Semi-trailers are a key component of any successful trucking business. Knowing when it is best to rent, purchase or lease a semi-trailer can help you get the most out of your investment.
When To Rent
Trailer rental Everett WA makes the most sense when you need to address an immediate or short-term need. If you are starting a new business and you need trailers to tide you over until you have made long-term arrangements, renting can be a good idea. If you have seasonal needs, it may make more sense to rent extra trailers during your busy season, than to have them sitting idle when business slows down. If you are taking on a big job and you need extra capacity specifically for that job, renting can be a good solution. Additionally, if you need a specialized trailer for a short time that you will not use regularly, renting it can be a good idea.
When To Lease
In a leasing agreement, you will pay agreed-upon fees to the lessor in exchange for use of the trailer for a set time. Leases sometimes come with the option to purchase the trailer at the end of the lease, so if you think you may want to purchase the trailer, a lease can be a better choice than a rental. Leasing has the advantage of not requiring as much money upfront as purchasing a trailer, so it can be a good long-term option for those who do not have a lot of cash to put down on a purchase.
When To Purchase
The primary benefits of owning a trailer are that you can use it and modify it however you want and that it adds value to your company. When you lease or rent a trailer, the money you pay to use the trailer does not build any equity and the trailer is not an asset for your company. Additionally, lease and rental agreements usually restrict how you can use the trailer and what modifications, if any, you can make. When you own your tailer you have more flexibility to customize it to your specific needs. Because the trailer has value, you can sell it when you no longer need it and re-invest that money in your company.
Whether to lease, purchase or rent a semi-trailer depends on your financial situation and your short and long-term business needs. You may find that as your business evolves, you will need to utilize all three options.