Will You Buy or Lease Your Next Van

Choosing your new work van is the easy part, the trickier part is deciding how you can afford this new van. You have two main choices and these are to buy a new van or look into van leasing.

Choosing your new work van is the easy part, the trickier part is deciding how you can afford this new van. You have two main choices and these are to buy a new van or look into van leasing.

The main difference between purchasing a van and leasing a van is that when you buy a van you hand over cash from your account or get a loan to pay for the van. When the cash for the van is handed over the van is yours. When it comes to leasing a van you pay a monthly cost for the van but it is never yours however at the end of the lease you may be given the option to purchase the van or you could start a new lease with a new van.

Buying a new van can be a good option as you will be able to negotiate a great deal with cold hard cash, haggling until you get the best deal. You may find that you can also hand in your old van as part-payment for the brand new van; this is not possible when looking at van leasing. Sometimes with van leasing you are restricted to miles with a van lease, but with your own van you have no mileage limits. One strong advantage of buying a van is that it is then yours and therefore an asset and part of your business.

Leasing a van has lots of advantages too, the main one is the fixed monthly cost so you know how much you are paying month in – month out and no large amounts at the beginning (as you would with buying a van). Another reason businesses choose van leasing is that they can get a brand new van every few years when the lease ends, you will also find that with van leasing you needn’t pay out large maintenance costs as the van depreciates as by this time you have given the van back. If your van breaks down you don’t pay for it to be fixed, the van leasing company do that for you – another cost that you won’t need to worry about.

Van Leasing can often be the cheaper option and best way of having the newest vans representing your company, but it’s important to keep an eye on the mileage of the vehicle!

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