to lease or buy?

[24darode]

24darode
what are the pros and cons of leasing or buying a straight truck?
and is there a particular good time of year to do so?

 

[garman351]

Frieght is slow at best right now,and January to Mid April is dead.

A good lease is a 100% tax write off.

Unless you have been driving for a while, and you are considering getting into this business you better think real hard about what you are getting your self into?

Please read all the threads posted by everybody struggling to make it right now.

Garman351

 

[Broompilot]

[Before ever getting yourself into a Lease have a Lawyer look it over FIRST.

I doubt you will be able to get one on Contigent, so your most likely gona have to pay for a good one. But one member on here says that there are some Lawyers who for building a reputation will do things on Contigent, when we expediters get ourselves in over our heads before we have the commonsense to ask first before signing.

I think he also refers to it as PLAYING GAMES. OEL?

 

[arkjarhead]

If you could find a legal secretary to read the lease you might get it done cheaper than a lawyer. Alot of legal secretaries have a lot of legal knowledge to.

 

[greg334]

Ark, I sort of disagree.

A lawyer is what is needed in this situation to advise the person to see how and what is needed to get out of the situation.

 

[nightcreacher]

Check with your accountatnt,but if you put that vehicle into service,meaning ready to haul your first load,before Dec.31st,you could write that truck off for the entire year,meaning depreciation and interest,of course you want have paid any interest yet,but you can do the depreciation thing.If you lease the truck,you can only write off the lease payment for that month,also,if your on a lease purchase,then the write off is as if it were a buy,and that is only depreciation and interest,not the lease payment.

 

[Crazynuff]

I made the mistake of buying a truck in the last quarter and taking the $15,000 dollar " bonus" deduction for buying a new truck . Looked great on taxes that year but didn't look good when applying for the loan the next year . IRS doesn't give you anything . The next year I had far less depreciation to deduct and ended up paying more then . Starting in the last quarter I could have shown a loss without the bonus . It seemed to be a benefit at the time because I filed joint with my wife .

 

[dean07]

i would go get a job at burger king, pays better, home every day, 8 hour days compared to 26 hour days in the truck, and you get the free whoppers, what more can you ask for, ehh!

 

[Dreamer]

Just to clarify, are you talking about a lease purchase from an individual, a carrier (like Express 1 used to do) , a TRAC lease, or have you found something different?



Dale