8 Reasons Why Leasing a Bus Makes Perfect Sense
If you have a bus fleet, you have a ton to manage. You must manage fuel costs, bus drivers, and potential passengers. Finally, you must consider whether you want to lease or buy a fleet. Luckily for you, the option is clear. Leasing is a far better option. Check out our reasons why leasing a bus makes perfect sense below.
1. Differences Between Leasing and Buying
Leasing and buying a bus both offer a ton of benefits. However, leasing might be the best option for a budding business. It’s cheaper and carries more benefits overall. Buying a fleet entails updating them all continuously and going through the process again 10 years down the line. It also means being slightly behind technologically since you can’t simply turn it in when the leasing contract is over.
Buying a bus means you pay a lump sum upfront for the bus’s ownership. It usually comes with a warranty for a set number of years, but you’re on your own with maintenance costs and out-of-warranty issues that may take place. Accidents happen, and you must accept that you’re taking a serious risk by buying outright. Now that we’ve defined the difference between leasing and buying your bus, we can dive deeper into whether you want to lease a new or used bus.
2. Offers Versatility
When you consider a leasing option instead of buying a bus, you get more flexibility overall than if you decided to purchase with your own money or a loan. When purchasing, you might face some issues later down the road. You might decide to sell the product or turn it in altogether. When you get a lease, however, you can purchase the bus for its residual value or make another agreement for a new bus. The former option is likely more ideal since the value will only go up with time.
3. Lower Monthly Payments
Indeed, you’ll only pay once upfront for your new bus, but you can get a leased bus with relatively low payments each month. Getting a loan for a new bus is certainly an option when you’re first starting, but leasing it makes your monthly payments far less than what you would normally pay. Purchasing a new bus may mean you must pay for permits, taxes, and other fees. Choosing to lease with your bus dealership is one of the best decisions you can make.
4. You Can Experiment
You can switch out different buses to match your needs if you lease your bus. You can experiment with various technologies as well. You want to have this wiggle room because certain things may work for you or your passengers in the interim. If your passengers feel like the air conditioning isn’t ideal, they can address their concerns with you. From there, you can choose to turn the buses in from another one when your current lease is up. It might be wise to take surveys about what your passengers want or dislike so that you can keep these things in mind when you’re looking to turn your bus in.
5. If You Like It, You Can Buy It
Leasing allows you to try out a vehicle and buy it if you like it. You can even do this in the middle of a leasing term with National Bus! We’ll work with you so that you don’t feel as though you’re stuck in a lease or with a vehicle that isn’t working for you. Or if you enjoy the bus, you can buy it at any point. Don’t hesitate to let us know what works for you!
6. Tax Benefits
Good news! Monthly payments for leasing a bus are deductible from yearly taxes, which can be a big boon for your business. Why not try to lower your taxes a little bit the next time tax season comes around? The cost of the lease’s monthly payments usually depend on how much you drive the bus, but there are other factors as well. Make sure you do your research so that you understand exactly how leasing a bus can impact your taxes.
7. Quickly Update Your Fleet
Staying up to date is crucial for businesses that want to stay relevant. Upgrades in technology can occur at any point. Being able to update your buses quickly and efficiently can be a serious boon. It’ll mean more comfort for your passengers and less money out of pocket for you. You’ll get the latest options without paying as much as the original owner. New buses come out every year and become more advanced. You’ll be able to take advantage of these options and stay leaps and bounds ahead of the competition in terms of comfort and technological advancements.
8. You Can Get the Best at a Much Lower Up-Front Cost
When it’s time to trade in your bus after your lease is up, you can get an updated version that’s like new. You’ll be able to take advantage of new technologies and experiment with different buses for your fleet. If you’ve found that you want a bus with a bike rack, a ramp for people with disabilities, or even heated seats or other amenities, you can now get one. This is one of the most important reasons to lease your buses.
In short, leasing your bus is the best option when you’re trying to outfit your fleet. Without leasing, you may find that you’re coming out of pocket for much more money over time than you would assume. Leasing your bus offers you versatility and low monthly payments that are easily manageable. If you’re starting your business, this is key because it’s less capital you have to invest upfront. Because of this, leasing is a great initial decision. Here at National Bus, we offer the best new and used buses for all your needs. Shop National Bus today!
Talk to our team of professionals to get all your questions answered. We strive to deliver the best service to our customers possible. Please don’t hesitate to reach out for any of your bus-leasing needs.