Leasing A New Truck

Gingerly · January 13, 2017

Thinking about leasing a new truck, either a Chevy 2500HD or Ford F250 diesels, although idk what the prices are for leasing. Thinking of doing a 2 or 3 year lease. Anyone know how much it is to lease per month, I live in Illinois too and will be using it for farm use.

Rvduck · January 14, 2017

I will give you what I know about this topic because I was a sales and lease consultant for Ford back in 2010.

My information may be outdated and the tax benefits, if they apply will be different in the US than they were in Canada .

First of all your lease payment will depend on the cost of the vehicle and how much cash you put down. Leases can be negotiated. You will really have to pick out a truck and find out what the dealer can offer you for lease payments. At the end of your lease you always have the option of buying your leased vehicle and this price is usually better than normal retail price for that vehicle. The main two reasons people lease vehicles is for a lower monthly payment or if you have a business your lease payment may give you an income tax deduction. You have a farm , you have to talk to a tax accountant to get the info on that. Most non business buyers are further ahead if they buy the vehicle and I always buy mine. Both vehicles you are looking at have solid resale values which is another reason to buy. The one example of a lease being better than a purchase is when a person finances a lemon on a long term loan, makes payments for 2 years and ends up with a vehicle that he owes more on than he can sell it for, what we call backwards on the deal. If that were a lease, he could turn it in and walk away.

Right now finance rates are so low, buying is almost always better but do the research and remember most leases have mileage restrictions. Some people feel more comfortable with a lease, just knowing at the end of their lease they can walk away or negotiate another lease. Good luck in your choice of buying or leasing.