There are countless reasons you may decide to buy a truck for your business, ranging from the need to transport raw materials to providing a local delivery service to your customers. However, just because buying a truck is likely to be the best choice does not necessarily mean that the process will be as straightforward as one might hope.
As a result, we thought it worth compiling a few “need to knows” for business owners who are considering purchasing a truck for their company for the first time.
#1 – Tax implications
If you are purchasing a truck solely for business usage, then the truck will have a number of implications for your taxes. As this website outlines, you may be able to claim a tax deduction for the purchase price of your truck, which can help to offset the cost significantly. In addition, you should be able to deduct mileage expenses for the truck when it is in operation; your company’s financial or tax advisor should be able to assist you further in this regard.
#2 – Repair and servicing costs
Unfortunately, even the best trucks featuring the most well-regarded diesel engines can experience problems that can keep your truck off the road for long periods of time. It’s therefore important to research and find a company who will be able to manage these issues when they occur. Be sure to research and find out more about the type of work your truck may require, and what you should look for in a provider of repair and maintenance services. Given that any time your truck spends off the road will be detrimental to your business, knowing you can access a professional, highly-skilled repair service is a crucial step before you decide to invest.
#3 – Marketing opportunities
When considering the costs of buying a truck for your business, you will primarily focus on the costs of the vehicle itself – but this can lead to a missed opportunity. Whenever your truck is on the road, it can serve as a kind of mobile advertising unit if it is branded correctly. To take advantage of this opportunity, consider vehicle decals or wraps, and include these in your overall budget for the purchase.
#4 – Security concerns
Thus far, we have primarily focused on the considerations you will need to keep in mind in regards to the purchase and operation of your truck on the roads – but there’s another important aspect to consider: how your truck will be stored overnight. Ideally, your business’s truck will need to be stored in a secure facility with adequate security provisions in place. As a result, you may need to install security cameras at your current business premises in order to ensure that you can keep an eye (or a digital eye, at least!) on your investment at all times.
Investing in a truck can greatly benefit your business, though is not without its challenges. By taking the points above into consideration, you should be able to ensure that you can enjoy all the benefits a truck can bring to your business while also avoiding the most significant pitfalls.