Leasing and buying a truck come with varying benefits and drawbacks, but most of the time, the benefits outweigh the other. Many truck dealerships today mix both leasing and buying options to maximize their operations and perform competitively in the market. Different factors that enable truck dealers to choose between leasing and buying include; organizational preferences, operations, truck configurations, seasonality of work and financial considerations.
The differences between buying and leasing a truck are, besides the obvious difference, are below.
With buying, you get to own the vehicle and keep it for as long you want. This way, you are entitled to operate the vehicle as freely as you wish. You can decide to sell it or trade it in at any time, unlike in the case of a lease.
A large number of carriers buy and have complete ownership of their trucks. This is a smart option for companies that seek property acquisition. When you buy from a reliable and professional dealer, they are likely to offer additional services such as servicing, repair and spare parts sale. This makes it easy for you as you can frequently consult them when your truck is in trouble.
With leasing, you do not own the vehicle under lease. You only get to use it for the period of a lease and return it when the lease is terminated. However, you can opt to purchase the truck after the lease period is over. In this case, leasing offers a good chance for one to test whether a certain truck is fit for their operations before purchasing it permanently. Freightliner truck dealerships, such as warnertc.com, often operate on a leasing basis.
Leasing reduces the need for heavy initial downpayment required for most purchases. These upfront costs block many small upcoming businesses to owning trucks. An operating lease is also beneficial as it allows a company to expense the depreciation cost of the truck rather than carry the liability to their balance sheets. Leasing also enables you to upgrade easily to newer technologies because of obsolescence.
All in all, both options are reliable as long as you seek the services of a reputable and professional truck dealership.