and cons and how they best fit your business.
Mobile Truck Rental also has moving accessories available, including trolleys, hydraulic lifts and rope to help make moving day safe and easy for you. For the best deal for moving truck hire, Contact us today.