Three Considerations When Renewing Your Truck Fleet

If you are looking at upgrading your current fleet of trucks, you need to do some research to find out what’s the most viable way to do so for your business. When adding more trucks or replacing old ones, you can rent, buy, or have them custom built to suit your requirements. We will break down what’s the benefits of each one, allowing you to make an informed decision when going ahead. 

Rent 

Renting trucks is a great way to boost your business needs without having to make an upfront substantial investment. You can rent to research in a way, what model or type of truck you may need and compare them to one another. This will allow you to purchase the trucks you like the best for your business in the future.

Pros 

• No large upfront payment.
• Short and long-term options available.
• If anything is faulty or needs to be replaced, the company you have sourced the trucks will usually fix this for you.
• Only rent what trucks you need at a given time. If you require a small truck one week and a bigger one the next, you can simply rent whichever one you need. There may be times when you just need a specific truck for a one-off job, then you can rent for that day. 
• Swap for different make or model if a specific one isn’t suiting your business needs.
• All of the trucks will be completely up to industry standards and should have passed a recent inspection. That is why you should always rent with a trusted company like MHF UK.

Cons

• Long term it may not be the best financial option. You will have to pay weekly or monthly rental costs that will eat into your budget. 
• You will never own the trucks. 
• If you cause any damage to the trucks, you may be liable for payment to the company you rent them from. 

Buy

When you are buying a fleet of trucks it is an investment into your business. You will be able to offer your customers a better, and more efficient service that will hopefully boost your profits too.

Pros

• The trucks are yours. 
• You don’t have any large rental payments to make on a weekly or monthly basis. 
• Access to the trucks anytime you want. 
• You can make amendments or upgrades to the trucks.

Cons

• If something needs to be replaced the cost falls on you.
• The value of your truck falls as soon as you drive away from the dealership.
• If buying upfront, you will have to make a large payment. 
• If some trucks are not required, they will be in your yard not being much use.

Build

If you decide to get your trucks custom built you can have them suited to your exact specifications. This will allow you to offer an even better service to your customers. There may be times when your truck has been unsuitable for a unique project and you’ve been unable to meet your customers’ needs. 

Pros

• Build your trucks to offer a service your competition doesn’t. Some customers may need a unique job taken care of and if you can offer them that when no one can, it will boost your reputation tremendously.
• You can input the latest technology when building your trucks. This can make the job easier for the driver and give the customers a better service.

Cons

• The specifications being met, and the man-hours means this can be a costly venture for your business. Materials may need to be sourced and other potential high costs may arise.
• Time-consuming. In business time is of the essence, and when you need to upgrade the trucks you want to do so quickly and as hassle-free as possible. When buying or renting you can leave the dealership on the same day with your new trucks.