5 Factors You Should Consider When Leasing A Commercial Vehicle In 2022
Every business thinks about their growth strategies once they have reached a certain level. If you are a business that works in the delivery, logistics or supply niches, then you know how important commercial vehicles are for the growth of your organization.
No matter whether you are a big or small business, you need the best commercial vehicles to aid and assist you at every step of the way. Whether you are delivering your own products to shops, or working as a logistics partner to an Ecommerce company, you need vehicles.
While commercial vehicles can definitely be an asset for your organization, they also require maintenance and other costs. Very simply, when you go out to buy a commercial vehicle, you stand to incur a huge one-time cost. However, there is a way around this- Leasing.
If you rent a commercial vehicle from Think One, you can expect lower costs, greater ownership benefits, flexible leasing terms and complete coverage on service and maintenance costs. Here are five factors you should consider when leasing a commercial vehicle in 2022.
List of 5 Factors you should Consider when Leasing a Commercial Vehicle in 2022
The Initial Sum of Money you are paying-
If you are leasing a vehicle, you are automatically paying a far lower sun of money initially. However, leasing plans tend to differ, so you need to make sure how much you will end up paying initially. Clear this with the dealership of the leasing company well in advance. Ask about overhead costs, and other add-ons that some specific type of plans require. You need to have a clear idea that these payments do not end up offsetting your financial condition.
The Mileage that the Vehicles need to maintain yearly-
Almost all leasing plans require you to use the vehicles according to a defined mileage. This means that you might be asked to run the vehicles for 10000 or 12000 miles in a year. If you are overstepping the same, the company usually asks you to pay an additional sum of money. This is one area that tends to result in complications when you turn in the vehicle at the end of the leasing period. Having clarity on the same in advance can help you with a clearer picture.
The Length of the Leasing Period mentioned in the Agreement-
We have already mentioned that not all leasing agreements tend to be similar. This means that while some leasing agreements have a term period of three years, others can be five years. Depending upon your expectations and the nature of the requirements, you need to decide on the period that will be most conducive to your operations. One thing that all business owners should look at is whether the leasing period covers the warranty period on the vehicle or not.
Understanding the Rate of Interest you will pay during the Leasing Period-
This is an ambiguous area which most business owners tend to ignore. This is referred to as the Money Factor. As a business owner, you do not want to have the headache of paying additional interest rates during the lease period. This will make the entire equation similar to buying a car. Understanding the overall vehicle costs that you are going to incur during the leasing term is important. The money factor should not be on the higher side when getting a good deal.
The Type, Make and Model of the Vehicle you want to Lease-
It is always a good idea to go for reputed and established brands when leasing a commercial vehicle. Brands like Toyota are robust, sturdy and carry their value well. They also suffer from less breakdowns and have a far higher resale value that the competitors. Always go for trusted and dependable vehicles since they will be responsible for running the business operations. Do not fall into the trap of leasing companies that want to sell you newer untested models.
The Final Takeaway
The major advantages of leasing a commercial vehicle boils to getting something new once every three years. It allows you to stay updated with the latest technology, safety features and better build quality. If you have any questions on leasing a vehicle, or want to know about companies that offer the best plans and service, please let us know in the comments section below. We would be more than happy to help guide you in the right direction.