need to get a new truck, should I lease or buy?
Not clear which I should do. sole proprietor. Which makes the best financial sense? How about lease to own?
Thx
Not clear which I should do. sole proprietor. Which makes the best financial sense? How about lease to own?
Thx
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Replies
yo,
You neede to crunch the numbers. My opinion is that owning is better, Deals should be coming up at the end of October and November.
KK
Beware the return inspection if you lease.
Leased cars are subject to a return inspection where only a certain level of wear is permitted. If this leased truck is a work vehicle, I can see an opportunity for the dealer to hurt you real bad for every little scratch, chip and dent aquired while earning a living.
My preference is to purchase a late model used vehicle still under the factory warranty.
Good luck.
need, or want?
Business material acquisitions can be boiled down to two catagories: wants and needs. My advice is cover as many needs as possible before considering wants. Remember, If you're looking at leaseing a vehicle that you can't afford to buy, then it usually puts it in the catagory of a want.
If you plan on being in business for any reasonable length of time (like 5 yrs or more), then buy it. IMO, the only reason to lease is:
1. When you don't have the capital to spend on a truck to buy it outright and the particular vehicle is vital to your business operation.
2. Can get decent financing terms when you intend to buy on credit.
However, if the above applies to you and you don't plan on being in business very long, then I'd question why you're in business for yourself in the first place.
Also, remember that leasing never allows you to realize the full value of the truck (or any tool). You're partially giving that away to someone else that (IMO) doesn't necessarily deserve it. However, if you just enjoy pissing your hard earned money away, go ahead and lease that new truck you probably just want.
Methinks that is the best, most accurate, most agreeable post by DN ever.
Love the last line !
Of course, this is from an old fart that has never bought a new anything of anything, let alone a truck. (except for females in the family).
If yu are handy, work a '2nd job' for a few weeks and fix up an old truck.
I just bought an '84 chevy PU on CL for $200, put $400 of new parts (ebay prices) on/in it and fluids into it, add $300 worth of tires, like a new truck !
Plus of course, about 100 hrs of labor that counts as 'recreation'. OP, What ya gonna do with your spare time, watch a stinkin' pro ball game or 20 ?
One reason for leasing that I've read before is that it makes figuring your vehicle costs for tax purposes easier. But this only really works if all maintenance is paid by the leasing company, and even under the best of circumstances it doesn't actually save you money or cut taxes, it just replaces one set of paperwork with a different set.
The math is easy. down payment, any fees and taxes, plus monthly payments for X months. Buying is usually a little cheaper but not enough to make it a deal breaker. Your best optioni to go to your local dealer and ask for their commercial truck sales department. You'll often get the truck for less money and it will certianlty be a more pleasanrt buying experience.