No matter what you read online (and there are way too many opinions there), the decision to lease or purchase a truck or trailer should always come down to your individual situation.
How’s Your Balance Sheet?
While you always need good credit, leasing has less of an impact on your balance sheet because it shows up as a monthly expense instead of a long-term debt. Leasing means a predictable, fixed payment, so you know exactly where you stand each month.
Time To Diversify
If you have more than one rig, you might consider mixing leased, rented and owned equipment, which can give you more flexibility, especially if you stagger the contract termination dates.
It’s Nice To Have Choices
Owning your rig feels good, but truth be told, you have limited options when it’s time to say goodbye to your purchased equipment. Most leases can be set up with flexible terms that give you the option to return the equipment at the end of the lease, renew the lease or purchase your rig.
You can even set up a lease where taxes, licenses and preventive maintenance are included.
Get The Latest
A good trailer can easily last 15 years, but we all know that government regs will probably change within that timeframe. If you lease a new rig, you don’t have to worry about being out of compliance because of older equipment.
Is It All Good?
Keep in mind that leasing is not for everyone. If you own your rig, you can customize it over time – because it’s yours – adding fuel-saving aero devices, for example. And some people just like having more control over their equipment.
The best solution? Talk to people who handle commercial leasing and financing on a regular basis. Get the best, most informed information you can, and then decide. That’s probably true for most of life’s tough questions!