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To buy, lease or rent utility trucks — that’s the ultimate question.
While you may be searching for a straightforward answer, not all situations require the same decision. Several factors will help you determine the right move for your business whether you are in the heavy construction, mining, road building or agriculture industry.
Because buying vs. renting water trucks may seem like a biased concept depending on who you ask, it may be easy to forget there are benefits and drawbacks of each. It’s vital to understand your financial position and requirements, along with the rate of usage you are considering for your water truck. Weigh the pros and cons of each option and choose the most cost-effective option for you, your company and your workers.
Water Truck: Rent or Buy
Prime Source Parts & Equipment understands how the productivity of your business relies on having access to the proper equipment. Of course, if you buy or rent a water truck, you will gain a reliable primary water source. However, the benefits of purchasing a truck compared to renting or leasing one may be the most reasonable choice for your situation.
First, determine the approximate net cost of the asset you are considering — in this case, a water truck. Take a careful look at the finances of your company and define the amount of money available. If you have the funds to purchase a new vehicle without jeopardizing other aspects, it’s a good starting point. Acquiring an asset also presents you full ownership and no liability issues with rental agreements.
You already know you need a vehicle to transport water in large quantities for consistent delivery. From here, you need to determine how often you will use a water truck. Once every six months? Twice every four weeks? Or all 52 weeks in a year?
In the case where you will use a water truck only several times, the cost of buying one won’t even out, so consider other options. But if you plan on using it for consistent use throughout the year, purchasing makes the most sense for your company’s requirements. It’s also a smart move when you already have an established business instead of one that's starting out.
Another aspect to consider is whether you have access to a garage and maintenance services compared to relying on other means. If you can service a water truck yourself with the expertise of your employees, it will result in reduced maintenance costs and lead to longevity of your truck. With long-lasting productivity, your ROI will improve over time. Maintaining your fleet also allows you to control how and when you repair parts, making sure to follow DOT inspection regulations.
Owning a water truck helps you control when workers are at the job site and permits you to customize your truck to your specific application. You gain the flexibility of taking on large or small projects in an environment in which you choose.
The benefits of buying a water truck obtain positive outcomes for your company, as well as aiding you with tax incentives. In some cases, you can deduct the cost of purchased assets in the first year. But if you are unable to take out taxes, most business equipment can receive tax savings through depreciation deduction.
Purchasing a Water Truck from Prime Source
Prime Source Parts and Equipment supply water tanks, water trucks, water truck repairs and equipment parts. Our high-quality manufactured water trucks support you in transporting and distributing water supplies while delivering a cost-effective solution that is durable and reliable.
Our professionals guide you in making the best decision to provide the best value to your business. While we ship and offer services anywhere in the U.S., we concentrate our amenities in the southeast. Prime Source partners with large and small contractors such as quarries, farming, construction, utility, nurseries and landfills. You will benefit from a single source provider that employs expert technicians who specialize in many industries.
Contact us to get started on buying a utility truck or learning more about our services.