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The decision of whether to purchase, lease, or rent a heavy duty truck or trailer is not easy. there are many factors at play, and weighing your options can be tough. Maxim has developed the Ultimate Guide to buying, leasing, or renting to help make that decision less tough! We talked with our experts in leasing, renting, and financing to answer the most frequently asked questions that our customers have. We understand that every situation is unique, and this "Ultimate Guide" will provide a great starting point for making the right transportation choices for your business.
THE TOP 5 REASONS TO BUY, LEASE OR RENT YOUR HEAVY EQUIPMENT
You should BUY if:
- You are an Owner/Operator who makes a living at trucking.
- You are a smaller fleet (less than 10 trucks) dedicated to trucking.
- Your operation keeps trucks for longer than seven years.
- Your mileage is very low i.e. under 20,000 kms /year.
- Your operation has maintenance and repair facilities and you wish to do this work in-house.
You should LEASE if:
- You are not in the trucking business and wish to focus on your core competence, not transportation.
- You do not have—or wish to have—maintenance or repair facilities.
- Your mileage is higher than 20,000 kms/year.
- Your image is important and you need late model equipment that better reflects your brand.
- You don’t want the burden of vehicle maintenance and regulatory requirements.
You should RENT if:
- Your need is going to last 6 months or less (definitely not longer than 12 months)
- You operate in a seasonal or cyclical business with spikes during peak months
- You have regular equipment that is out of commission or broken down
- You are waiting for new equipment to arrive from the factory
- You are trying a new run with equipment you may not have in your fleet but might consider in the future
