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Truck Leasing Pros and Cons Mitchell SD

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.

Budget Truck Rental
(605) 996-8158
219 East 1st Avenue
Mitchell, SD
 
Tobin's North American
(605) 996-7788
119 East 1st Avenue
Mitchell, SD
 
R T O Trucking
(605) 996-0292
2021 East Spruce Street
Mitchell, SD
 
A Plus Store
(605) 995-1055
Po Box 734
Mitchell, SD
 
Tobin Transfer & Storage
(605) 996-7788
119 East 1st Avenue
Mitchell, SD
 
Cardinal Storage Facility
(605) 999-4194
1900 Loma Linda Drive
Mitchell, SD
 
Wheatridge Apartments
(605) 995-0408
1020 West Norway Avenue Ofc
Mitchell, SD
 
North American Van Lines Interstate Agent
(605) 996-3498
119 East 1st Avenue
Mitchell, SD
 
U-haul Co.
(605) 995-5880
719 N Sanborn Blvd
Mitchell, SD
 
Prickett Trucking
(605) 996-9191
720 West Elm Street
Mitchell, SD
 

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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