Monkey Mag – International Lifestyle and Travel Blog

Is Renting or Buying a Pickup Better for Your Business

Deciding what to use for  your transportation can be a bit overwhelming. If you have visited a car dealership then you know how many options you have. If you are thinking about buying, you have to consider whether to buy new or used. What type of features do you want because that will impact the price? If you are thinking about renting, there are decisions to make with that too.  

house-1407562_640Purchasing and maintaining a pickup feels like a permanent life decision, but it is a very smart one when it comes to long-term savings and use. On the other hand, renting it allows you to save money on maintenance and is a smaller investment, so it sure sounds inviting, too. If you need a pickup for your business but cannot decide between buying one or renting one, this article should help you make a decision.

Rent vs. Buy a Pickup

If you purchase it, it’s yours even when you are done with the project you are working on or you simply decided to stop using it. Renting is much cheaper, but you’d still have to return the vehicle after the project ends. In the first case, you can sell the vehicle and return some of the investment, making the investment better for the long run. In the second case, you can save some of your limited budgets and rent a pickup for as long as you need it, without worrying about operation, insurance or maintenance cost.

Until there are robots or driverless vehicles available, you’ll need to either drive your work pickup or pay someone to do this. Gas and employee wages should be considered when deciding which option to choose from.

Damage to the vehicle is also a cost that both options share. If you damage the rented vehicle, you must pay the damages. If you damage your vehicle, you will once again have to pay to have them repaired. You will still need insurance, even if temporary (for the rental) in both cases.

However, wear and tear on rented vehicles is considered normal and the maintenance expenses fall under the obligations of the company that rents the pickup to you. When you have your own vehicle, you are obliged to take care of such expenses.

Even if you decide to lease a vehicle, you will be responsible for maintaining it until the contract period ends, even if you don’t decide to keep it. You’d also have to cover gas and employee expenses, as well as the taxes requested by your local government.

Basically, your decision should be based on two things:

  1. Financial Situation

It is very simple – if you don’t have the money to buy a pickup for your business, you should rent it. If you do, the smart thing is to invest in this purchase instead of wasting money to rent a pickup that won’t remain yours afterward.

Of course, you should take your budget into consideration carefully. You wouldn’t want to invest all your money into buying a vehicle and fail to cover the other expenses that are essential for the running of your business. Prioritize first – if you still have the money to purchase the vehicle, then buy it.

  1. Preference and Need

Even if you have the money, it wouldn’t be a smart idea to purchase a pickup if you need it for a very limited period of time. Used vehicles are sold at a much lower price, so you might lose a lot of money in the process. If you aren’t certain you will need the pickup for long or have a smaller project you need it for, renting is the better option.

Of course, it all comes down to preference. If you can afford it and want to drive your own pickup, are ready to cover all those expenses, you should definitely purchase your new vehicle.