Owning a semi isn’t in everyone’s budget or best interests. Many haulers and business owners choose to borrow their Kenworth semi-trucks instead. But when we say “borrow,” you should be trying to figure out if that means renting or leasing for you. To help you figure out what the best move would be for your business needs, Palmer Trucks has provided a guide below. We want to ensure our customers are getting everything they need to succeed, so if you’d like more help or if you have more questions, then contact us about how we can further assist you. We have locations in Indiana, Ohio, Kentucky, and Illinois.
When to Rent?
The biggest advantage to renting is the kinds of responsibilities you aren’t liable for. Barring accidents that your driver might be at fault for, mechanical and technical failures usually aren’t your responsibility to fix. And if you’ve ever seen a repair bill for a semi, you know this is a blessing. If the truck breaks down, you can simply call your heavy-duty truck rental provider and get them to pick up the truck and also provide you with a new one. This also means you won’t have to be the one to worry about whether or not you’re in compliance with federal and local regulations. Of course, your driver should be properly licensed, but everything to do with the truck isn’t your concern.
Renting is seen as a short-term solution. You might only make one or two hauls in one semi-truck rental period. This can mean a couple of things. For one thing, it means that every time you need to rent a truck, you can easily get the latest version available. Every time you do need to haul lots of supplies or products or whatever your Kenworth truck rental is for, you’ll have the latest features and best performance.
It also might mean renting is more expensive than leasing. Of course, you might save overall, but you’ll want to factor this into your budget and carefully think about just how often you’ll need a heavy-duty truck.
When to Lease?
At some point, you might find your hauling demands exceed the occasional job. At this point, you’ll probably want to look into leasing options. This will actually help you save money, as you’ll avoid depreciation disadvantages and the rental company might still be able to help you with maintenance costs and compliance. Even if you don’t use your semi-truck as often as you thought you would, you aren’t necessarily losing out on downtime.
You can also ask about lease-to-buy options if you know that’s something you might want to consider for the future. Ownership can be a big commitment, and a big dig into your finances. Sometimes easing into it is the safest way to avoid rookie mistakes that would be costly if you jumped right into buying the product.
General Tips
No matter what your company needs, you’ll definitely want to carefully read through your rental or leasing agreement. Never make assumptions about what you’re responsible for and what the rental company is responsible for. Some important pieces of information you should be gathering include:
- What are the regulations regarding the truck? Who’s responsible for required upgrades that take place during the rental/lease time?
- What’s the process for if the truck breaks down? Who’s responsible for repairs and how does payment work? Will there be a replacement?
- What’s the servicing schedule and where does it need to be dropped off/picked up?
- What’s expected of the driver? Is there specialized training required?
These should get you started, but understanding the agreement is crucial for a successful and stress-free rental or leasing period.
Whether you’ve made your decision or you still have questions, it’s time to stop by Palmer Trucks. We can help you choose the right Kenworth truck, or assist you with any other concerns you might still be wrestling with. We have helpful staff waiting for you in locations across Indiana, Ohio, Kentucky, and Illinois.
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