A lot of people consider buying a truck as more sensible than leasing. What they are not aware of is that if a lease turns out to be right for you, leasing can have advantages versus buying.
The biggest advantage leasing can offer is the low monthly payments. Compared to buying a truck, monthly payments for leasing is usually thirty to sixty percent lower. This lets you have a truck you cannot afford at the moment.
A lease gives you the chance of driving a new truck every two or three years. You can enjoy the latest technological advances at a more affordable price. You do not even have to worry about the safety features.
Leasing a truck is great if you plan to use it for your business. That is because you can write off the entire lease payment as a tax deduction. It would still benefit you even if you do not own a business. Most states tax people on the usage part of the lease. You do not have to pay taxes on the full price of the truck. You have to pay taxes on the full amount if you buy a truck.
Repair costs and maintenance
It would be best if you lease a truck for only up to thirty-six months. You will enjoy the coverage of the manufacturer’s bumper-to-bumper warranty. Major repair costs will not be a problem throughout the duration of your lease. Most manufacturers also provide free maintenance for the first couple of years.
Selling used trucks
It is not easy to sell a used truck. There are so many things you should worry about including the value of the truck. For lease return trucks, you can return it to the leasing company. Sometimes leasing companies overestimate the value of the truck. The result is a lower lease payment for you.
Choices of trucks
When you buy a truck, you have to consider its reliability and quality. When you lease, the truck will only stay with you for two or three years. Most trucks will not have any issues during this time. You get to have more options because you can choose trucks you may not be buying in regular cases.
Money up front
You can usually lease a truck with no money down. Sometimes you can roll up front fees into the monthly payment. When you buy a truck, you have to give at least twenty percent down for you to get a decent car loan rate.
Most leases include GAP insurance for free to protect you in case the car gets stolen or totaled. The insurance will pay for the damages and you do not have to worry about selling a wrecked truck.