Should you lease or buy a used sleeper truck?

• Should I lease or buy my commercial sleeper truck?

For any trucker who is a part of the trucking industry, this is an important decision to make. However, this decision does not have to be an either or one. Many truckers go in for a combination of both to improve their hauling operations and serve their customers much better. 

Are you a trucker who is really confused whether to buy used trucks for sale or to lease trucks? 

The choice depends on various factors. These include the nature of the operation, seasonality, budget, truck specifications and the routes on which you drive.

Both the approaches of buying a used truck for sale and truck lease have their own pros and cons. But, the advantages of buying a used truck overweighs the truck lease option.

Leasing a sleeper truck

Pros

Affordable option

• If you are relatively new to the trucking industry and budget is a constraint, leasing a truck is an affordable option.

• Truck lease does not require a major down payment and a huge capital investment.

• Unlike buying used trucks for sale, there are no hidden costs such as taxes, overhead, and other miscellaneous expenses.

• Leasing a truck involves fixed lower monthly payment that is predictable. 

No depreciation worries

• In a truck lease, you don’t have to worry if the truck’s value reduces.

• Depreciation of the truck will not affect you because you don’t own the truck.

• Depreciation won’t reduce your net worth which is true if you invest in buying a new truck.

Lower maintenance and repair costs

If you opt for a full-service lease, the maintenance and repair expenses for oil change, tire change, and routine check-up are already covered by the leasing company. This means less maintenance and repair expenses for you.

No stress of vehicle ownership

• Leasing minimizes the hassles associated with truck ownership.

• By leasing a truck, you don’t have to face problems associated with compliance, permitting, licensing and taxes.

• This translates to less indirect costs and eliminates the ownership issues.

Complete flexibility

A truck lease offers complete flexibility to truckers so that they can focus on their core competencies rather than worrying about challenges like maintenance, repairs, paperwork, and selling the truck if no longer required.

Breakdown assistance

• If your truck breaks down in the middle of the road while driving, you don’t have to worry about anything.

• The leasing company takes care of any emergency vehicle breakdowns if you opt for a full-service lease.

• This means you are at complete peace of mind.

Cons

Cost factor

If you choose the lease to buy option, the final cost of buying the truck will be more if you have made the purchase upfront.

No ownership of the sleeper truck

At the end of the lease period, you don’t own the truck. However, you always have the option to buy it.

Limited mileage

Leasing a truck means limited mileage per year. You need to pay extra for the extra miles.

Limited control

In case of a truck lease, you have limited control over the truck including the place and freight hauling business you can do with it.

Penalties:

• If your freight hauling needs change during the lease period, terminating the lease involves penalties.

• Also, the penalty levied for excessive wear and tear at the end of  the lease period can be quite surprising which you need to bear from your own pocket.

Buying a sleeper truck

Pros

Cost effective in the long run

• For most truckers, buying a used truck for sale may look like a huge investment of thousands of dollars at the beginning.

• However, the large upfront investment results in huge cost savings in the long run.

Complete freedom

• Right from the start, you are a complete owner of the truck.

• You can drive the truck wherever you want, make changes to it (customization) and drive for as long as you want. 

Flexibility

• If your requirements change over time, you can always sell the used truck and buy a new one.

• No end of lease or wear and tear charges in case of ownership change.

• Being the owner of a truck, you don’t have to worry about those penalties which would be applicable to you in case of a truck lease.

High ROI

Although buying a used truck involves a bigger investment, purchasing a used truck offers a high return on investment (ROI).

Cons

Higher monthly payments

The monthly payment that you need to make will be higher than lease payments. However, this would be worth the investment you make in the long run.

Complete responsibility for maintenance and repairs

Ownership of a truck means you are completely responsible for the expenses of maintenance and repairs.

Selling the truck

If you decide to buy a new truck after some years, you will have to deal with the process of selling or trading in your truck.

Ultimately, the decision of truck lease or purchase is up to the truckers after weighing the pros and cons of both, determining their requirements, budget and nature of business.

If the nature of your business is a seasonal one, leasing is the right option. However, if you are  continuously involved in long distance freight hauling of goods, investing in a  used sleeper truck makes sense in the long run.

For those truckers who are planning to expand their business, want higher flexibility and deliver higher returns in the long term, it makes sense to buy used trucks and have  them in your fleet. 

Truck Market - Making the process of buying used trucks for sale convenient 

• Have you made up your mind that you want to go for used trucks for sale?

• Do you want to go for used Peterbilt trucks for sale or used Freightliner trucks for sale?

Truck Market is a dealership that gives you a range of options to choose from.

Inventory of various used trucks for sale (sleeper version) available on Truck Market

Used Peterbilt sleeper trucks for sale

• Used Peterbilt 379 sleeper trucks for sale

• Used Peterbilt 389 sleeper trucks for sale

• Used Peterbilt 579 sleeper (glider) trucks for sale

• Used Peterbilt 388 sleeper trucks for sale

Used Kenworth sleeper trucks for sale

• Used Kenworth T800 sleeper

• Used  Kenworth W900L sleeper

Used Freightliner trucks for sale

• Used Freightliner Coronado sleeper