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Truck Leasing Pros and Cons Salem VA

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.

Salem Storage
(540) 387-0556
728 Roanoke Street
Salem, VA
 
Bayse Transportaion Service Inc
(540) 389-5421
2031 Salem Industrial Drive
Salem, VA
 
Premier Transfer and Storage Inc
(540) 389-3254
1175 Intervale Street
Salem, VA
 
AAAA Self Storage
(540) 375-9255
2280 Salem Industrial Dr
Salem, VA
 
Self Storage AAAA
(540) 387-1866
353 Apperson Drive
Salem, VA
 
Apperson Self Storage
(540) 389-1001
1910 Apperson Drive
Salem, VA
 
Berts Self Storage Mini Warehouse
(540) 389-1382
2656 West Main Street
Salem, VA
 
J T Young Inc
(540) 389-2967
800 East 8th Street
Salem, VA
 
Bulldog Mobile Storage
(540) 725-4333
2069 Apperson Drive
Salem, VA
 
Budget Truck Rental
(540) 375-3939
1145 East Main Street
Salem, VA
 

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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