Whether you are starting out as an owner-operator or a fleet business owner, nothing is more important than your commercial vehicle. You need the right vehicle to help build your business. That being said, many prefer to lease vehicles while others want to own them. There are many reasons for both.
Here are the reasons why you may want to buy a commercial vehicle instead of leasing one.
You are in control. When you own the vehicle, you are in control of everything. You can decide how much they are used and where they go. If you have a lease, you might be limited in the mileage that you can put on them.
You are also in control of the maintenance. You can do as much or as little as you want, though the more that you do, the better off your vehicle will be. A well-maintained vehicle will last for years!
You may decide that you don’t want the vehicle anymore, but there is nothing that you can do about it. When you have a long-term lease, you may find yourself ready to move on before your lease it up. You are going to have two choices. You can either break the lease (and pay for it dearly) or you can wait until the lease has run out.
Leasing doesn’t allow you to build up equity. When you pay your loan monthly, you are building up equity. When you go to sell it, you will be able to get more cash in your pocket because you have worked on paying it off. When you have a lease, you are paying money every month but it isn’t really helping you financially.
Most people prefer to buy a commercial vehicle so that they can have control. They can drive it as much as they want and do the maintenance that they want. It also helps you to build up equity as you work to pay off the truck.
Don’t hesitate to contact us for all of your commercial truck insurance needs. We offer insurance for commercial trucks in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa, and Nebraska.