According to a recent poll of certain North American enterprises in the industry, a 2021 inventory of rental/lease trailers placed their number at 585,000, or 6.5% more than a year earlier.

This number indicates many people like yourself are deciding to use a trailer rental service instead of buying one. While you could invest in buying a trailer, you’ll have to consider the intended usage.

A trailer can be a huge liability if you buy one down and it lays idle during the off-season. In contrast, a significant advantage of renting a trailer is avoiding long-term maintenance costs.

This blog will explore the advantages and disadvantages of buying or renting a trailer. We’ll highlight the perks and drawbacks of trailer rental services so you can know what to expect.

Considerations Before Getting a Trailer

Before we go into whether to use a trailer rental or buy one, let’s discuss some things to consider before getting a trailer. You need to know the capacity of what you want to use the trailer for. There are three main things to look out for when considering compatibility.

• Pulling power
• Load weight
• Hitch compatibility

Pulling Power

The truck you drive must be capable of pulling the trailer you have attached to it. The pulling power determines just how well the truck will be able to haul the trailer. You have to plan for this in advance.

Load Weight

Before you approach a trailer rental service in Ontario or buy one, you must know the intended load weight. The load weight accounts for the maximum capacity of the trailer.

Hence, you should know the trailer’s weight when empty and the maximum load it can carry. This way, you’ll be able to accurately understand how much load to put into the trailer.

Hitch Compatibility

There’s no point in buying or renting a trailer that won’t connect to your truck. Therefore, you must ensure that the trailer’s hitch fits perfectly with your truck’s.

Related Article: Top 5 Tips for Trailer Rental Newbies

Choosing the Ideal Trailer

The type of job at hand will determine the trailer you will buy or rent. The trailer you’ll use will differ if you’re moving, storing, or hauling. So before you approach a trailer rental service or trailer shop, let’s look at the different types of trailers available.

Cargo Trailer

Cargo trailers are encased structures built to move large items like furniture while protecting them from weather elements. The cargo trailers have a hook that makes them easy to attach to a truck.

Freight Trailer

Freight trailers are a common choice when using a trailer rental service. These freight trailers are ideal for relocating to a new house since they can accommodate enormous household items. The freight trailers can cover long distances and serve as mobile temporary business hubs.

Pros of Buying a Trailer

We’ve come to the section on the pros and cons of trailer rental services and purchases. Let’s start with the pros of buying a trailer.

Availability

Buying a trailer means round-the-clock availability. The trailer will always be at your beck and call. This will save you time and energy instead of searching for a trailer rental service whenever you need a trailer.

Return on Investment

Buying a trailer equals owning a tangible asset. You can use the trailer for a business venture on the go or lease it to a third party and make some money. The trailer can serve as a lucrative investment in your portfolio.

Flexibility

If you’re torn on whether to use a trailer rental service or buy one, rest assured that you’ll have more flexibility with the latter. Once you buy a trailer, you can redesign and reconstruct it to any form you desire. You can’t redesign a trailer that you rent.

Cons of Buying a Trailer

These are instances where a trailer rental service may be more favourable.

Financial Responsibility

The presence of the trailer in your backyard means you’ll have to take on all the responsibility for it. You can return the trailer to the trailer rental service once you’re done with it. However, once you buy it, you have to look after and maintain the trailer periodically.

Storage and Security Issues

The trailer can take up considerable space in your home or garage. You’ll have to keep the trailer in a safe and secure area. However, when you use a trailer rental service, you don’t have to worry about the storage and security of the trailer.

Huge Initial Payment

Despite the perks of using the trailer you buy as a source of income, the initial payment can be hefty. On average, a trailer can cost from $5,000 to $40,000.

This lump sum can set you back financially for some time. Hence, it would help if you considered your stance strongly before buying a trailer.

Pros of Renting a Trailer

Let’s shift over to the pros and cons of trailer rental services. Rental services take away most of the responsibilities of owning a trailer. Some further advantages of renting a trailer are:

Temporary Usage

You’ll have to handle a ton of paperwork, registration, and licensing hurdles. However, renting a trailer is swift and straightforward, especially for only a few days.

No Storage or Security Issues

Another advantage of trailer rentals is the lack of need to store the trailer. A trailer can take up a lot of space and may not be suitable to park at your home. You may have to pay for a space to store the trailer elsewhere.

With a trailer rental service, the responsibility of keeping the trailer parked and secured when not in use doesn’t fall on you.

Lower Costs

You’ll be making a substantial down payment when you buy a trailer. But with trailer rentals in Ontario, you’ll be paying a significantly lower amount, ranging from $800 to $3,000. Therefore, you won’t need to dig into your savings or break the bank to rent a trailer.

Maintenance

Another great advantage of trailer rentals is the freedom from maintenance. You don’t have to worry about catering for the trailer because you’ll return it to the rental company afterwards.

Cons of Renting a Trailer

As there are perks to renting a trailer, there are also some drawbacks. Here are the cons of using trailer rental services.

Low Availability

You’ll always be at the mercy of a rental service whenever you need one. Since you aren’t buying the trailer, you can’t rely on having it around whenever you need it.

Low Return on Investment

Despite the initial low cost of renting a trailer, you won’t be able to retain capital on it. Hence, you can lose some overall financials because you’ll rarely be able to run a business or generate more income with a rented trailer.

Related Article: How to Make the Most out of Your Trailer Rental?

Final Thoughts

Renting a trailer might do you good in the long run, as the asset won’t tie you down. You can also efficiently run your business with minimal overhead costs.

Here at Toronto Trailers, we offer reliable trailer rental services that you can trust. Call 416-477-5488 to book one of our trailers.