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Benefits of leasing vans and pickups

If you need a van or pickup truck, choosing the right model and the best financial deal should be a key part your business strategy. It is more than just a tool: it’s an advert for your product or service, a demonstration of capability and must be reliable to support your income stream.

If you buy your van, it’s yours and there are no limitations on use, other than staying legal. So, what are the benefits of leasing one?

Finances

First and foremost, when leasing, you don’t need to find a large chunk of capital. You won’t need to take a loan or use up significant savings to buy the best vehicle you can for the price; you’ll simply be paying for it monthly over a fixed period.

Perhaps one of the biggest advantages of leasing a van, is accessing the amazing buying power and discounts only available through the leasing company. Discounts in excess of 45% have often been achieved. Again, selecting a bolt on maintenance package means you are accessing significant discounts on parts, servicing costs and tyres. Discounts you would otherwise never achieve unless you leased your van.

It’s easy to budget when leasing because you can set your monthly spend. Increasing your initial rental payment will also reduce the subsequent monthly costs, allowing some flexibility over how much you have to pay each month or which models you can have for the amount. Leasing for longer contracts also helps reduce the monthly cost.

There are tax advantages too. If you lease your van or pickup truck you will be able to claim up to 100% VAT back on your monthly payments. Your business will need to be VAT-registered and the vehicle only used for business purposes.

You can claim the cost of the vehicle’s rental as an expense when it comes to filing your tax return, where the rental payments can be a tax-deductible expense.

Part of the budgeting for any vehicle is maintenance and this can be covered as part of your contract so there are no unexpected outlays.

Latest models

You’ll have a new vehicle too. And while it’s pleasing to drive something modern and pristine, there are other benefits to driving a new van or pickup.

Most new commercial vehicles are offered with the latest infotainment technology and connectivity, so it needn’t be a hardship on the road. And in an increasingly environmentally conscious world, it will meet current emissions regulations. You might consider leasing an electric vehicle if this fits with your business pattern.

With a new model comes the likelihood of greater reliability and a manufacturer warranty for anything which does fail. And it means your vehicle will comply with the latest safety legislation.

Easy

With a lease vehicle, there’s no haggling on price, it’s all made clear up front. Likewise, when it comes to the end of the contract, there’s no hassle having to trade it in; it is simply taken away and replaced with another contract if that’s what you and your business require.

What should you be aware of before leasing your business vehicle?

Remember you’ll be responsible for keeping your vehicle in good condition. A small amount of wear and tear is expected but notable damage will have to be paid-for.

It’s important to understand what your contract covers; some cover just the vehicle, others include service and maintenance too.

You’ll have to insure the vehicle so it’s important to get a quote up-front.

Leasing is based on agreed mileages, so you should be realistic about your annual mileage when you take out the lease as there will be penalties at the end of the contract for any excess.

Other things to consider

If your business is new or in a state of expansion or flux, it might be worth taking a shorter lease so that you can adjust the vehicle and contract sooner to reflect the changing demands rather than being tied-in for a longer period.