Forum Discussion
Should I lease or buy a work vehicle?
We at GB Plumbing decided to lease our first work vehicle as we thought we wouldn’t be growing or doing much besides having 1 truck. But once things got busier, and we had to start hiring more, we ha...
Many factors must be considered, but as a general rule of thumb, buying is the best route for business use. I cannot think of an instance where leasing would make sense for a business.
Side note; buying a vehicle that is 2-3 years old will result in huge savings as the depreciation rate is highest on a new vehicle however, some folks value a warranty on a brand new vehicle more so they buy brand new.
Hope this helps!
We also buy new and drop them at 100k miles. Warranties have saved us, we had an entire drivetrain replaced under warranty, about 17k in work. Also, new vehicles are a great tax write off.
