To Lease or Finance Your Limo Fleet

To grow your limo business, you need a lot more than just a good steady stream of customers, you also need good advice to ensure that when you do need to expand you know the right way to go about it so that you choose the path which is right for you and your business. In the limousine hire industry, you would be nothing without your limousines. They are your trademark, your product and their quality reflects on you. You may even have a style of limousine which makes up your entire fleet and you are well known for that limousine model.

Therefore, when you need to expand your limousine fleet to meet the demands of a new and growing customer base, you first need to decide whether you are going to buy, finance or lease your new limousines. Buying outright is a great option as you don’t have to worry about loans and financing or interest rates, and you can choose to buy a limousine which is not brand new and save a bit of cash too. However, not all limo hire companies have the cash flow to pay for their limousines outright so they need to look at other options.

If you get finance for your limousine fleet, you need to make sure that if you have a loan for seven years, that if you decide to sell your limousine in four years, you won’t be charged huge exit fees. Also in financing you may need a deposit, plus the repairs and maintenance are up to you to look after. However, in getting finance for your limousine purchase, you may have trouble if your limousine is over a certain age, while financing a new limousine is just too expensive.

The third option is to lease your limousines and this is great if you are likely to update your fleet every few years as you lease is likely to only lock you in for three to four years. Also, some leasing agreements will also look after all of your maintenance, not to mention setting an agreed price for the limo at the end of the lease so you don’t have to worry about finding a buyer.

However, the most important thing is to make sure you get professional advice from your accountant, and that your accountant is familiar with your business, and the limo hire industry.

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