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Truck Leasing Pros and Cons Farmington NM

A truck lease offers cost advantages for personal use, as well as tax and accounting advantages for business owners. Learn the difference between personal and commercial truck leasing.

DATS Trucking Inc
(505) 325-6750
5656 Highway 64
Farmington, NM
 
West Apache Mini Storage
(505) 327-6711
2650 West Apache Street
Farmington, NM
 
The Sewing Studio
(505) 325-2688
2806 East 20th Street
Farmington, NM
 
Mobile Storage Group
(800) 748-2811
1505 West Apache Street
Farmington, NM
 
Farmington Mini Storage
(505) 327-5946
501 East Animas Street
Farmington, NM
 
Key Energy Services
(505) 327-4962
5651 Highway 64
Farmington, NM
 
Basin Moving And Storage Co Inc
(505) 325-1909
4300 Largo Street
Farmington, NM
 
Tri-City Transfer & Storage Inc
(505) 325-9421
403 East Animas Street
Farmington, NM
 
Barnyard
(505) 632-8988
204 Road 5569
Farmington, NM
 
Key Energy Services Farmington Truck Department
(505) 326-6989
908 North Tucker Avenue
Farmington, NM
 

Truck Leasing Pros and Cons

To lease a truck for personal use is no different than leasing a car or SUV. A lease offers lower monthly payments than buying with a loan, and may not require a down payment. There are also savings on sales tax in most states. Therefore, leasing may cost you less to get into a new truck, and can save you on monthly cost as well.

However, before making a decision about whether to lease or buy, understand that leasing is best for people who drive no more than about 15,000 miles per year, like to have a new truck every 3-4 years, take good care of their vehicles, don't care about building ownership equity, and have a stable lifestyle such that they won't need to end the lease early.

Ending a lease early can be very expensive. It's more than simply paying termination fees. It means paying the balance of the lease, considering the wholesale auction value of the truck. In most cases, ending a lease early is very impractical. Therefore, if you think you might not be able to complete a lease, then don't lease.

If you plan on using your truck for heavy duty or rough utility purposes, such that the body and bed might be badly damaged or scratched, you might not want to lease. The reason is you may have to pay for those damages at lease-end when you return your truck to the lease company. Any damages beyond "normal" wear and tear can result in charges to you. Of course, you could get the repairs done yourself prior to returning your leased truck. Or...

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