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Commercial Vehicles:
Hire, buy or lease?
»»WHEN LOOKING TO ACQUIRE
a new vehicle for your business, it
can often be difficult to determine
which option is the best for you.
There are so many options today;
you can buy, lease or hire, and it
can all get a little overwhelming
considering the costs and benefits
of each. Robert Blow, Fleet
Manager at NAPIT Drive, shares
his thoughts on the benefits of
one-year hire compared with longterm leasing or buying when it
comes to commercial vehicles.
Deciding whether to buy, lease,
or hire is something people are
divided on. It’s entirely dependent
on your personal circumstances
and preference. For those of you
who like to drive a new vehicle
and keep up to date with the
latest models, rental is probably
more appealing to you, as you
can change your vehicle more
frequently, and monthly payments
are fixed and affordable. However,
if you prefer your own vehicle to
feel like ‘yours’, and are happy to
keep it for a longer period, buying
is probably the best option for
you. And, if you want a straight
forward way to hire a vehicle with
a short commitment, flexibility and
the option to drive a brand new
vehicle every year then short-term
hire could be the best solution for
your business.
So, why hire? We all know that
situations can change rapidly,
particularly in business, and
with a 12-month rental deal you
don’t have to be thinking so far
ahead and be fixed to a 36-month
contract or longer. You can have
the freedom to do whatever suits
you and your business at the time,
with the option to upgrade early
if needed or opt out after a year
if the vehicle isn’t right for you, or
your circumstances change. Hiring
a commercial vehicle on a short-
term basis also means that there
is no initial overlay of a deposit,
which purchase and finance always
requires, and long-term leasing
can require depending on your
circumstances. Meaning there’s no
large up-front payments and you
can easily spread out your costs.
Running a vehicle for just 12
months also reduces maintenance
costs and wear and tear on tyres
by eliminating the need to r eplace
things such as brake pads, which
can be expensive. The amount of
accumulated damage will also be
significantly less than a 3-5-year
lease or purchase as you are likely
to pick up less minor damage such
as scratches and dents.
Unlike buying and some lease
deals, short-term hire includes
roadside assistance and warranty
at no extra cost as standard. And,
you also get the benefits of driving
a brand new vehicle every year,
with a brand new registration plate
which always helps to create a
professional and fresh company
image for you and your team. In
most cases, the vehicles supplied
will be fully ply-lined and will
arrive with the delivery mileage
only. You will also have the latest
technology available, including
cutting edge emission and safety
features coupled with great fuel
economy.
The main downside to a
rental package will be that
you always have to give
the vehicle back at
the end of the term,
with no option to
own. So it is best
to always be sure
that you choose
the acquisition
option vehicle
with the right
features for your
business needs.
‘take time
to consider
the costs
and
benefits
of each to
make the
right choice
for you
and your
business’
LOCKSMITHJOURNAL.CO.UK | NOV/DEC 2016
Whatever deal you decide
on make sure you take time to
consider the costs and benefits
of each to make the right choice
for you and your business.
Buying tends to bring a bit more
freedom but can often rack up
costs over time. Leasing can be
cost effective and provide more
security and rental provides you
with a brand new vehicle every
year and flexibility if you don’t
want to commit to leasing or
owning.
NAPIT Drive provides NAPIT
members with an exclusive rental
deal tailored exclusively for their
needs. We have a portfolio of
great vehicles ranging from small
vans, right up to four meter largepanel vans specifically chosen
for trade installer needs. Our
industry professionals have years
of experience in vehicle rental
and can advise on specifications
to help you choose.
Alongside this NAPIT Insurance
can provide bespoke policies to
help you insure your commercial
vehicle and keep your business
moving.
www.napit.org.uk