Many folks in search of a new pick up truck aren’t aware of the benefits of leasing versus purchasing a truck outright. As a result many end up compromising their truck purchase because they don’t believe they can afford to buy new. Welcome to leasing, a vehicle agreement that works similarly to renting a truck over a long term. As opposed to financing a vehicle that you’ll own outright at the end of your financing term, you won’t own the truck at the end of your lease.
Instead, you’ll have the option to buy out the vehicle and the end of your lease term if you decide you wish to keep the pick up truck or trade it in for a lease on a new vehicle. Here are the many perks of leasing a new truck:
1. Lower payments
Lease payments on a truck tend to be a lot lower than a monthly or bi-monthly financing payment because you’re not paying for factors such as a downpayment, sales taxes, plus financing and depreciation on the overall cost of the vehicle. For instance, when you finance, the truck begins to depreciate as soon as you exit the car lot, and continues to depreciate as you put mileage on the truck. However, these factors aren’t considered with a lease. Your payments stay the same month to month and you have the option to trade in your current lease for a new truck lease and start the process all over again.
2. Tax advantages
Many construction and trades supervisors lease a truck for work. If you’re in this category consider that you might save yourself a bundle if you lease a truck for business purposes and then write off the cost on your annual business taxes. Many business owners take advantage of the tax benefits of leasing. Just be sure you’re staying within the maximum mileage and doing no damage to the vehicle.
3. Low out of pocket maintenance
Generally speaking, a leased truck will have lower out-of-pocket costs for maintenance compared to a financed truck. At a fixed month to month cost, typically ranging from 2 to 4 years months, you’ll enjoy the benefits of driving a new pick up without paying depreciation costs associated with the vehicle. Yes, you’ll likely need to fork out for oil changes, tune ups, and brake pads, however the typical lease spans the prime years of a new vehicle when nothing hugely expensive will go wrong. You can also add a warranty to your lease for free servicing and oil changes and pay little out of pocket for any maintenance at all.
4. Leading edge technology
The final perk of leasing a brand new truck means you’ll be enjoying the best leading edge technology and features that truck manufacturers like Toyota, Ram, GMC, Ford, and Chevy have to offer.
