There’s an age-old adage that states buying is much more preferential to renting when it comes to housing, but does this also ring true when your business’ vehicles are involved?
The main argument to support buying one’s home is that after the mortgage is paid that property belongs to you and is a valuable asset while renting sees you pay similar amounts each month with no tangible future result. That’s a perfectly reasonable mindset when you’re aiming to get on the metaphorical property ladder, but with vehicles, there’s no requirement to own it at the end of the agreement especially when it means putting you out of pocket.
More freedom for you
Although finance structures for permanent ownership may indeed suit some larger companies, SMEs don’t have quite the same level of disposable budget, so staying cash-savvy is normally your primary concern when approaching investments for your business. This is where the positives of van leasing are most notable. Although there are few differences between the payments of financing for buying and leasing, with a set monthly fee almost universal in all plans, leasing gives you more freedom regarding future planning.
While it is true that an upfront payment is usually expected to begin a leasing agreement, this one-off charge is relatively low compared to the lump sums involved with buying and is the only one you will be making once your lease begins. Buying, on the other hand, often waivers any initial fee but will see you charged a larger balloon payment at the end of the contract to complete the sale of the vehicle. In addition to such an amount potentially being outside of your monthly budget’s comfort zone, the capacity to worry about having to save for it beforehand is a detriment you can alleviate through leasing; allowing you peace of mind to focus on running your enterprise.
The benefit of added extras
The financial savings don’t just end with paying the price plan, however; the additional options can also benefit your business immensely. UK van leasing packages, such as those provided by Leasewell, more frequently than not come with basic maintenance covered, meaning that servicing and any repairs your vehicle needs won’t set your company back any unforeseen charges.
In terms of additional maintenance to your leased van, you also have the option to choose more extensive packages. These can give you the benefits of protection for battery and exhaust repairs, covering your MOT if necessary, and even tyre conservation with upgrades and replacements for winter included. While such plans will cost you extra on your monthly fees, if what is on offer will aid your business’ efficiency, it’s logical to go with these further options to save yourself any future burdens that could limit your time spent working productively.
Overall, when taking into account the financial aspects as well as the satisfaction you can be afforded in knowing you can focus on your job, rather than fretting over any unwanted future surprises, leasing your vehicles just makes sense.