When does it make sense to hire vs own your business vehicles?

At Intack Self Drive, we’ve been helping our customers keep the wheels turning on their businesses for over 50 years now with our extensive range of hire options, and we’ve seen firsthand just how essential transportation can be to their successes. To buy or to hire – it’s one of the most common dilemmas businesses face. How do you know which is the right road to take? We’ve put together some key areas to help you make a decision that works best for you!

What makes the most sense financially?

When choosing between buying and hiring, there’s one particularly important question to ask yourself: What are you willing to spend? Buying your business vehicles means either paying a sizeable amount upfront or locking into a long-term contract, while hiring lets you break down your payments into monthly instalments, enabling you to redirect vital company funds elsewhere in the business and providing all-important flexibility. It all depends on how much capital you are willing to invest.

If you plan on driving your car or van on a daily basis for the next few years, then ownership could end up being the more affordable option in the long run. On the other hand, if your vehicle needs are more inconsistent and unpredictable, then hiring could be ideal. After all, when every penny matters, it doesn’t make sense to be spending money on ownership costs year-round if you’re only actually using the vehicle every few months. Plus, hiring a vehicle can actually be cheaper than you might think. Here at Intack Self Drive, we won’t be beaten on price, and you can find reliable cars and vans that work perfectly for your business while staying on budget!

How fixed are your business vehicle needs?

Next, consider what kind of vehicle you need. Let’s say you’ve found a car that works perfectly for your business requirements, one you’re going to need to drive regularly for the foreseeable future. Will it still be just as suitable next month, or even next year? If the answer’s yes, then it could make sense financially and practically to buy outright.

On the flip side, if the kind of vehicle you require changes from month to month, then hiring can give you the flexibility to adapt your fleet as and when needed. One week, you might want a medium automatic car – the next week, something like our 3.2m Long Wheel Base Hi-Top Van could be exactly what you need. With our range of convenient daily and flexi hire options, you’re not tied to a specific model and can take your pick depending on your current project.

Control and convenience

Owning a car can be a double-edged sword. On the one hand, you have a tangible asset that you can later sell to recoup costs when needed – plus, if you get the vehicle on finance, you’ll build equity as you pay it off. You also won’t need to worry about having to keep the vehicle in a certain condition or sticking to the strict mileage limits imposed by many hire companies.

Of course, when you choose to hire one of our cars, vans or minibuses for two or more days on daily hire, you can enjoy unlimited mileage without having to think about excess mileage charges. You’re also not financially responsible for the vehicle’s upkeep. We throw in road tax, a manufacturer’s warranty, all service and maintenance costs – even 24-hour breakdown! You don’t have to worry about issues like downtime or depreciation – you can just enjoy reliable transport without a long-term commitment. Hiring also gives you the freedom to upgrade to more up-to-date models easily and conveniently, so that you can enjoy newer vehicles and technology without having to sell your old vehicle.

Any other questions?

That’s the basics covered – but if you’re still unsure whether hiring is the best option for you, don’t hesitate to reach out. Our friendly team of experts are always happy to help and can answer any of your questions. Of course, if you do decide to hire, you’re definitely in the right place! With over 500 diverse vehicles to choose from, we’re committed to delivering reliable hire solutions at great prices. Give us a call on 01254 57811 today, or explore our website to see exactly what we have to offer!