Leasing offers a cheaper payment option than a comparable finance. Leasing is also more restrictive than financing since the leasing bank owns the vehicle, not you. For this reason, you may not find a lease beneficial if you plan to use your truck for transporting, work or towing due to wear-and-tear and mileage restrictions.
Mileage Considerations
Leasing requires that you abide by a mileage allowance, which you choose at the time you begin your lease. Check the manufacturer's website to determine its current lease offers. Most leasing banks are flexible; you can often choose a mileage allowance between 10 and 18,000 miles per year. As long as you can stay below the mileage allowance, leasing pay prove beneficial. If you plan to use your truck for work or commuting, you may be better off buying the truck. If you go over your mileage allowance, you may pay up to 20 cents per mile.
Wear-and-Tear Fees
Wear-and-tear fees apply to a lease, not a purchase. If you buy your truck, you can use it as you please. Leasing requires that your truck remain in good physical and running condition. Expect to follow the factory's recommended service schedule and to keep the truck's body free from scratches, dings or dents. Otherwise, the leasing bank will likely charge you upon the truck's return. Consider wear-and-tear charges and the use of your truck. Your truck use may be limited as you'll have to keep the bed, body, tow package and other truck accessories free from damage.
Truck Use
If you want a truck for work reasons, you may be better off purchasing it to avoid paying thousands of dollars in fees at the end of the lease. If your truck sustains transmission damage from towing, you may have to pay for its replacement if the damage was determined to be caused from the way you used the truck. Any aftermarket items that you want for the truck must already be installed, such as sidesteps, a tow hitch, brush guard or other truck add-ons; you can't alter a leased truck. Unless you plan to use the truck for getting around town, a purchase may prove the better option.
Comparing the Costs
If you determine that you can abide by leasing mileage, use and wear-and-tear restrictions, compare the overall costs to determine your lowest priced option. Provide a minimal down payment when leasing; if the truck becomes a total loss during the contract, you won't receive any of your money back; the leasing bank keeps your insurance payoff. Work with a dealer to obtain lease and financing cost using the same down payment amount. Your dealer can show you leasing costs if you need to adjust the mileage or term to meet your driving needs.
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