There are many times in life when the question of whether to buy or rent will arise. If you’re in need of a cargo trailer, you’re probably asking yourself that very question. There’s a lot to think about, which is why many business owners establish decision support systems to assist them in making the right choices. Your decision about buying or renting should be based on your situation and the important considerations detailed below. Continue reading to discover the pros and cons of buying and renting cargo trailers.
Pros Of Buying A Trailer
There’s no denying that a cargo trailer is a great investment. Whether you need it for your profession or a hobby, you’ll appreciate the return on your investment because it’s a hard asset that can save you money in the long run. You won’t have to waste financial resources on renting a trailer every time the need arises. When you buy a trailer, you won’t have to deal with the hassle of hidden fees and quality issues that are sometimes associated with renting.
If you choose to buy, the first thing you’ll want to explore is what type of trailer you want. There are many options from which to choose and knowing what’s available will enable you to see if there is a dual purpose for which you can use the trailer. This is something that should be part of the decision-making process. One of the best types to consider is a custom trailer because it can be used for anything and it can be tailored to fit your every need. Other types of trailers that you might consider are utility, equipment, landscape, dual purpose, car and enclosed trailers. There is basically a trailer to accommodate every conceivable need.
Cons Of Buying A Trailer
While there are many different reasons to buy a cargo trailer, if you don’t have the money, you should definitely rent until you’re in a better position to buy. This can actually give you a chance to get comfortable using a trailer so that you know exactly what you want when it’s time to buy. You also need to consider the insurance you need to obtain for optimal coverage. You may need cargo insurance, for example. Take your coverage costs into consideration as well, noting that they will increase your overall expenses.
Pros Of Renting A Trailer
While it makes sense to buy a cargo trailer in many situations, there are instances when renting is the best option. For instance, if you only plan to use the trailer for a single event that lasts for a short period of time, then it’s best to rent. By renting, you won’t have to maintain an asset that you’re only going to use once. Another benefit of renting is that you won’t have to store a trailer that you don’t really need.
Cons Of Renting A Trailer
You would not want to rent a trailer if you need to use it for more than a single occasion and you have the money to buy one. If you rent anyhow, you’re wasting money on a rental when you have a chance to expand your portfolio with a wise investment. If you decide to go a different route, consider the top list of major industries to invest in for an impressive portfolio.
The Bottom Line
Given that cargo trailers have a high resale value, even if you only need to use it periodically, it’s best to buy if you’re able to do so. Having a custom trailer is unlike the experience of renting a trailer. In fact, it’s like night and day because a trailer you own will have everything you need. However, you certainly don’t want to put yourself in a bad financial situation in the process, especially since trailers tend to require a large down payment when financed. If you choose to buy, you’ll want to find one that offers the best enclosed cargo trailer experience possible.
Depending on the type of business that you’re in, you should evaluate how often you need a cargo trailer. For companies that require a cargo trailer daily, consider buying a new or used trailer. Otherwise, it could be more economical to rent a cargo trailer on an as-needed basis. Of course, your current financial state significantly impacts your ability to buy a cargo trailer. By considering these pros and cons, you can buy or rent accordingly.