Boom trucks are essential for certain jobs, having become a staple in the construction and utilities industries. They are also a very expensive piece of equipment, although they can be easily modified for a variety of uses. This is why they are known as the “utility knife” of the work fleet industry. The good news is that when finances or vehicle availability are a concern, companies can rent or lease boom trucks, as opposed to buying them. Before spending any money on these vehicles, it is best for a company to analyze their present and future needs and decide whether it is better to buy, rent or lease!

Determining Needs

When the time comes for a company to purchase equipment like boom trucks, they must determine whether a short term rental, longer term lease, or purchasing the vehicle outright is best. The answer lies in how much use the truck will actually see and each company’s viewpoint on equipment rotation.

Companies looking at knuckleboom trucks for a one-time job or seasonal work would be better renting one by the day or week. Even though rental can be more expensive than leasing or purchasing a truck, it is a quick fix for short-term needs. Once the need begins to exceed the cost of a rental payment, it is probably time to consider more permanent options.

Lease or Purchase?

For longer-term solutions, buying a truck with a boom rather than renting is best in most cases to eliminate high rental fees and be the actual owner of the truck. Of course, this is only best for those with enough available funds to handle such an expensive purchase.

If an outright purchase is not possible, financing through a private lender may be a good. While there are interest charges, the vehicle will belong to the company to do with it as they see fit when it is paid off.

Leasing is sometimes better if boom trucks are only needed for a certain length of time or the newest models are desired. While lease payments may be higher than loan payments, the truck can be returned at the end of the lease and payment has only been made for actual usage time. There is no ‘off-season’ time when the truck sits unused yet still having to be paid for. Sometimes a buyout option can work; however, this is usually more expensive than just financing and buying the vehicle.

Other Costs

Renting or leasing boom trucks includes insurance coverage against damage to the equipment and if often included in the fee or provided by the company’s own insurance policy. Buying typically requires the same type of insurance coverage – which is complete coverage for damages. The difference between the two should be taken into consideration when determining a final cost of acquisition. Renting or leasing also includes most maintenance costs as well as tags, inspection, and similar costs.

ental and leasing rates differ depending on the condition of the equipment and if it is used or new. Maintenance is often included on leased vehicles, which can help determine whether leasing is a good option. All of these expenses must be looked at before deciding how to best get the trucks that are needed.

With all of the options available to obtain equipment, a company should be able to find the best way to get important jobs done. Businesses can rent, lease, or buy the knuckleboom trucksand vehicles required for their short or long-term needs that makes the best financial sense to them!

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