Should You Lease or Buy a New Commercial Truck?

When it comes time to add a new commercial truck to your fleet, it’s important to do so in a way that is financially beneficial to your bottom line, while meeting your transportation needs. Many companies prefer to buy trucks outright, while others look for commercial trucks for lease. Here are some things to consider when deciding which of these options is right for you.

1. How many miles will you put on the truck in a year? Leases allow you to return the truck at the end of the lease and upgrade to a newer model. On one hand, this can be great for companies that put a lot of miles on a truck, since you will get a new truck every few years under the lease option. But, before you commit, find out if there are mileage overage charges. In some cases, going over the miles allotted can cost you big at the end of the lease.
2. Do you think you’ll need fewer trucks down the road? If you anticipate needing fewer trucks two or three years down the road than you need right now, it might be wise to lease a few trucks. This way, when the lease is up, you can simply turn the truck in with no hassles. If your needs are longer term, buying may be better.
3. How much can you afford in payments? If you are strapped for cash, consider commercial trucks for lease, because the monthly payment is usually less than the payment to buy. However, at the end of the lease, you have no equity in the truck, so if you want to keep it, you’ll be financing it at that point. Down payments on leases are often less, too.
4. Do you have limited resources for maintenance? With a lease, you’ll reduce out of pocket maintenance expenses, since many will be covered under the lease warranty. In addition, you’ll be reminded of when maintenance is due, as the leasing dealership will keep track of the maintenance schedule for you.

By answering these four questions, you’ll have a much better idea if you should buy your new truck or look for commercial trucks for lease in Texas. With so many options available between leasing and buying, it’s easy for you to find exactly the option that fits your business needs and your monthly budget.

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