OWN A TRUCK OR LEASE A TRUCK?

Don't-Buy-a-Truck

Rapid changes in technology today mean vehicles become obsolete more quickly. With leasing, trade cycles are shorter, and truck operators can upgrade to new technology sooner than if they owned their vehicles. This is a premium factor to attract new drivers and to retain existing drivers, who want new safety-related technology.

Today we will discuss more on– Why leasing is always beneficial than owning a new truck?

Owning a truck has its downside – always! Yes, initially it will serve its purpose, but will it match the demand for newer technology vehicles? Is it feasible to modify the truck as per the safety-related technology? I guess not.

There is a hidden cost in addition to purchase cost such as: –

  1. Big investment and liability
  2. On-going maintenance and repairs
  3. Hard to sell used commercial equipment and it depreciates fast
  4. Difficulty attracting and retaining drivers due to poor vehicles
  5. Downtime associated with maintenance

The freight business is continuously evolving, hence fleet owners must be up to date with the market requirements, current needs, etc.

Now let us talk about leasing, which will you give a whole lot of opportunities to expand your business, attract drivers, and retain your loyal drivers too.

Leasing a vehicle means you-

  1. Know your vehicle – exactly! This is an added advantage.
  2. Less maintenance
  3. Cost of entry is less
  4. Driver retention
  5. Grow faster in leasing
  6. Stay current on new truck technology

In leasing you have a feel for the truck, hence it is always recommended to opt for Leasing and be financially secure long term.

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This Post Has One Comment

  1. Michael Carter

    Hello,
    I am currently setting up my business which will be initially set up with one truck. Everyone is telling me to purchase my truck. This post gives me a good contrarian perspective that was not brought to my attention by others. I will investigate this option further. Thanks for the info!!
    Michael Carter
    Forward Logistics LLC

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