Is it better to lease or buy your truck?

The first rule of BYOB&CBD is: you do not talk about BYOB&CBD.

 

Day 1.

I had not been driving for a very long time, then I bought a truck. Leased that on with a couple of carriers doing reefer work. Parked, then sold the truck, did something else for a few years, then started our own carrier with leased trucks.

Generally, yes. Especially as a new driver. Insurance wasn't really a problem for me/us as licensing here is different. We do not have a CDL. Once we have a licence for CMVs, so long as we renew that licence it is difficult to tell if it is a 20-year driver or a one-year driver that has held a licence for 20 years.

 

The way I see it. The lease for a mega company is a way to sap you for extra money they are not due. If you buy the truck through a local bank. There are no hidden fees the mega carrirer can charge you.

The thing about being in business is to keep costs down. Megas charge a fee that one pays to lease as they are cosigning on the lease. That fee is non refundable.

 

I always believe in a Lease once you become O/O because if you're just starting off (new to it) it seems to make more sense if things go south such as less loads etc. I'm just watching how things turn out over the next year in the industry before I decide on whether I'm going that route or not. I'm hearing that there are less loads for most carriers right now besides Dry freight such as Amazon, Walmart and Refer loads.

 

Hookers are cheaper in the long run. And just remember, you’re not paying for the sex. You’re paying for them to leave.

 

There’s two different kinds of “leases”. My first truck, I did a lease. But it was through a lender, with a $100 buy out at the end. Second and third truck I did a straight purchase. There’s pros and cons to each. But make no mistake, the lease I speak of, is in fact a purchase. There’s no mileage fee. It’s my truck. I look after all maintenance the same as a straight purchase. The only real difference is writing off the full payment per month on a lease note, versus depreciating your truck X amount per year.

On a purchase, you can benefit by depreciating the truck over 36 months on a 60 month finance term. But if you do, you’d better be planning on flipping it in 36 months as well. And you can write the interest off as a business expense.

On a lease that I’m speaking of, the full monthly payment is a write off, over the length of the finance note.

 

My cousin Norbert is working hard on a spiffy website that will explain what some here refer to as the "BYOB&CBD experience".Just imagine yourself behind the wheel of a long nose Peterbilt or Kenworth with a new matress, pointy lugnut covers and your favorite style of mudflaps. Or perhaps a Freightliner Cascadia set up to sleep three, what I refer to as Tri-fecta trucking, as you would share the payments and profits with two of your closest friends.

Remember BYOB&CBD is THE company that cares about you, your family, friends, neighbors, random people you meet on the street, the kid who bags your groceries, the homeless guy down on the corner, and especially your aunt Gertrude with the vericose veins. Check with @Lonesome here and he will back up everything I've told you.

 

Just when did you get a Kenworth?

 

Had it for a while the lease is due to expire in about 90 days and it will be available first come first served.