Buying a trailer is a major investment that you need to consider carefully. Several factors determine whether it is best to buy or rent.
As explained by the experts at Hale Trailer, “Ultimately, the decision comes down to assessing the unique needs of your business, its fleet, freight, and where your travels take you.”
How Many Times Will You Use the Trailer?
How often you plan to use your trailer will greatly influence whether you should buy or rent, but make sure you do your research. If you plan to only use the trailer one time, renting may seem like the obvious choice. This is not always the case.
Rental companies charge by the mile. If your one-time use requires you to drive a long distance, those fees can add up. For example, a cross-country trip could end up costing half of what a new trailer would, and you get nothing in return for your investment.
If you will be using the trailer regularly, buying makes sense. Trailers don’t lose value as cars do. A trailer that is kept in good condition can be sold for just under what you originally bought it for.
When Should You Rent a Trailer?
There are certain times when you want to take advantage of walking floor trailer rentals. If you need a trailer for a short time or need specific technology for a single job, it can be better to rent.
Renting is cost-effective for seasonal use as well as for new accounts that aren’t going to be long-term. Maintenance and service costs are often covered by the rental agreement. This alone could make renting the better option in these situations.
If you don’t have the capital to invest in a trailer, renting allows you to get what you need. Keep in mind that rentals allow you to continually upgrade your trailer. If you want to always have the latest technology and newest trailers, renting allows you to upgrade frequently.
When Should You Buy a Commercial Trailer?
Buying a trailer adds to your existing fleet. You are growing your assets that can be sold later on. This means that if you one day find you no longer use the trailer, you can sell it or list it. You will be able to get a return on the money you initially invested into that trailer.
Buying can be cheaper in the long run. Purchasing allows you to avoid expensive rental fees. You also eliminate the stress of searching for the perfect rental trailer each time you need one. That purchase can be used as a tax deduction too, but the best advantage to buying is that you will always have that trailer on hand for any last-minute needs.
Whether you buy or rent depends greatly on your individual needs. As long as you carefully consider all of your options before making a final decision, you will be able to rest assured that you have made the right investment for your personal situation.