When considering getting a new van for work there is a lot to consider. You’ll want to think about the size, shape make and model of the van you want. You’ll maybe be considering a van colour that suits your company or brand colours. One important thing you’ll need to consider is how you will purchase the van. Will you purchase a brand new van, buy a second hand van or will you lease brand new van.
In this blog post we have put together the pros and cons of leasing a van, along with the pros and cons of buying a van. You can then decide which option is best for you;
Leasing a Van
One of the biggest pros of leasing a van is that the monthly payments are affordable and it is often a low deposit to start the van lease too. When leasing a van you will also have the option and flexibility to upgrade your van before the end of lease, dependent on your agreement terms.
Another benefit of van leasing for business is that you will have lower repair and maintenance costs as it will be a brand new vehicle. You will also find there are no trade in costs at the end of your lease agreement. On top of this you will find a wide variety of popular makes and models that are available to lease.
However, you do not own the vehicle when you lease a van and you must determine the annual mileage when you begin your van lease. If you decide at a later date, during the van lease contract, that you want to end the contract early, it will cost you.
Buying a Van
When you buy a van instead of leasing a van you will save money in the long term and if you fall out of love with the van then you can sell it. You will be able to save money on your insurance when you buy a van, as opposed to leasing a van and you can make modifications to your van when you buy it as it is yours.
However, when you purchase a van you will notice that maintenance and repair costs will increase over time. Meanwhile your van will be depreciating over time and lose its value. On average you will have higher monthly payments for purchasing van, then if you decided to lease a van.
If you think that leasing a van could be the right business decision for you then give us a call. We would be happy to discuss the best van leasing deals we have for you.