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Truck Leasing Pros and Cons Somerset KY

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.

Trade Park Storage Center
(606) 678-2912
280 Bogle Street
Somerset, KY
U-Haul CO - Independent Dealers- Somerset
(606) 679-1700
59 Old Monticello Road
Somerset, KY
A1 Storage
(606) 678-0320
740 Wtlo Road
Somerset, KY
Urental Storage
(606) 679-4867
635 Enterprise Drive
Somerset, KY
Applex Inc Mini Storage
(606) 676-0448
Slate Branch
Somerset, KY
B And B Leasing Inc
(606) 679-9341
203 Bodie Road
Somerset, KY
Strack Heating and Air Conditioning Inc
(606) 679-3390
61 Prather Road
Somerset, KY
Uhaul Co.
(606) 679-2819
635 Enterprise Dr
Somerset, KY
U-Haul CO - Independent Dealers- Somerset
(606) 679-8432
27 Allens Way
Somerset, KY
Better Built Barns
(606) 678-5882
4760 South Highway 27
Somerset, KY

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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