While trucks aren’t leased as often as cars or sport-utility vehicles, there are some advantages to doing so. For one, trucks do tend to hold their value, which usually means lower monthly payments due to sweet lease-end residual values.
Even if gas prices rise, and your truck’s value drops due to fewer miles per gallon, you won’t feel the blow. If you hew to your lease terms, once your contract is up, the loss of value will be the bank’s problem, not yours. Of course, if you still love your ride when the lease agreement ends, most contracts will let you buy it for the residual value.
Does Leasing Suit You?
When mulling whether to lease or buy, however, remember leasing is also a lifestyle best suited to those who drive no more than 15,000 miles annually, keep up with maintenance, and enjoy getting a new ride every three or four years. It’s also for people who are likely to complete a lease rather than end it early and pay dearly in fees.
You should also consider how you plan to use your truck. If you’re going to run it regularly over rough terrain, or use it for heavy-duty hauling, damages above regular “wear and tear” could cost you in fees. All-season floor mats and a bedliner tare good additions to protect you against excessive charges.
In contrast, if you plan to only do light duty in your vehicle, want to keep your monthly notes down, and enjoy getting into a new ride every few years, then leasing could be a good move.
Find A Deal
Compared with monthly loan payments for the same vehicle with the same terms, truck lease payments are usually between 30% to 60% less than if you were to finance. And, that’s without a manufacturer lease deal. If you take advantage of one of those, your monthly payout could be even less. Check out these Ram lease deals to see what we mean.
New trucks can be relatively pricey, so to get the best price on one, hunt for rebates and other incentives. Edmunds.com and KBB.com can help you figure out what others are paying for similar vehicles in your area. When you spot a deal that might work for you, run the numbers through a lease deal calculator to see if it’s as great as it appears.
Business And Commercial Truck Leasing
Compared with personal-use truck leasing, leasing your pickup for business use is a somewhat different animal.
For one thing, most commercial vehicle leases are open-ended, meaning they have flexible end-of-lease residuals and are structured to let you and your company use the vehicle as needed, and pay for that use at the contract’s end. While monthly payments and lease-end cost risk are higher, you can deduct such costs if the truck is used for business.
What’s more, lease terms can be flexible to suit a business’s needs. Depending on your situation, you can get a seasonal or short-term lease, plus the option of flexible payments and a broad variety of vehicle types and lease-end buyback programs.
In addition, leased trucks don’t appear as an asset on the company’s balance sheet, and will not impact financial ratios, making it easier to keep credit options intact.
So, now that you know the best way to lease a pickup truck, you’re well on your way to a solid truck-leasing experience.