Lease or Own
#1
12-28-2006, 02:35 PM
Lease or Own
To lease or to own your own truck that is the question? I think I now what to do to own your own but I have never lease anything. So what is best? If i were to lease how do you go about doing that? What all do you have to do?
#2
12-28-2006, 11:35 PM
There are companies who lease trucks rather than financing to own. I think it is better to buy. If you lease you will never own the truck unless you have a buyout clause at the end of the lease period. You are usually still responsible for all maintenance costs associated with the equipment. Most people who start out by leasing don't have the credit or money to buy. The tax benefits are minimal, since you can depreciate your truck. Unless you are a larger carrier, I don't see much, if any advantage in leasing. The idea of leasing is preservation of capital, since you can pay less down to lease. However, you will usually spend more to lease than you will by purchasing.
#3
12-29-2006, 06:32 AM
Originally Posted by GMAN
There are companies who lease trucks rather than financing to own. I think it is better to buy. If you lease you will never own the truck unless you have a buyout clause at the end of the lease period. You are usually still responsible for all maintenance costs associated with the equipment. Most people who start out by leasing don't have the credit or money to buy. The tax benefits are minimal, since you can depreciate your truck. Unless you are a larger carrier, I don't see much, if any advantage in leasing. The idea of leasing is preservation of capital, since you can pay less down to lease. However, you will usually spend more to lease than you will by purchasing.
Thanks GMAN
#5
12-29-2006, 10:29 AM
I lease $700 down,a little over $1,600@month,$1 buyout
__________________
"I love college football. It's the only time of year you can walk down the street with a girl in one arm and a blanket in the other, and nobody thinks twice about it." --Duffy Daugherty 
#6
12-29-2006, 11:22 PM
GMAN is right again!
I personally would NEVER lease anything!
__________________
EX-SMX. Flatbedder, now a TMC Newb. WHOO HOO! Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally haggard, worn out, and shouting, "...HOLY $HIT...what a ride!".... If it werent for flatbedders, van drivers wouldnt have a dock to back into! Right?
#7
01-02-2007, 01:12 PM
There's a catch to everything....I'd buy before lease you can write -off 100% of your lease payment but there are tricks.Lease purchase is a joke these companies offer those to save on workmans comp., and other things. Then they work you like a dog until your truck is worn out,then it's worth a dollar. The best advice I've ever heard/got was to put a LARGE down payment and get the lowest interest rate as possible depending on your credit.
#8
01-02-2007, 03:59 PM
I am currently in a deal with my BANK where i lease my truck with a 100 buyout at the end of the term. I could have bought it through a credit deal but leasing gave me about 2% less interest that a straight purchase.
Best way to go about financing is your local bank.... :!:
#9
01-03-2007, 06:05 AM
Originally Posted by Dejanh
I am currently in a deal with my BANK where i lease my truck with a 100 buyout at the end of the term. I could have bought it through a credit deal but leasing gave me about 2% less interest that a straight purchase.
Best way to go about financing is your local bank.... :!: Thanks everybody I think I'm gonna try to buy. |
