Leasing Pickup

Help Support Steer Planet:

doubled

Well-known member
Joined
Sep 8, 2007
Messages
1,004
Location
Iowa
Has anyone out there leased a pickup instead of buying one???  How do you feel about it, and are there anyy pointers to think about. My son is thinking about leasing
a pickup for his business instead of buying one. 
 

Davis Shorthorns

Well-known member
Joined
Feb 8, 2008
Messages
1,872
Location
Kansas
personally I would never lease a pickup it is like throwing your money away.  If you do, especially if it is for a business make sure that you get the amount of miles on the lease that you need.  They can add up in a big hurry if you don't have enough.
 

doubled

Well-known member
Joined
Sep 8, 2007
Messages
1,004
Location
Iowa
Yeah I heard that about the miles, it is for his business, I wonder if you can negoitate the miles or if a business lease allows more miles, we definately need to do more
research on this subject, was just wondering if there was anyone out there that actually leases a pickup.
 

oakbar

Well-known member
Joined
Jan 20, 2008
Messages
1,458
Location
North Central Iowa
Our company leases pickups for us to drive.   The correct mileage per year is very important because most leases have an override charge on extra miles above the projected yearly number.   Yet if you increase that base number of mile per year the cost of the lease goes higher.  Its kind of a tricky balancing act.   Also beware of front end costs other than the actual lease.   I know people who have done both leasing and buying and like many things some people swear by and at both types of arrangements.  I'm certainly not an expert but you might want to talk to a tax professional to see what their take is on it!!
 

doubled

Well-known member
Joined
Sep 8, 2007
Messages
1,004
Location
Iowa
oakbar said:
Our company leases pickups for us to drive.   The correct mileage per year is very important because most leases have an override charge on extra miles above the projected yearly number.   Yet if you increase that base number of mile per year the cost of the lease goes higher.  Its kind of a tricky balancing act.   Also beware of front end costs other than the actual lease.   I know people who have done both leasing and buying and like many things some people swear by and at both types of arrangements.  I'm certainly not an expert but you might want to talk to a tax professional to see what their take is on it!!

Good ideas, that is true a tax person may help too, thanks.
 

BCCC

Well-known member
Joined
Jan 6, 2008
Messages
2,087
Location
Hillsboro, TX
NEVER NEVER, lease a truck for a farm truck you will be so sorry. You will end up spending way more on the truck then what its worth
 

BCCC

Well-known member
Joined
Jan 6, 2008
Messages
2,087
Location
Hillsboro, TX
yes One year leased a ford 350 as a farm truck, and we could have bought the truck for 33,000, we leased it for 5 years and ended up paying almost 28,000 after we payed for all the little things that were  wrong with it. and if you go over the mileage it is a way big penatly
 

jason

Well-known member
Joined
Mar 26, 2006
Messages
3,046
Location
Emporia, Kansas
I wouldn't lease either and probably wouldn't by new.  Let the first guy take the big depreciation.

 

itk

Well-known member
Joined
May 6, 2007
Messages
556
Location
KS
We worked out a deal with a local Ford dealership so we got a new truck every year. It wasn't really a lease but it worked out well for us especially when we are showing alot. It isn't unusual for us to put 40,000 miles on truck in a year by the time we went to Louisville, Denver the state fair and numerous sales plus daily driving. Sometimes we got a plain jane sometimes we got a King Ranch we just never knew. But all things considered it was better for us because of the miles we would put on a truck it was hard for them to keep their value.
 

OH Breeder

Well-known member
Joined
Feb 14, 2007
Messages
5,954
Location
Ada, Ohio
There is no residual value in a lease. It is like renting. You pay ever month and are left with no equity. As expense as new trucks are and as fast as they depreciate it is better to purchase an off lease vehicle. Go to www.autotrader.com or www.cars.com and find one that is low mielage etc. You won't regret it. I purchased new and left some youngin's drive it and blew the engine. They also racked up the miles. Gotta love those kids to death and I do mean at times to death. Never again. The day you drive it off the lot you lose 5-10K. If you keep your truck and drive it til its dead there is always someone wanting a weekend vehicle etc. You get the residual value.
 

Jill

Well-known member
Joined
Jan 20, 2007
Messages
3,551
Location
Gardner, KS
Agree, trucks hold value much better than almost any other vehicle, I would never lease and definently not a truck.  In a lease you still pay taxes, ins., repairs, overmilage and all other incidentals that you would pay with one you owned except when the lease is over you don't own anything.  If you want to change trucks every year or 2, buy late model used and trade when you want, you have the equity without the off the lot hit.
 

doubled

Well-known member
Joined
Sep 8, 2007
Messages
1,004
Location
Iowa
thanks for all the info, you are all giving us alot to think about, sounds like he better keep saving and buy a truck, he just needs to sell more
cattle or semen  hehe
 
Top