Are you stuck between choosing which one works for you and your budget? Leasing or buying?
Although purchasing used dump trucks are cheaper than new ones, it can still be expensive. If you are still a startup business and your budget is tight then it is best to consider leasing used trucks in Dallas. Don’t risk the future of your operation if you choose to purchase even with such a tight budget— it’s like emptying the only pocket you have.
Keep in mind that you’ll be responsible for the maintenance and storage of the truck. That must be just the least things you are thinking of rather than spending the time to think for business strategies.
On the other hand, renting dump trucks might cause financial instability. That is, long-term rentals are more expensive than buying or leasing.
Choosing to lease used trucks in Dallas instead allows you to get a flexible lease payment arrangement. The payments are usually lower than a loan or rental, making monthly budgeting easier.
Choosing to Lease as the Best Option
Aside from lower monthly payments, you don’t need to make a down payment with leasing or worry about the transportation and maintenance.
You’ll also have more working capital since leasing doesn’t affect your credit line.
Cost of Leasing Trucks
Leasing rates are dependent on several factors. These factors include the price of the equipment, lease term, and your credit score.
The lowest price of a used dump truck is around $15,000, while the highest is around $100,000 for a newer (less than 5 years old) model.
So what is the cost of truck leasing?
Having good credit guarantees lower monthly payments. For example, if you lease used dump trucks for $100,000, you’ll expect to pay an estimated amount of
- $4,700/month for a 24-month term.
- $3,300/month for a 36-month term.
- $2,600/month for a 48-month term.
- $2,200/month for a 60-month term.
However, if you have a low credit score, expect to pay higher monthly payments. Using the same example above, your monthly payments will approximately be:
- $5,700/month for a 24-month term.
- $4,204/month for a 36-month term.
- $3,400/month for a 48-month term.
- $3,000/month for a 60-month term.
In this blog post, we talked about how used dump trucks are a good investment since they’re commonly used, especially in the business industry. Having a used dump truck can also ease business’ productivity.
You can easily find used trucks in reputable places such as leasing companies and established online auction sites. But although acquiring used dump trucks are cheaper than buying a new one, they can still be quite expensive.
With dump truck leasing, you’ll have an increased purchasing power since you won’t have to worry about huge upfront costs. Payments are spread out on a monthly basis.
The rates are dependent on the price of the equipment, lease term, and your credit score. If you have a high credit score, you can expect to enjoy lower monthly payments.
However, before you acquire for used trucks in Dallas, make sure to consider checking things such as service records, tires, suspension system, and engine. A problematic used dump truck will only cause more financial issues.