Should you buy or lease your HVAC truck?By My Service Depot on Friday, January 11, 2019
You can opt to buy or lease the HVAC trucks and HVAC vans that make up your fleet. But which option works best?
As of 2017, there were nearly three hundred million cars registered in the United States (doubtless, that number has since increased). With so many vehicles on the road and an average vehicle life expectancy of around a decade for most of them, we can deduce that plenty of cars get traded in or sold off to make room for newer models. 2019 will offer a fresh set of vehicles, giving HVAC professionals a whole new set of options to choose from. The the real question? Should you buy or should you lease? Consider the upside and downside for each option before you make your decision.
Leasing Your HVAC Truck
Let’s start with the pros of leasing your vehicle. First off, under most circumstances, leasing represents a less expensive option than buying. Consider the make and model of the vehicle, as well as your own personal finances, credit scores, and the dealership you want to do business with. The average cost can land as low as $12,000. The average cost of outright purchasing a vehicle heading into 2019 can run as high as $34,000. That means leasing carries a pretty substantial upside. As an HVAC professional, you’ll want to aim for the most reliable option while keeping cost in mind, and leasing represents an excellent way to do that.
Additionally, one can expect to find more support from the dealership. Leasing a vehicle means, in essence, that you’ve borrowed the car long-term from the dealership. Because of this, you can expect complimentary or highly discounted services from most automotive companies, such as tire rotations, oil changes, and various check ups to ensure their vehicle still runs properly.
Downsides of Leasing Your HVAC Truck
Unfortunately, leasing is a bit more complex than lower costs and better support. HVAC work can get rather intense, and professionals will often transport large HVAC units or other heavy materials. Constant use of manual labor with a vehicle can lead to scratches, dings, and other minor damages. While you can overlook this as the simple price of doing business in your own personal vehicle, the dealership won’t see things the same way. Expect fines for cosmetic damage.
Why to Buy an HVAC Vehicle
The cons of leasing turn into the pros of buying. When an HVAC professional uses their own truck for transportation and work, no one fines them for minor scrapes or the inevitable ding in the tailgate. You can also freely work on and maintain your truck, rather than have to adhere to the guidelines that a leaser might force upon you. This will allow you to embrace vehicle wraps or custom paint jobs that will help promote your business. A fleet of mobile billboards can help generate considerably more business for your company.
Cons of Buying an HVAC Truck
You’ll spend more money purchasing a vehicle outright than you would if you leased. That can cut into company funds if you running your own business, which a great deal of HVAC professionals do. Additionally, you’ll lack the support that dealerships give in lease contracts.
Overall, you’ll have to decide the buy/lease conundrum on a case by case basis. Some individuals may prefer leasing for the high support, low cost, and variety of not getting tied down to the same vehicle for too long. Some may prefer buying for the freedom of owning your own car, lack of restraints, and ability to check under the hood when they may feel like it. It’s up to each driver to decide what tactic they feel works best.