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 to both, which depend on a range of factors. Let’s break down both.

Why should you lease?

Leasing a truck gives individuals and businesses certain opportunities and advantages for their fleet, which include:

• Minimum out-of-pocket expense: This helps you get behind the wheel of a truck and on the road faster.
• Tax advantages: Truck lease payments are tax deductible while reducing your Alternative Minimum Tax (AMT) 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 specific truck for years on end, which may prevent you from taking advantage of new technology in newer vehicles.

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 required 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 decide to lease or buy, Sentry is here to help make the process seamless. For decades, we’ve specialized 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, contact us today by giving us a call at (540) 513-9650 or email us at k.mackenzie@sentryleasing.com. We look forward to hearing from you!