Should I Buy or Rent a Trailer?
Say you only use a trailer a few weeks a year. Is it worth your money to buy one? Or should you just rent a trailer? M&G Trailer Sales offers both trailer rental and trailer sales here in Minnesota. It’s important to consider both before you make a purchase. We’re here to help you make a decision through considering the costs and benefits of both.
Buy a Trailer
Pros of Trailer Purchase
Return on Investment
Buying a trailer is a capital investment. Your money goes toward a physical asset that you own, whether it’s a personal or business asset. Trailer ownership is valuable. You can use your trailer for your business venture to make money, or you can use it to leverage personal financial options. Either way, it’s a physical financial investment to add to your overall portfolio.
Availability
When you buy a trailer, it’s yours to use whenever you want. It’s where you need it when you need it. There are no concerns regarding finding a rental company and finding a trailer that is available and in your area. This is a huge convenience and time saver!
Flexibility
If the rental company owns the trailer, you’re limited in how you use it. There’s no opportunity to loan the trailer to a friend or family member. Additionally, you can’t make any changes to the trailer. When you buy a trailer, you can convert and reconfigure parts of your trailer to work better for you. Trailer rentals don’t give you the same flexibility.
Cons of Trailer Purchase
Financial Responsibility
When you rent a trailer, repairs, service and maintenance costs all fall upon the rental company. However, buying a trailer puts all of these costs and responsibilities on your shoulders. This is why it’s so important to research trailer brands and use your trailer in a safe, responsible way.
Rent a Trailer
Pros of Trailer Rental
Trailer Storage
Lack of dependable or affordable trailer storage is a common reason why people choose to rent a trailer rather than buy. Trailers take up parking space, space that many homes don’t have or home owner’s associations don’t allow. In this case, you may have to pay to store your trailer somewhere. You’d lose the benefit of having the trailer at home and ready to go when you need it. Additionally, you have to weigh the costs of buying the trailer and renting the space versus the cost of renting the trailer over different periods of time.
Short Term Use
Short term use is one of the best reasons to choose to rent a trailer. When you buy a trailer it becomes a lengthy process of paperwork, licensing, registration and insurance. If you’re planning to use a trailer for a few days, a trailer rental is probably the way to go.
Finances
Financing a new trailer often requires a significant down payment. Rather than dipping into savings or paying off a significant debt, consider renting a trailer. Rentals are more affordable for many people.
Maintenance
One of the best benefits of choosing to rent a trailer is that you’re not responsible for maintenance costs. Trailer rental companies like M&G keep their trailers well-maintained and ready to go. We handle all the costs of repairs, service and maintenance to our rentals. That’s peace of mind you don’t get when you buy a trailer.
Cons of Trailer Rental
No Return on Investment
Though the initial cost to rent a trailer is lower than the cost to buy one, rentals are still an overall loss of financial assets. You spend money to rent the trailer and leave with no retained capital asset.
While there are benefits when you rent a trailer and when you purchase a trailer, it’s a decision that you’ll need to make carefully. This decision often comes down to two things: finances and use. If you can afford to purchase a trailer and plan to use this trailer often, then buying is right for you. If you don’t have the cash to put down on a purchase or you only plan to use the trailer for a few days, it’s best to rent a trailer. Still don’t know what to choose? Talk to us! Our staff at M&G can help you go over the costs and benefits so you make the right decision for you.
Visit our rentals page to view all the trailers we have available for rent. Check out the trailers you can choose from and compare costs of daily trailer rentals. Once you decide which trailer you’re interested in or when you need one, contact us! We’ll help you get it hitched and ready to go.