And, don't forget the time involved in working with regulators. Are you sure that you're up-to-date on the criteria for each of the states in which you operate? Are you confident that the practices in your shop are in compliance with federal, state and local regulations? More and more companies are concluding that shifting these responsibilities to a third party may be a sound business decision for their company.
Avoiding 'stranded assets': One last thing to consider: the crystal ball. Owning trucks is a bit like timing the stock market. Hit it right when it comes time to sell, and you'll reap high residual values. If your timing is wrong, the value of your equipment may be too low to make a much-needed move to new trucks.
Right now, the used truck market is stable with prices reflective of market demands. But, will that be the climate in three or four years? You don't have to have a long memory to recall the over supply of used trucks on the market several years ago. It left many fleets upside down on the value of their trucks. Today, we're seeing fleets are more concerned about preserving the value of their investments. Leasing is an ideal way to remove the uncertainty of the used truck market from the equation. Plus, a leased truck has a greater chance of holding its value because of its maintenance record.
Given these changing times, you must evaluate all aspects of your business including transportation. A lease/ownership analysis helps determine the best fleet strategy for your specific needs. From our perspective, there has never been a better time to lease vehicles.