What is better: Leasing or buying my truck?
What is better: Leasing or buying my truck? It is not uncommon to see different successful businesses that are developed in rented premises, restaurants, banks, or offices. But in the case of trucks, what is better, buying or leasing?
Truth be told, there is no right or wrong answer. Some operators prefer the leasing mode, others are inclined to buy the truck. Today we will try to explain the advantages of those who decide to work on their own truck.
Whoever buys a truck is totally in control of the vehicle with which he does business. The owner decides how far he can go, the number of miles he can travel, or the maintenance that he must give him. However, when someone has a lease, he is limited by a contract that establishes the maintenance and the number of miles that he can travel each year. If he fails to comply, he is penalized.
Both when you buy or have a lease, you must pay a monthly payment. But, when paying the monthly payment of a Leasing, that money is not used to create capital. The money paid to the company that owns the truck does not help you financially. In the case of acquiring a loan to own a truck, when you repay the loan, in some way, you create capital that comes out when you sell the truck.
On the other hand, trucker life is not always rosy. Not everyone adapts to spending so many hours on the road away from family. What if you don’t want to continue working as a truck driver because your business is weak or you have a better job opportunity? Well, if you have a Leasing, you are obliged to comply with the contract, if you do not comply, they will penalize you and make you pay a lot of money. What is better: Leasing or buying my truck?
Truckers who want to feel more freedom decide to buy their vehicle.
Finally, if you are one of those who prefer to have your own vehicle, remember that the cheapest truck insurance can be found at Univista Insurance.