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Is it better to lease or buy your truck?

Discussion in 'Questions From New Drivers' started by Grematic23, Oct 13, 2020.

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  1. Oct 13, 2020 #1
    Grematic23

    Grematic23 Bobtail Member

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    I am just starting off and I was wondering if it was more cost effective to buy or lease a truck? I am considering leasing, I feel you have a better exit strategy than if you attach yourself to a truck straight out of the gate. If anybody could relay some information that would be appreciated.
     
    Grematic23, Oct 13, 2020
    Grematic23, Oct 13, 2020
    #1
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  3. Oct 13, 2020 #2
    Dino soar

    Dino soar Road Train Member

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    I don't know anything about Truck Leasing.

    Is it like a car lease that you keep it for a certain term and then give it back but they charge you for every little Nick and scratch?

    Or is it like a longer term rental?

    Or is it an actual vehicle that you buy but they call it a lease and then at the end you buy it out for a dollar or you have a balloon payment or whatever that is?

    I hope you're not talking about lease purchase through one of the big Mega companies...

    That's just no bueno.
     
    Dino soar, Oct 13, 2020
    Dino soar, Oct 13, 2020
    #2
    Flat Earth Trucker and Coffey Thank this.
  4. Oct 13, 2020 #4
    Atlanta trucker

    Atlanta trucker Road Train Member

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    Exit strategy ?
    Are you looking to leave trucking ?
     
    Atlanta trucker, Oct 13, 2020
    Atlanta trucker, Oct 13, 2020
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    jamespmack Thanks this.
  5. Oct 13, 2020 #4
    Dino soar

    Dino soar Road Train Member

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    You should not be looking for an exit strategy you should be looking for an enter strategy.
     
    Dino soar, Oct 13, 2020
    Dino soar, Oct 13, 2020
    #4
    firemedic2816, nredfor88, 88 Alpha and 2 others Thank this.
  7. Oct 13, 2020 #5
    Atlanta trucker

    Atlanta trucker Road Train Member

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    Maybe he is thinking ahead ?
     
    Atlanta trucker, Oct 13, 2020
    Atlanta trucker, Oct 13, 2020
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    Grematic23 Thanks this.
  8. Oct 13, 2020 #6
    againstthewind

    againstthewind Road Train Member

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    is it better to pay for a hooker or to get married? im thinkn results may vary lol
     
    againstthewind, Oct 13, 2020
    againstthewind, Oct 13, 2020
    #6
    TripleSix, brgrcru, nredfor88 and 3 others Thank this.
  9. Oct 13, 2020 #7
    Grematic23

    Grematic23 Bobtail Member

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    By "exit strategy" I meant that it might be better to lease a truck and not be attached to it completely by trying to buy it. If you lease you can purchase a newer truck, which would mean less maintenance but more of a note than if you try to buy it. What do you think? Have you ever tried to lease a truck, or did you buy your first truck?
     
    Grematic23, Oct 13, 2020
    Grematic23, Oct 13, 2020
    #7
  10. Oct 13, 2020 #8
    wis bang

    wis bang Road Train Member

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    Long term truck leasing is a contract that limits the possibility of a total 'exit strategy'; however it is not that easy to do. In addition to owner operators, we have a fleet of 16 units and lease most of 'em from Penske.

    The monthly nut for 11 units comes directly from the bank account to Penske along with the latest repair charge backs, over estimated mileage per month [outside the % allowed] and everything else THEY want to charge this month. The will refund any errors but they collect it FIRST!

    Now consider the fact that you need a credit report proving that the potential charges WILL be in the bank account...

    How to end up with a million in the trucking business....Start with two MILLION!
     
    Last edited: Oct 13, 2020
    wis bang, Oct 13, 2020
    wis bang, Oct 13, 2020
    #8
  11. Oct 13, 2020 #9
    Grematic23

    Grematic23 Bobtail Member

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    When you say "start with two", do you mean two trucks? And what do you mean by "the monthly nut?"
     
    Grematic23, Oct 13, 2020
    Grematic23, Oct 13, 2020
    #9
  12. Oct 13, 2020 #10
    Eddiec

    Eddiec Road Train Member

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    Eddiec, Oct 13, 2020
    Eddiec, Oct 13, 2020
    #10
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