Time for a new rig? Should you buy or lease a rig? Decisions, decisions! Often each and every time a truck driver or trucking company needs a new rig they have to consider this choice. And in many cases, each and every time the decision is a hard one because each approach offers its own set of advantages and considerations.

Today in this post we’ll shed some light on the key factors to consider when making this decision. We’ll start with purchasing (which is also known as financing) a rig. In this case, the main advantage of buying is actual ownership. Once the financing payments are complete (or the check has cleared if you have the money to buy it outright) you own the vehicle clean and clear.

This significantly reduces your ongoing costs down to primarily maintenance, fuel and insurance. Essentially, every month you keep the rig after its paid off translates into more money in your pocket.

In addition to that, ownership lets you have the flexibility to customize and modify the rig to suit your specific needs, something that is can often be frowned upon (if not entirely forbidden) by the company who would otherwise lease the rig to you. This can be a big factor for some people. For some people they like the sense having control over their assets.

Now on to leasing and its own set of advantages.

Probably one of the most significant benefits leasing offers is the extremely reduced upfront costs when compared to purchasing. Leasing almost always requires a lower initial investment, so this not only makes it more accessible for truckers with limited capital, it also tends (again almost every time) the monthly lease payments. This is a massive benefit since it typically leaves the truck leaser with greater cash flow flexibility.

Another leasing “pro” is truckers who lease get to upgrade to a new rig with the latest technology and features every few years, and they do this without the hassle of selling or trading in an older vehicle. This can be particularly appealing for those looking to stay competitive in a rapidly evolving industry or who prefer to avoid the responsibilities of rig maintenance.

So there you have it. Ultimately the decision between buying and leasing depends on various factors, including financial considerations, business goals, and personal preferences. If you want long-term ownership and control, buy. If your decisions are more about the upfront cost and ability to be in a new rig in a few years lease.