Renting vs. Buying a Trailer: One of the Biggest Decisions You’ll Ever Make
Renting vs. buying a trailer is a decision many business owners face. This question is a big one if your business revolves around hauling freight or transporting goods. It is also important to consider if you are an individual heavy hauling to make a living. Even stores that carry inventory and need to move things from one location to another can face this decision. What you decide impacts your business operations and expenses, so it is important to understand the pros and cons of both choices.
Things to Consider When Deciding Whether to Buy or Rent a Trailer
When you start researching the pros/cons of buying a trailer or renting one, there are a few main things you need to consider. First is the upfront expense. Second is whether one option offers better choices in trailers than the other. A third thing to keep in mind is the ongoing cost of upkeep, maintenance, and repairs. Finally, you want to consider how you will be using the trailer day to day and if you will need more than one.
Buying a Trailer: Is the Upfront Expense Worth It?
For heavy haulers, owning a trailer can be a strategic investment that provides long-term advantages. When you buy a trailer, it becomes a valuable asset that you can rely on for all your jobs without worrying about availability. Ownership also means you can customize your trailer to suit specific hauling needs.
While there are advantages to buying a trailer, the biggest obstacle is the cost. If you are planning on hauling commercial loads, the trailers you will need can start at $100,000. You also have to budget for registration fees, insurance, and any adjustments you may need to customize it to your needs. There are ongoing costs such as maintenance, repairs, and storage, which can quickly add up.
If you are a heavy hauler who wants to be able to accept a variety of loads to keep work steady, one trailer may limit your flexibility. And after you’ve invested such a significant amount in it, you need your flatbed or dump trailer to be able to help you make income as easily as possible. This is why revisiting the reasons for renting vs. buying a trailer is important.
Why Renting a Trailer Is Better (And When It’s Not)
Renting a trailer for your hauling needs can be a great option for a few reasons. While you will still need insurance and the correct license to drive a commercial trailer, renting can be a great way to learn more about different trailers before committing to one. It can provide a faster way for you to start hauling on your own. This is especially true if you’ve been working for a transportation company for a couple of years and want to try working for yourself.
Renting a trailer offers more flexibility than ownership, which can be a significant benefit for heavy haulers whose workload or transportation needs vary. Renting allows you to choose the right trailer type for each specific job so you don’t have to turn down jobs and lose money. It’s also an excellent option for those handling occasional jobs, as it requires less upfront financial commitment.
If you are a heavy hauler with consistent and predictable workloads and you can afford it, purchasing a new or used trailer may be the best option. Owning a trailer may also be necessary if you need custom features or capabilities to haul your loads.
Where to Rent a Trailer for Hauling Freight
If after considering the pros and cons of renting or buying a trailer, you’ve decided renting is the way to go, it’s time to figure out where to rent it. There are a few places you can do this, depending on your timeframe, budget, and needs. These include:
- National chains
- Regional and local businesses
- Online rental platforms
- From other heavy haulers
Each of these offers different advantages. Regional and local rental businesses can provide the best of both worlds: offering a large range of products paired with competitive pricing and personalized service.
At Pinnacle Trailers, Keeping You On the Road is Our Top Priority
At Pinnacle Trailers, we are proud to serve heavy haulers across North and South Carolina and Virginia with trailer rentals and service locations to keep you running. Whether you need a flatbed trailer or a dump trailer for a hauling job or to use while your trailer is repaired, we have a large range ready to go.
Learn more about our trailer rentals and contact us to get back on the road today!
=======
Source:
Ask a Trucker, “How Much Does It Cost to Own a Commercial Truck?” https://askthetrucker.com/what-it-really-costs-to-own-a-commercial-truck/
