If you need a van for your business, you might be wondering whether you should buy or lease. You will need to consider how often you will use the van, which type of van will suit your needs and the size of your budget. There are advantages and disadvantages to both, so let’s take a look:
Buying a van
The main advantage of buying a business van is the freedom it provides. The vehicle can be customised exactly to your requirements without worrying about conditions of a lease agreement. When you buy, you also have no restrictions over mileage and as you own it outright, you can sell it when you need to upgrade.
The downsides include finding that upfront expensive cost to buy a van. Putting down a significant deposit can eat into your business capital. When you want to upgrade, you have to go through the process of selling the existing one first. You are responsible for all maintenance and this can soon add up. The cost of comprehensive insurance and any repairs required are also all your responsibility.
Leasing a van
The main advantage is lower monthly payments and not having to find all that money to buy outright. For Van Leasing Bristol, contact Autolyne, a provider of Van Leasing Bristol. Leasing keeps your business cash flow free and if you don’t need to pay a deposit, this is also a way to avoid tying up business capital. The cost of maintenance and insurance is normally included in the leasing agreement.
Disadvantages include being tied into a contract, mileage restrictions and the lack of ability to customise the vehicle.