If you have made the big decision to become an independent contractor, you might be facing another dilemma — to buy or lease a commercial truck. In fact, there are some key pros and cons associated with both buying or leasing your next truck. The great thing is, we’ve created this helpful guide to inform you about both buying and leasing your next commercial truck. The reality is, figuring out what you need and the specific must-haves you want in your commercial truck will steer you in the right direction when it comes to making the big decision of whether it’s time to buy or lease your next commercial truck. Here is a super useful guide to help you make the best decision regarding how you plan on getting your next commercial truck — leasing or buying.
Purchasing A Commercial Truck
When it comes to the financial perspective of getting a new commercial truck, buying it sometimes makes the most sense. In fact, when you end up purchasing your own truck, you end up being able to build equity effectively and efficiently. The reality is, just like mortgaging a home, buying your own big rig can provide you with an asset that adds to your financial portfolio overall. Ultimately, you can’t go wrong with a commercial truck purchase — just be wary that you will be solely responsible for repairs and maintaining your truck effectively and efficiently.
Leasing Your Commercial Truck
Typically, think about leasing your big rig just like you would about leasing an apartment. In fact, the two are quite similar in nature. The reality is, when you lease a truck, you do have a buy-out price that gives you the option for purchasing the big rig when you are finally ready to do it. While you won’t build any equity or own your commercial truck outright, sometimes, it makes the most financial sense to lease your vehicle until you have the finances to pay for it outright.
At the end of the day, understanding the differences between purchasing and leasing a truck is key. In fact, making sure you understand the perks and downsides of both will help you make the best decision given your current situation.
Baltimore Freightliner-Western Star for all Your Trucking Needs!
Whether you are looking to upgrade your fleet to tow trucks or simply interested in the latest trucking technology, you can rely on Baltimore Freightliner-Western Star. We have provided top-notch service for the trucking industry for 30 years and would love to assist you in buying a new top-of-the-line truck, finding the specialty parts you need, or repairing your truck. Give us a call toll-free at 800-832-7278 or locally at 410-685-4474, or contact us online. To find out more about what we are up to, follow us on Facebook, Twitter, and Pinterest.