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Truck Leasing Pros and Cons Grand Forks ND

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.

Whalens Inc
(701) 775-5557
900 1st Avenue North
Grand Forks, ND
 
Ideal Services
(701) 775-3325
2004 Demers Avenue
Grand Forks, ND
 
Hood Flexible Packaging
(701) 746-0540
4955 10th Avenue South
Grand Forks, ND
 
Whalen?s Moving And Storage
(701) 775-5557
900 1st Ave N,
Grand Forks, ND
 
All Reasons Self Storage
(701) 746-8180
3000 South 38th Street
Grand Forks, ND
 
Cole Papers Inc
(701) 746-4531
201 North 8th Street
Grand Forks, ND
 
Gateway Storage LLP
(701) 775-8191
5118 Gateway Drive
Grand Forks, ND
 
U-Haul CO - Independent Dealers- Grand Forks
(701) 772-7171
5118 Gateway Drive
Grand Forks, ND
 
Budget Truck Rental
(701) 746-1813
4700 Demers Avenue
Grand Forks, ND
 
Kedney Storage Center
(701) 772-6683
4700 Demers Avenue
Grand Forks, ND
 

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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