Home Budgeting Save Money on Owning and Using a Van

Save Money on Owning and Using a Van

Whether you work for yourself, or even if you own a van to carry around band equipment or other items, you can save money compared to the cost of buying a van outright. A personal van lease agreement gives you access to the modern van that you want, does not require the same capital investment that is needed to buy a van, and it even means that you can return the van in a couple of years to choose a new one. Leasing could be the most beneficial option for you, especially if you don’t have access to a large sum of money but do have a regular income.

Buying a van means that you will have to put down a large amount of money. Even if you take out finance, it means paying a large deposit before then paying potentially hefty interest charges every month. It could take years to repay the money that you borrow, and by that time, you might decide that you want to upgrade. Depreciation and interest charges mean that you will only get a small fraction of what you paid for the van when you part exchange for a new one.


With a lease agreement, you can upgrade your van at the end of the lease agreement. This means that you will always be driving a vehicle that is a year or two old, without the worry of depreciation. The saying goes that a vehicle halves in value as soon as you drive it away from the forecourt and while the actual rate of depreciation may be less than 50% in the first year in some cases, you will certainly lose a sizeable amount of money. Upgrading your van even every two years means that you will be exposed to this unseen cost.

Depending on the type of lease agreement that you opt for, you may not even have to pay for things like road tax or even the servicing of your van. Some agreements include general maintenance and general costs. While you will still have to pay for any exceptional repairs or damage that is not considered to be general wear and tear, this all means that you can make a single payment every month and then not have to worry about making additional payments. Obviously, you will still have to pay for costs like petrol, and you should ensure that your agreement offers enough mileage allowance so that you can complete all of your required journeys over the period.

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