New Truck Buy or Lease?

garyp4951 wrote:
I'm still looking at new trucks (first time in 17yrs), and wondered if leasing would be a good option or not. I went and drove the Ram, and next will try the Ford, and Chevy. I do kind of favor the Cummins diesel, but will check out the Ford 6.2 gas model.

Leasing is merely paying for vehicle depreciation on a monthly basis. Some say you are just renting the vehicle and that is equally true. There are often hidden costs in leasing, and that can be sales tax on the lease payment, surrender charges when you surrender the vehicle, inflated or even made up charges for normal wear and tear on the vehicle at surrender time, and of course, charge for every mile over the agreed amount.

Considering you kept your last vehicle for 17 years, the last thing you want to do is lease a vehicle.

Your track record says you keep your vehicles a long time...buy.

Personally, leasing wouldn't do for me. We have now achieved our goal of not borrowing any money or having monthly payments for anything. If you lease on an ongoing basis you will never be without payments and never really even have any equity in a vehicle. As for short term costs I've read that having an auto loan and leasing about breaks even; both bad choices. It is very seductive because its a way to "afford" a new vehicle But better to pay cash for a used vehicle you can really afford.

How many miles do you drive.
Most leases around here max out at 10,000 a year.