Updating your truck or fleet with a new vehicle can help your business run more smoothly. But when it comes to deciding whether you should buy or lease, the answer might not be immediately clear. There are benefits both, which depend on a range of factors.
Why should you lease?
Leasing a truck gives individuals and businesses certain opportunities and advantages for their fleet.
- Minimum out-of-pocket expense: This helps you get in your truck and on the road faster.
- Tax advantages: Truck lease payments are tax deductible and your reduce AMT (Alternative Minimum Tax) liability.
- Greater net worth: Leasing keeps the vehicle off your balance sheet, adding to you and your company’s net worth.
- Quicker access to new technology: Leasing doesn’t keep you tied to a particular truck for years on end, keeping you from taking advantage of new technology.
Why should you buy?
Many businesses and individuals prefer to own their trucks outright. Here’s why:
- Longer vehicle life: If you have your own garage and can perform any maintenance, you can extend the life of your vehicle, ultimately saving in the long term.
- More assets: Owning a vehicle gives you and your business more physical assets, which depending on your financial goals, can be helpful.
- Personal preference: Many individuals simply prefer to own their vehicles.
Let us help you
Whether you want to lease or buy, we can help. Sentry specializes in helping drivers find the right lease with the lowest rate possible. If you aren’t sure what you need or haven’t been able to find the right truck, we can help with that too.
Just let us know what you need in the form below and we’ll be in touch to make sure you’re all set.