Leasing a work truck

By jparker Date 04-10-2008 16:03

Just a thought, does anybody lease a truck and have there own set up on it? I drive a 93' Chevy 2500 w/ a Lincoln Classic II, torch set up, and all hand and power tools for fit up, lay out, about 200 ft of lead, etc. I've missed some work lately because having to work on it , replace some parts, its broken down twice in the last two monthes. Anyway I know the disadvantages of leasing a truck, are there any advantages? I heard you can write off a lease truck 100% at the end of the year. Thanks, jparker

By BigRed

Date 04-10-2008 17:33

Leasing is good if you want to get a new truck every two or three years. You get to write off 100% of the lease payments, not 100% of the truck. So if you pay $1000 a month for the lease, you get to subtract $12,000 off you income before taxes at the end of the year.

Tom

By RioCampo (***)

Date 04-10-2008 18:48

mileage limitations can bite you.

By makeithot (***)

Date 04-10-2008 19:58

extra mileage is sometimes available but you pay for it. the tax right off is ok but you need a volume of work to cover it if your giving it to the government anyway you might as well lease and if having a new truck every two or three years is what floats your boat it is the way to go. On the other hand you can buy some pretty nice used trucks if you shop around but you can only depriciate (spelling is off on that one) so much per year.

By JescoPressure (**)

Date 04-10-2008 22:03

i bought new and the writeoff for depreciation on a 1 ton diesel isnt that different than a lease plus when you work out buyout or penalties for scratches and dents and mileage you dont get that good of a writeoff when compared to buying but i would buy 2 , 3 yr old trucks before i buy a brand new , warranty aint worth the paper its on if your truck is sittin in the shop for 3 weeks losing you work. Trust me brand new trucks break too i limped my 06 ford in wabasca for 2 months because there was no way i was gonna lose 30 grand because of that truck. This spring im gonna buy anouther diesel maybe an 04 and push the 06 to back up and normal pickup