Is Leasing Commercial Vehicles the New Buying?
Attitudes towards purchasing commercial vehicles may be changing as more and more business owners go down the leasing route. But why are more business owners choosing to lease their vehicles as opposed to buying them?
The Coronavirus Pandemic Impact
In the past two years, COVID-19 has changed the way that businesses operate and with many employees working from home or moving to a hybrid approach, this has resulted in the reduced need for a large fleet. Using a leasing option gives businesses more flexibility, leasing the necessary vehicles over a specific amount of time.
Also as more people work from home, this has created a demand for laptops and working devices that be moved away from the office. Did you know that you can get IT hardware and software on finance?
Clean Air Zones
Many cities are now introducing Clean Air Zones therefore, traditional cars, vans and lorries will soon face charges when travelling through Clean Air Zones. To counteract the new Clean Air Zone regulations, fleet owners are transiting their Combustion Engine vehicles to Electric vehicles. Purchasing a new fleet of electric vehicles for your business can be quite costly however, choosing to lease electric vehicles will mean you can pay affordable monthly payments whilst avoiding those city charges.
Upgrade your Fleet Every Few Years
When it comes to leasing, you have the option to upgrade your commercial vehicle after a few years. Which is a great benefit as you have the possibility to get newer vehicles with fewer miles on the clock or switch your vehicles to keep up with your business needs (e.g. you leased a small van however, your business now needs a larger van).
Whereas if you purchased a vehicle, you might feel more inclined to keep the vehicle for longer to ensure you get your money’s worth. Additionally, when it comes to purchasing vehicles, you’re more likely to buy an older vehicle which could cost more to maintain over the years.
In conclusion, leasing comes with its set of benefits for business owners with the opportunity to retain capital, take advantage of tax benefits and keep a healthy cash flow without compromising on your business’ needs.
If you’re looking for more information about lease finance, whether it be for a commercial vehicle, machinery, large or small equipment don’t hesitate to get in touch with our team of experts. Call us on 01270 443510 or complete our contact form and we’ll be in touch with you as soon as possible.