The Impact Of The Cost Of Living Crisis When Considering Buying Or Renting A Truck

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Cost Of Living

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As everyone is aware from the news, the cost of living is not going away or changing. Especially with the current turbulent times of the UK government. Making the hardest element not only the struggle with day-to-day expenses but the unknown and what it will affect next. Around 9 in 10 (89%) adults in Great Britain continue to report that their cost of living has increased, equal to around 46 million people.  

The effect on energy and food is often seen as a given with one of the first obvious impacts. The most common reasons for the increased cost of living are the price of their food shop (94%), gas or electricity bills (82%), and an increase in the price of fuel (77%). All of this meant people had to make changes to their day to lives. For instance, spending less on non-essentials (57%), using less gas and electricity (51%), and cutting back on non-essential journeys (42%). However, when it begins to impact housing and transport, that is when bigger lifestyle shifts start to be considered.  

Studies have reported that many drivers (37%) have been put off purchasing a vehicle due to current inflation increases. Furthermore, 39% had changed their mind about the model, opting for a cheaper version, with 35% changing their budget altogether. With the cost of living, Brexit, driver shortages, and supply shortages, the trucking industry has had to overcome some pretty turbulent times.  

HGV Finance 

One key area to reduce overheads is through transport, often turning to leasing trucks for the business. Both save money by making fewer journeys to save fuel and reduce the environment impact. For this, a business would need the correct truck for the job. Reducing these costs in any way is often one of a fleet operator’s biggest goals. It is often vital for a company to weigh up not only the HGV rental costs but also the performance and maintenance required. Understanding the whole Total Cost of Ownership (TCO) often involves negotiation and flexibility. 

Truck rental is an ideal solution to reduce these costs whilst ensuring you have the correct truck for the job. Commercial truck and lorry hire is ideal for companies who want to increase, upgrade, or renew their commercial vehicles at the lowest possible cost. This involves spreading the cost over an agreed period of time through set monthly installments. 

Benefits Of Hiring A Truck 

Other than the obvious cost savings there are various benefits to renting a truck from Mac’s Truck Rental.  

  • Low initial capital expenditure  
  • Bespoke truck rental prices 
  • Personalised truck for the required job  
  • Maintenance and breakdown are covered  
  • Access to the latest technology  
  • Hiring a truck can reduce your tax bill 
  • Options at the end  

Hire A Truck From Mac’s Truck Rental  

As the UK’s leading HGV truck leasing and lorry hire company, we have helped businesses gain access to high-quality commercial trucks. Enabling many companies to continue trading through these financially hard times. Our team of experienced individuals means we are perfectly placed within the industry to help and advise you on your truck lease options. 

Whether you are looking for a bespoke custom-made build to suit your business needs or high-quality used trucks we have the ideal truck rental price for you. All of our trucks, bespoke or not are fully maintained and each has to pass robust tests. This includes servicing, inspections, and all the relevant certifications required for your vehicle.  

Whether you’re looking for a beavertail hire, skip lorry hire, crane truck hire, or hook loader hire. We have a wide selection of trucks suitable for a range of industries and job sizes. Contact us today to go through all your HGV hire needs.