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Truck Leasing Pros and Cons Westland MI

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.

Handle With Care Moving
(734) 677-2000
4646 Freedom Drive
Ann Arbor, MI

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Haydens Sideseam Plastic Bags
(734) 722-6898
5991 North Newburgh Road
Westland, MI
 
Fort Knox Self Storage
(734) 981-0700
39205 Ford Road
Westland, MI
 
Shurgard Self-Storage
(734) 326-6000
36001 Warren Road
Westland, MI
 
Stornlock Self Storage
(734) 261-6640
7840 North Wayne Road
Westland, MI
 
Mr Stor-It Self Storage
(734) 721-4670
5235 South Merriman Road
Westland, MI
 
Uhaul Co Independent Dealers Westland
(734) 261-6640
7840 North Wayne Road
Westland, MI
 
U-Haul
(734) 466-9091
7840 North Wayne Road
Westland, MI
 
Quality Movers
(734) 729-6683
37623 Ford Road
Westland, MI
 
Budget Truck Rental Truck Rental Reservations
(734) 728-0820
38440 Ford Road
Westland, MI
 
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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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