Owning a trailer is often the best option for people. With all the attractive ownership advantages, you might wonder why people would ever rent a trailer.
There are times when renting a trailer does make sense. You have to take in the pros and cons of buying trailers vs. renting trailers to finally arrive at the right decision. Here are some of the benefits of renting a trailer:
If you only need a trailer for a short duration or a one-time event, then yes, it makes sense to rent it. You have the convenience of getting in and out fast. You don't have the hassle of arranging for financing, and you don't have all the licensing, registration and insurance paperwork to fill out. With short-term renting, you also don't have upkeep responsibilities that you do as an owner.
Renting a trailer is a good idea if you have financing issues. Most financial institutes require a substantial down payment, and that dips into your cash reserves. You might also have a significant existing debt-to-service ratio which makes financing a challenge. You don't have those problems with rental trailers. But, then again, you have no retained capital asset when renting as you do with owning.
Where you store your trailer when not in use might be a challenge if you own it and have the trailer around permanently. Trailers take up parking room. That could be a premium, depending on your location. If you rent a trailer, you can pick it up and drop it off at the rental company rather than trying to store it where you have little or no room. However, by renting, you're sacrificing availability which turns into time spent getting a trailer and sending it back.
Rental companies have the responsibility to maintain their inventory. Reputable rental companies keep their fleet well-maintained because it makes good business sense. Regular maintenance costs money, and you can be sure it's built into your rental agreement. There's some peace of mind here. However, you're paying for it with no guarantee that you won't have problems on the road. When you own your trailer, you're in control of maintaining it. Now that can give you real peace of mind.