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Truck Leasing Pros and Cons Minot 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.

All Storage
(701) 837-1687
833 52nd Street Southeast
Minot, ND
 
Dakota Park South
(701) 839-4200
1541 South Broadway
Minot, ND
 
A Moving & Storage
(701) 852-8033
700 20th Avenue Southwest
Minot, ND
 
Budget Truck Rental - Truck Rental Reservations
(701) 852-3541
515 46th Avenue Northwest
Minot, ND
 
U-Haul CO
(701) 839-9531
4019 South Broadway
Minot, ND
 
HUWE the House Mover Inc
(701) 838-6099
Po Box 304
Minot, ND
 
SMC Signal Management Corporation
(701) 839-4200
1541 South Broadway
Minot, ND
 
A-1 Security Storage
(701) 833-8520
6110 Highway 2 East
Minot, ND
 
Southside Storage
(701) 852-8862
6821 4th Street Southwest
Minot, ND
 
Econo-Storage
(701) 838-3141
3721 Burdick Expressway East
Minot, 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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