Deciding to Rent a Bucket Truck vs Buying a Bucket Truck

Deciding to Rent a Bucket Truck vs Buying a Bucket Truck

Deciding between buying and renting a bucket truck can be difficult. Some dealers will try to push you into one or the other so they can increase their bottom line. Don't be tricked, decide whether or not to buy or rent bucket trucks based on your needs. This article will help you with your decision and possibly save you thousands of dollars.

Your Plans

Your longtermplans will ultimately decide whether or not to rent.If you aregoing to use the truck for ajob or two and less than 6 months, it is probably better to just rent.If you're in this situation and buy a truck, you could end up having a trucksitting idle that isn't making youmoney but costing you money.

If your business has multiple jobs lined up and plan to use the bucket truck for future jobs , you should give more weight to purchasing a reconditioned or used bucket truck. When you buy a used or reconditioned bucket truck, itwill allow you to get into the truck for a lower pricepoint than buying new. Usually only large operations buy new bucket trucks. They do this for tax purposes and fleet management mostly.

Tax Issues

Taxes should not sway your decision at all. There are many common misconceptions regarding taxes when renting or buying. You can deduct your costs for renting as operating expenses. Doing so will certainly relieve some costs of the rental. If you buy a bucket truck, you can deduct depreciation. Depreciation is based upon your accounting method but in regards to bucket trucks, you should significantly offset your costs of buying with depreciation.

The Costs of Buying vs. Renting

Renting is certainly a much costlier choicewhen compared to buying. However, if you only need to usethe bucket truck a handful of times andfor quick jobs, it is definitely the way to go.Insurancewill cover rentals soif you happen to damage your equipment, you won't have to pay exorbitant amounts of moneyin repairs.In the case ofa bucket truck rental, you need to have commercial insurance before you drive off the lot.If you buya bucket truck, you are required to pay more upfront andbe held to a longer commitment.Requirements like thesearedefinitelynot bad if you have a long term plan involving using your truck for multiple jobs.You wantto get the best ROI or return on investment.

Your Decision

To sum it up, renting a bucket truck is the best option for the short term and don't have plans to need bucket trucks in the near future. Buy a bucket truck if you have a relatively steady business and plan to use the equipment multiple times over a longer period of time. Tax incentives for both renting and purchasing are substantialso don't let taxes change your decision.

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