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Truck Leasing Pros and Cons Norman OK

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.

Extra Attic Self Storage CO
(405) 329-1391
429 East Robinson Street
Norman, OK
 
Classen Properties Self Storage
(405) 364-9293
2400 Classen Boulevard Suite B
Norman, OK
 
U-Haul CO of Oklahoma - Independent Dealers- Oklahoma City- Norman
(405) 360-1702
275 12th Avenue Southeast
Norman, OK
 
The Guardian Self Storage Center LLC
(405) 329-3535
3290 Classen Boulevard
Norman, OK
 
Keystone Enterprises
(405) 447-3200
1606 Deskin Drive
Norman, OK
 
American Self Storage
(405) 364-2122
2111 Alameda Street
Norman, OK
 
A Mini Storage
(405) 447-6464
2430 12th Avenue Northeast
Norman, OK
 
Camden Self Storage LLC DBA Summit Self Storage
(405) 360-6568
2100 24th Avenue Southeast
Norman, OK
 
Storage Oklahoma
(405) 360-9200
275 12th Avenue Southeast
Norman, OK
 
Nathan Sobel Piano Svc
(405) 329-6971
1715 Chaucer Dr
Norman, OK
 

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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