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May 3, 2019 · As with anything, there are pros and cons to both leasing and hire purchase when it comes to truck finance for your business. But what is a plus for some businesses, may be a negative for others. It all depends on your current situation, your business needs and your plans for the future.
- Auto Trader
- Why Own A Fleet?
- Options in Fleet Management
- Deciding Factors
- Pros
- Cons
Most of the time, the nature of a company demands a fleet at hand, and other times fleet programs serve as an employee perk more than a business-related need. Other times fleet vehicles are needed to transport goods from one place to another. Additionally, advertising your brand becomes easier and can also be influenced through the make and type of...
Fleets can be purchased as a part of the current business or they can be outsourced to other companies that provide transportation and delivery as a service. Recently, these companies have begun offering delivery services as a way to help other businesses provide efficient delivery and diversify from their competitors. For companies that do not wan...
Before looking up manufacturers and fleet programs that offer you the best dollar value, sit down with your accounting department and draw up an estimated comparison between owning and leasing. You should base the comparison on: 1. The difference in outsourcing and insourcing costs 2. The monthly running costs of each option (e.g. payments, mainten...
Cost Transparency
Companies that choose to own their own fleet have greater control over their expense sheet. Their costs are more transparent as everything is under their management. Outsourcing leads to a higher rate of dependency and companies have no control over how much is spent on their fleet and where the majority amount goes.
Control
By owning and managing your own fleet, you have the ultimate say. You can select your drivers, the types of vehicles on the road, and when and where they deliver.
Insurance Premiums
For every car in your fleet, you must have insurance to help cover liability costs such as equipment breakdowns or accidents. Quality insurance takes a toll on the pocketbook, and procuring insurance for an entire fleet is not only a financial burden but also a mental one. Fleet insurance comes in many types and forms, and you'll need to have a thorough understanding of them to be able to choose the best option. Another component you'll have to consider is workers' compensation. In case of in...
Increased Risk
Operating inefficiently opens up companies to a multitude of risks from legal entities to employee safety. Due to the ever-evolving nature of technology and legal requirements, it is easy to miss out on the fine print.
Storage
If you are thinking of owning a fleet, we sincerely hope you have considered and allotted space for them. Some companies with storage restrictions send their vehicles home with their employees. Employees may end up using the corporate vehicles for personal use, adding mileage and wear and tear that you will have to account for.
Lack of Control
Managing a fleet requires efficient route planningas well as job rotation and employee satisfaction, among others. A lack of the correct expertise needed can drive up costs and result in delivery chaos. By outsourcing, you can simply tell the logistics company of your wishes and they will implement it.
When making the decision whether to lease vs. buy your company’s fleet vehicles, there are many factors to consider. Both options come with short and long-term benefits, as well as a few disadvantages. Read on for our fleet leasing vs. owning analysis.
- Merchants Fleet believes in a tailored approach and understands leases are not a one-size-fits-all product. We will work with you to determine exac...
- Merchants Fleet offers leases as short as a few months, up to traditional lease lengths. Our team can help you determine the optimal lease duration...
- Merchants Fleet offers two different remarketing options: GuaranteeTRAC®, which gives you a guaranteed price up front, or OpenTRAC®, where Merchant...
Aug 21, 2023 · In this comprehensive discussion, we’ll delve into the pros and cons of each option, examine the critical factors to consider such as cost, frequency of use, and financial implications, and provide practical advice for making the most suitable decision for your business needs.
- Identify your niche. When it comes to founding a haulage business, the best place to start is by deciding what sort of service you wish to offer.
- Decide on the size and type of fleet you want to build. When it comes to building a business, we would usually recommend starting out small as a precautionary measure, but this is entirely down to your discretion.
- Choose a location. No matter your niche or the size of your fleet, you’re also going to require an operational base, for both storage and maintenance.
- Work out your costs. Even after finding a suitable location, there is more to think about before you sign on the dotted line. It’s really important not to make any final decisions until you have taken into account all of the necessary considerations, and these include any regular costs you’ll be running.
Aug 15, 2024 · One main deduction is the capital allowance. This lets companies claim part of the truck’s value as a tax deduction. The amount depends on the vehicle type and its use, with more deductions for commercial lorries and HGVs. Businesses can also use the Annual Investment Allowance (AIA).
The investment will also help build better dining, changing and rest facilities, as well as new CCTV and secure fencing to boost welfare and security for lorry drivers. The funding is from the third year of the HGV parking and driver welfare grant scheme, which will come in addition to £8 million from industry, for a total funding boost of £12.5 million to improve truckstops.
People also ask
Should you lease or buy your fleet?
Should you outsource your fleet?
Why should you invest in a small fleet?
Should you hire a fleet management company or a leasing partner?
Why should you hire a logistics company to manage your fleet?
Should I purchase a fleet?
