Top Benefits of Renting a Truck vs Buying a Truck
Top Benefits of Renting a Truck vs Buying a Truck
Posted on November 5, 2021
Many drivers who work in the trucking industry often come up against the age-old question: should I buy my own truck? While many prefer to own their own vehicle, it can be difficult to purchase a truck outright. It is often also the wrong decision.
There are many benefits of renting a truck vs buying a truck, including the cost, the changing technology, the prospect of switching careers, and more.
Cost
Vehicles cost money, and even just entry-level full-size pickup truck can cost more than $30,000, not to mention the cost for moving trucks, deck trucks, or whatever specific type of vehicle a professional driver needs. It is an expensive proposition to buy a truck, and drivers often cannot come up with enough cash to purchase outright and a loan could leave drivers with exorbitant payments.
With renting or leasing a truck, drivers only have to deal with monthly payments in a set amount from the rental company. Depending on the terms of the lease or rental agreement, drivers can work with the company to set the pricing.
Resale Value
Another benefit that ties in with cost is resale value. Drivers who lease or rent a truck vs buying a truck never have to worry about the resale value. They do not have to weigh the pros and cons of not having a monthly payment with the need for newer technology or a different truck type.
Latest and Greatest
At the end of the lease or rental term, drivers do not have to purchase the truck outright. They can simply turn the truck back in and commit to a new model. This allows drivers to continually be outfitted with the latest and greatest in trucking technology, keeping them ahead of the competition.
This is true in terms of technology as well. Technology within the trucking industry is continually changing. When buying a truck, drivers are often stuck with that vehicle for many years due to depreciation and/or falling resale value if the technology starts to become obsolete. If a driver rents, they can easily upgrade to the newest technology when their term is up.
Lower Maintenance Costs
Renting can lower maintenance costs as some companies will roll the cost into your monthly payments or even offer free maintenance up to a certain dollar amount or distance on the odometer. Maintenance is a continual worry for those that own their trucks outright.
Consider Your Goals
Drivers should consider both their long-term and short-term goals before making a decision on renting vs buying a truck. They should choose the option that is best for them and their business. However, renting does offer many advantages of buying for those that need to save money, not worry about maintenance costs, and get a new truck every few years to keep up to date on the technology.
Renting vs buying a truck for work is a very personal decision, and drivers should consider all angles before deciding which method will help their business grow faster.