New vs. Used Van Leasing for Businesses: A Comprehensive Guide to Choosing the Best Option
Silverstone Leasing

Pros and Cons of New vs. Used Van Leasing for Businesses

When it comes to leasing a van for business, companies in the UK decide to choose between new and used vehicles. Each option has pros and cons, and understanding them is essential to make an informed decision that best suits your business needs. In this comprehensive guide, we will explore the advantages and disadvantages of new vs. used van leasing, considering factors such as costs, maintenance, reliability, and more. We will also discuss the various van brands available at Silverstone Leasing to help you find the perfect vehicle for your business.

Pros and cons

New Van Leasing

Pros

  1. Latest technology and features: New vans come equipped with the latest technology, safety features, and fuel efficiency improvements, which can enhance driver comfort and productivity.

  2. Manufacturer's warranty: New vans typically come with a comprehensive manufacturer's warranty, which can provide peace of mind and reduce maintenance costs during the lease term.

  3. Customisation options: When leasing a new van, you can often customise it to meet your specific business requirements, such as adding additional storage or branding the exterior.

  4. Lower emissions: Newer vans usually have lower emissions, making them more environmentally friendly and potentially eligible for tax incentives or other benefits.

  5. More predictable costs: With a new van lease, maintenance costs are often more predictable, as the vehicle is less likely to require significant repairs or suffer from unexpected issues.

 

Cons

  1. Higher initial cost: Leasing a new van generally comes with a higher initial cost than used vans, which may be a concern for businesses with a limited budget.

  2. Depreciation: New vans tend to depreciate more rapidly than used vans, which can impact the overall value for money of the lease.

Used Van Leasing

Pros

  1. Lower initial cost: Used vans typically have a lower initial cost, making them more accessible for businesses on a budget or those looking to minimise upfront expenses.

  2. Slower depreciation: Used vans often depreciate at a slower rate compared to new vans, providing better value for money over the lease term.

  3. Wide selection: There is often a more extensive selection of used vans available, providing businesses with greater flexibility in finding a vehicle that suits their specific needs.

 

Cons

  1. Higher maintenance costs: Used vans may require more frequent maintenance or repairs due to their age and mileage, leading to potentially higher costs during the lease term.

  2. Limited warranty: Used vans often come with a more limited warranty than new ones, which may not cover all potential issues.

  3. Outdated technology: Older vans may not have the latest technology, safety features, or fuel-efficiency improvements, impacting driver comfort and productivity.

  4. Less predictable costs: Maintenance costs can be less predictable with a used van lease, as the vehicle may require significant repairs or suffer from unexpected issues.

Van Brands Available at Silverstone Leasing

hyundai van

At Silverstone Leasing, we offer a wide range of van brands suitable for business van leasing, including:

 
 

Each brand offers unique features, benefits, and pricing, making it essential to compare your options and find the best fit for your business needs.

Factors to Consider When Choosing New vs. Used Van Leasing

When deciding between new and used van leasing for your business, consider the following factors:

  1. Budget: Determine your budget for van leasing for business and consider whether the higher initial cost of a new van lease can be justified by its benefits.

  2. Maintenance costs: Assess the potential maintenance costs associated with each option and decide whether the lower initial price of a used van lease is worth the potential for higher ongoing costs.

  3. Reliability: Consider the importance of reliability for your business operations and weigh the benefits of a new van's warranty and the lower likelihood of mechanical issues against the lower upfront cost of a used van.

  4. Vehicle requirements: Evaluate the specific requirements of your business, such as necessary features or customisation options, and determine whether a new or used van is better suited to meet those needs.

  5. Environmental impact: If reducing your business's environmental impact is a priority, a new van with lower emissions may be a more suitable.

 

Conclusion

Deciding between new and used van lease for business requires a thorough understanding of the pros and cons of each option, as well as a clear assessment of your business's needs and budget. While new vans offer the latest technology, lower emissions, and a comprehensive warranty, used vans provide lower initial costs and a slower depreciation rate.

By considering factors such as budget, maintenance costs, reliability, vehicle requirements, and environmental impact, you can decide whether a new or used van lease is the best choice for your business.

No matter which option you choose, Silverstone Leasing offers a wide range of van brands and models to suit your needs, ensuring that you can find the perfect vehicle for your business's requirements. Remember to compare various options and consider factors such as leasing a car through a business and van leasing business to get the best possible value from your lease.

Pros and Cons of New vs. Used Van Leasing for Businesses FAQs

Is leasing a van tax efficient?

    Leasing a van can be tax efficient for businesses in the UK, as it allows you to claim a portion of the lease payments as a business expense. The percentage of the lease payment that can be claimed depends on the van's CO2 emissions. For vans with CO2 emissions of 50g/km or less, you can claim 100% of the lease payment as a business expense. For vans with CO2 emissions between 51g/km and 110g/km, you can claim 85% of the lease payment. Vans with emissions above 110g/km allow you to claim 60% of the lease payment. Additionally, VAT-registered businesses can reclaim 100% of the VAT on the lease payment for vans used exclusively for business purposes.

Does leasing a van affect credit score?

    Leasing a van can have an impact on your credit score. When you apply for a van lease, the leasing company will perform a credit check to assess your creditworthiness. This credit check can temporarily lower your credit score. However, if you make your lease payments on time and manage the lease responsibly, it can help build your credit score over time. Late payments or lease defaults, on the other hand, can negatively affect your credit score.

Can a new business get a van on lease?

    Yes, new businesses can get a van on lease. However, it might be more challenging for a new business to secure a lease due to the lack of an established credit history. Leasing companies may require additional documentation or security, such as a larger initial deposit or a personal guarantee from the business owner. It's essential to shop around and compare leasing options from various providers, as some companies may have more flexible requirements or be more willing to work with new businesses.

Is it best to lease a van if self-employed?

    Leasing a van can be a beneficial option for self-employed individuals, as it offers several advantages:

    1. Predictable costs: Leasing a van provides predictable monthly payments, allowing you to better manage your cash flow and budget for vehicle expenses.

    2. Tax efficiency: As a self-employed individual, you can claim a portion of the lease payments as a business expense, making it tax efficient.

    3. Access to new vehicles: Leasing allows you to drive a new van with the latest technology and features, which can improve productivity and reduce maintenance costs.

    4. Flexibility: Leasing provides the flexibility to change vans at the end of the lease term, allowing you to adapt to your changing business needs.

    However, it's essential to weigh the pros and cons of leasing a van against other options, such as purchasing a van outright or using a personal vehicle for business purposes. The best choice will depend on your specific circumstances and business needs.

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