Deciding between leasing a semi-truck and buying one can be challenging, and the best way to choose is by weighing the pros and cons of each option. This process will help you make informed decisions, and you will be able to find the right truck for you.
Pros of Leasing a Semi Truck
- Lower Upfront Cost – Buying a truck is not cheap, and leasing one may allow you to put little to no money aside. You could have your truck sooner than saving money for months or trying to qualify for a loan. Those with poor credit may not even be able to get a loan at all, though leasing can be a better option in these situations.
- Shorter Commitment – Leasing a semi-truck is far less of a commitment than purchasing a truck, and if you are new to the trucking industry, it may be a better option to lease in case you change your mind regarding your career path. Purchasing a truck means you would have to go through the process of selling it instead of just terminating your lease, which you can do if you decide trucking is not for you.
- Less Risky – Financially speaking, leasing a semi-truck is less of a risk when compared to a purchase. Not only will you know the set amount you’re expected to pay every month, but a lease will also offer you more flexibility in years to come.
- Less Maintenance – A leased truck may be newer than the truck can afford to purchase on your own, but this would mean there would be fewer and less frequent payments for maintenance purposes.
- Ability to Upgrade Easily – Leasing a truck will allow you to upgrade conveniently, and you will always have the latest and greatest technology. You’ll be able to include features you may not be able to include in your package if you decide to buy a truck.
Cons of Leasing a Semi Truck
- It’s Not Really Yours – Purchasing your own truck means you can customize it to your liking, whereas a leased truck is technically not yours, and you cannot modify it as you please.
- You May Have to Pay More – If you don’t buy a truck at the end of your lease, it may cost you more than it would have if you had just purchased the truck up front in the beginning.
- Lease Agreements can be Tricky – You must read and scrutinize the lease agreement before you sign anything. Ensure you understand every detail and be clear about what you’re getting into.
If you are looking for truck leasing options in Winnipeg or are interested in pre-owned or used trucks for sale, Aspen Truck Sales can help! Whether you want a Freightliner Cascadia, Volvo, a heavy truck or a semi-truck, we will help you find the right vehicle for your needs and operations.
Contact us today to learn more about our truck leasing options!