Do you run a business and need at least one reliable work truck but can't afford to buy one? If so, you're not alone. Surprisingly, about 90 percent of business people are unable to pay cash for a commercial work truck. That's why more and more fleet managers are leasing, rather than buying their trucks.
Here are some reasons for leasing a commercial work truck, along with some considerations and warnings.
What Is a Work Truck?
Work trucks aren't the same as regular consumer pickup vehicles. For example, a work truck weighs more than a regular pickup truck that's designed for hauling both cargo and passengers.
In fact, these commercial vehicles have a gross vehicle weight that ranges from 8,500 pounds to 10,000 pounds. They normally have the largest engine available for the grade of the truck.
Consider the Advantages of Leasing a Commercial Work Truck
There are several benefits for leasing over owning a commercial work truck.
1. Advanced technology: A huge benefit of leasing a commercial work truck is that these vehicles are equipped with the latest technology. What's more, they have the most advanced safety features you can find today.
2. Less wear-and-tear: Furthermore, leased commercial work trucks don't have as much wear-and-tear as fleets that are purchased since they are not kept on the roadways as long.
3. Affordability: Maintenance and repair expenses are included in a lease, which helps in saving you money from costly repairs that may be eventually needed. Thanks to your leasing agent, you can save time because your leasing agent handles all those tasks linked with maintaining a commercial work truck.
4. No commitment for upfront costs: Another perk to leasing a work truck is not having to commit to the upfront expenses that people have to make who purchase a commercial truck. Thus, you can have more available cash to put back into your business.
5. Not having to worry about licensing and inspections: With commercial truck leasing, you don't have to be concerned about licensing, reports and worrisome inspections that comes with owning a work truck. It's your leasing company who's responsible for ensuring your truck is updated on all the required licenses and that the truck is DOT (Department of Transportation) compliant. The cost of the lease covers this.
Other Considerations and Warnings
- Compressed air is used on many commercial work trucks to power pneumatic equipment, such as pumps, tools and special implements.
- Often, a stand-alone compressor that's powered by a diesel or gas engine supplies pneumatic power. This can consume a significant amount of cargo space as well as add about 350 lb. to the gross weight of a vehicle, which impacts fuel economy.
- Ensure that a lease term isn't too long.
- Ask what occurs when the lease ends.
- Be sure to ask about the conditions involved if you have to get out of a lease.
- Usually, a commercial truck lease is from three to five years.
- Consider how your commercial work truck will be used. For instance, if you're a small business owner or a farmer who uses minimal mileage, a used truck may be your best choice.
- But if you have a high-volume fleet operation, you're probably better off leasing a new truck.
- The cost of leasing a new commercial work truck is considerably higher than what it would cost you for leasing a used truck. On the other hand, new trucks are more fuel efficient, meaning you can save money on fuel costs.
- Check your lease to be sure a lease doesn't make you pay more for driving beyond a specific number of miles.
Do you need high-quality, dependable vehicles for running your business? Then, look no further than Wilmar, Inc.
Based in Charlotte, North Carolina, we are the largest independent fleet leasing and management company in the Southeast and have a reputation for delivering customized fleet solutions.
Please contact us and learn more about our wide range of services.
