You bought a semi-truck thinking you would be using it frequently. But what if your semi-truck has been sitting and collecting dust instead? It’s not fair that you invested so much into this vehicle only to have it sit there and do nothing for you. Since you aren’t using it too much, why don’t you try leasing your truck to other people for some extra money? This way, your investment is being used, and you’re also getting some side income. If you’re interested in starting up this little business, then here are some things you’ll want to think about.
Who You’re Leasing To
One thing you need to establish is your clientele. There are 2 general types of people who may be interested: companies or individuals. Companies will seek out people leasing their vehicles and pay to use the semi-trucks to move merchandise. They tend to be a lot safer for someone inexperienced with leasing. Individuals lease for themselves, and while they may not be hauling large merchandise, come with more risk. Be sure you know which option you want to pursue before putting your vehicle out there.
Pros of Leasing
The biggest pro of leasing out your unused semi-truck is having the opportunity to make more money. You get to decide your rates, but make sure you do some research to determine that you’re highly competitive. You can also look into some insurance options to make sure you don’t pay out of pocket in the event of an accident.
Another pro is flexibility. You run on your own schedule! Your truck can be used to your discretion. It all depends on your scheduling with clients.
Cons of Leasing
There are definitely some risks associated with leasing your vehicle. You’re entrusting your vehicle to strangers. Your vehicle may be involved in an accident, so be sure you have insurance lined up just in case. This really does involve using your business instincts. You will essentially be running your own business, so dedication to your scheduling and policies is a must if you want to make the most of this opportunity.
If you have a good head on your shoulders for business and used semi-trucks ready to go, then leasing your semi-truck is an excellent option for you. So long as you know and establish your rules and policies, know how to find good clients, and have insurance options lined up; you can make a pretty side income to help pay those bills. It’s much better than letting an investment go to waste!
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