Why Rent a Commercial Vehicle For Your Business
With the way the global economy is evolving, many companies big and small are now looking to rent their needs rather than buying them outright – this includes vehicles required for their businesses. It’s no secret that Singapore is one of the most expensive places to own a vehicle, let alone an entire commercial fleet. That is why incorporating commercial vehicle rental into your business operations can come with many benefits. In this article, we explore several reasons why business owners may choose to rent a commercial vehicle instead of buying one.
No maintenance costs
When it comes to maintenance of a vehicle, not only do you have the cost of parts to consider, there is also the labour costs involved in conducting regular scheduled maintenance and one-off repairs. All of this can amount to an astronomical sum, overwhelming start-ups or smaller organisations. Renting a commercial vehicle on the other hand, allows for expenses such as oil changes, tires and routine inspections to be covered. This helps to alleviate the financial burden on your business and extra costs involved in maintaining your commercial vehicles.
Flexibility
When you purchase a vehicle, you are stuck with it until it can be sold. Therefore, if the needs of your business change over time, handling the process of selling the vehicle can be quite the hassle. But in the case of renting, your vehicle can easily be switched from a van to a truck with a simple rental agreement. This is why van or truck rentals provide an option for more flexibility, over purchasing the vehicles directly.
Additionally, renting is also a great alternative for short-term projects. This is especially so if the vehicle is a specialised one dedicated to a particular use, allowing the company to meet their business requirements while avoiding a hefty monthly payment.
No depreciation costs
Owning a vehicle involves taking into account depreciation costs as your vehicle gets older. However with renting, you can do away with the depreciation costs of your commercial vehicle, contributing significantly to the simplification of accounting.
Vehicle replacements during breakdowns
Even the best vehicles sometimes break down, and if you own your fleet, managing this tricky situation is part of the process. On the contrary, rental companies will provide an immediate replacement with minimal disruption to your business in the event of a breakdown or accident. Services often also include support in the form of roadside assistance, which means less operational and financial stress on your business.
We hope this article has been helpful in providing insights on why renting a commercial vehicle can be a viable choice for your business. Given these factors, it’s easy to see how renting offers a more cost-effective solution than buying, even for long-term use.
Edmund Vehicle is one of the longest-running car leasing companies in Singapore providing short-term and long-term truck, van, and lorry rental services for any industry. Reach out to our experienced and reliable team to find the best option for your needs today!
