If you need a van for personal or business use, there are many things you will need to consider, such as which option is the most financially viable. Three common methods of obtaining a van are buying, hiring or leasing, and each has its own advantages and disadvantages. Take a look at our guide.
Buying
Buying a van provides you with complete ownership if bought outright. This provides long-term use, and resale options in the future, making van purchase a popular option. In a report by the Society of Motor Manufacturers and Traders (SMMT), the van market grew by almost a fifth in March 2023 compared with the same month in 2022, and this trend is likely to continue throughout 2023.
You will require a large amount of cash available for the purchase, although finance options might be available. You will be responsible for tax, maintenance and repair costs, and it is worth noting that you run the risk of the vehicle’s resale value depreciating over time.
Hiring
Hiring a van can be a great choice especially if you only need one for a short period or a specific task. Hiring provides flexibility, as you can choose the duration and type of van according to your requirements. It also eliminates the responsibility of both repairs and maintenance costs, as these are usually covered by the hire company.
It is important to note that the cost of hiring a van can mount up quickly, so it is always worth shopping around for the best deals. If you are looking for van rental Bristol, then small, medium and large van vehicles are available, depending on your needs. When considering van rental Bristol be sure to choose a reputable company.
Leasing
With a lease, you usually rent the van for an extended period, at a fixed weekly or monthly cost. You won’t own the van at the end of the agreement, but there are advantages to leasing, such as having access to newer models, and tax-deductible lease payments.