Van leasing allows drivers to drive a shiny new vehicle without having to worry about losing a large sum or worrying about the cost of depreciation. However, there are some pitfalls to avoid, especially when clients forget to review small prints before signing the deal. Some of them are listed below;
1. Paying too much upfront
Vehicle lease deals that come with fewer monthly rentals can seem incredibly tempting, but then when you sum up the price, it can turn out to be huge. However, if you are considering paying a large amount initially, you must ask yourself what you would do if your truck was stolen. Will the insurance company reimburse the vehicle leasing company for the value of the truck? For the most part, the people who get caught in such a trap are at a loss.
2. Insurance is important
Accidents don’t happen by knocking on the door. If that happens to your rental van, you may run out of money, in case you don’t have the proper insurance. Having insurance will reimburse the current value of the truck which could be huge. Therefore, make sure you have adequate gap insurance.
3. Be aware of mileage limits
Low monthly payment offers could hide low mileage limits. You should take care of that before renting the van. Take your average driving habits into account, so that you can request a higher mileage allowance when needed. Although this may increase your monthly premium, it will help keep the cost balanced in the long run.
4. Damage
Driving involves little wear and tear. But then there are some companies that will slip through the slightest of damage to the truck. To avoid falling into this type of trap, make sure you are fully aware of the end-of-lease guidelines. Just don’t assume that the company can ignore a small scratch.
5. It is better to avoid leasing for too long
Truck warranties generally last three years. This is why renting a van for longer can result in some unwanted costs. Also, these commercial vehicles are updated quite frequently. If you sign the contract for fewer years, you can lease all those updated models. So you can drive a new truck every year without even paying a lot.
6. Failure to maintain the rented van
If you are thinking that you can easily get away from your rental truck without properly maintaining it, then you should consider thinking about this again. It is suggested to keep your truck in good condition to avoid heavy loads.
Above all, the most important thing is that you should not end up with the wrong leasing company. Therefore, do your research before choosing one.