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Truck Leasing Pros and Cons Rapid City 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.

I-90 Cold Storage Co
(605) 343-0022
I-90 Exit 61
Rapid City, SD
 
Singer Masonry Inc
(605) 343-9161
2261 South Plaza Drive
Rapid City, SD
 
Selting's Westar Storage
(605) 348-2222
2340 East Saint Patrick Street
Rapid City, SD
 
Access Relocation
(605) 343-9550
2720 East Highway 44
Rapid City, SD
 
MT Rushmore Movers
(605) 348-1630
1876 Lombardy Drive
Rapid City, SD
 
Rapid Packaging Company Inc
(605) 341-3590
2700 Plant Street
Rapid City, SD
 
U-Haul CO - Independent Dealers- Rapid City
(605) 342-2696
2507 East Saint Patrick Street
Rapid City, SD
 
Cimarron Storage
(605) 343-9794
530 Westberry Drive
Rapid City, SD
 
Access Relocation Inc
(605) 343-9550
2720 E Highway 44
Rapid City, SD
 
Aaction Movers
(605) 343-7444
2720 East Highway 44
Rapid City, 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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