If you are in the agricultural industry, your equipment is an important part of your business. In fact, equipment is a major investment whether you buy or rent. However, in some cases, buying is the best option. Yet, you may enjoy more benefits when you rent. Let’s check out when you should rent or own a washington tractor in Lynden.
Renting
Temporary usage is the most practical reason to rent. For example, suppose your machine is in the shop for two weeks. It makes sense to rent on a weekly basis until you have your tractor back. In fact, when it’s plowing, planting, or harvesting time, you can’t afford to be without one of your most important pieces of equipment.
You may have other reasons for renting a Washington tractor in Lynden. For example, your old machine finally gives out, but you only have a week or so left in the season. If buy a new one now, then you’ll have to turn around and store it for several months? It’s easier to rent and then buy in the spring.
Some dealers may offer leasing services and for some agricultural businesses, this may give you tax benefits. You also may not need an excellent credit rating if you lease.
Owning Your Tractor
When you buy a Washington tractor in Lynden, it is yours. Your tractor purchase is a legitimate business expense, and so all the upkeep and fuel expenses are tax deductions. Your local dealership can help you with financing packages so you can keep most of your capital for other important business costs.
Availability is another important consideration. If you own your tractor, it’s always available. When you go to the dealer to rent a tractor, they may not have what you need during the busiest times of the year. Also, owned equipment adds to your business assets.
