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New vs Used vs Leased Commercial Vehicles

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Each time when your company decides to increase it’s fleet of commercial vehicle we will be struck with the dilemma of making the ‘right’ choice for your company. 

New vehicle? Used vehicle? Leased vehicle?

These are the questions you will be asking yourself. But what is really the pros & cons of the 3? Let us guide you through so that you are really able to make the ‘best choice instead of the ‘right’ choice. 

Brand New Vehicle
Pros
1. 7 years full loan of the purchased amount
2. Interest rate at 2.99%
3. Lower fuel consumption
4. Better emission level
5. Less likely to break down
6. Newer and safer technology
7. 3-5 years warranty
8. Comprehensive insurance coverage
9. Lower depreciation
Cons
1. Longer waiting list
2. Bigger amount to loan might lead to rejection from bank
3. Higher risk management

Used Vehicle
Pros
1. Ready made for collection
2. Lower risk management
Cons
1. Simply the opposite of all Brand new vehicle’s Pros
2. 3.4% interest rate

Leased Vehicle
Pros
1. Instant availability
2. Maintenance servicing covered by vendor
3. Vehicle replacement in case of breakdown
4.  No risk management involved
Cons
1. Higher monthly payment
2. Long term leasing is definitely not advisable
3. Higher excess for insurance
4. Only 3rd party coverage for vehicle more than 10 years old

To put it into perspective, each has it’s own positive aspect. What it affects your decision will be the objective for the use of the vehicle. Is it for long or short term? Do you need it urgently? What is your budget?

I hope through this article we can share the experience we have so that you are able to make the best choice of selecting which source of vehicle should be best fitted with your need. 

 

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