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Truck Leasing Pros and Cons New London CT

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.

Don Beach Movers Of New London Inc - Outside Conn
(860) 443-5361
16 Elm Street
New London, CT
 
American Red Ball
(860) 443-8967
16 Elm Street
New London, CT
 
R Blinderman Motor Lines
(860) 442-9481
70 Foster Road
New London, CT
 
R Blinderman Motor Lines Inc
(860) 442-9481
70 Foster Road
New London, CT
 
Budget Truck Rental-One-Way - Neighborhood Dealers
(860) 442-2555
567 Colman Street
New London, CT
 
Bekins Van Lines Agent
(860) 443-5361
16 Elm Street
New London, CT
 
U-haul Co.
(860) 447-3850
1596 Hartford New London Tpke
Oakdale, CT
 
Budget Truck Rentaloneway Neighborhood Dealers
(860) 443-5361
16 Elm Street
New London, CT
 
A-Amodio Mayflower Worldwide Moving & Storage Agency
(860) 443-1227
New London, CT
 
Carusos Discount Piano Showroom
(860) 442-9600
94 State Street
New London, CT
 

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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