Leasing a semi-truck offers drivers a flexibility that they do not get when buying a truck outright. For those that don't quite have the capital to purchase a truck outright or have issues with credit, leasing a new semi-truck allows them to have a top-of-the-line vehicle that they wouldn't normally have access to. It is also a great way to get started in the owner-operator business, or even just give the job a try to see if it's the right career for you.
Benefits of Leasing a Semi
Leasing a new semi-truck offers a host of benefits, some of which include:
Cost savings: Unlike purchasing a new truck outright, leasing comes with little to no down payment, with monthly payments that come out to less than a purchase agreement.
Flexibility: Many leasing agreements offer provisions that allow you to trade in for different or newer models. This is especially helpful if you are new to the industry and still trying to figure things out. Overall, leasing offers a higher degree of flexibility than purchasing does, as the lessor also generally provides any maintenance or servicing for the vehicle.
Testing: When you lease a semi-truck, you’re effectively taking the vehicle for an extended test drive. While you do not own the truck once the lease period has ended, it is common for companies to offer a buyout price for the truck. If you have enjoyed the vehicle and it fits your needs, you can purchase it and if not, you can lease a new one.
It is important to thoroughly read through your lease agreement before signing to ensure that you have a complete understanding of everything you are agreeing to.
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How Much Does Leasing a New Semi-Truck Cost?
It is difficult to provide an exact cost for leasing a new semi-truck, as the terms of your lease agreement, year of the vehicle, insurance, and the company you lease through all affect the total price. That being said, what follows is a general pricing guide to provide an idea of what you can expect to pay when leasing your new semi-truck.
Lease payments have an average cost between $1,000 and $2,500 per month, though there are some companies that charge weekly.
Down payments, when required, have an average cost around $1,000, so be sure to clarify whether you have to put any money down upfront.
Insurance has an average cost between $800 and $1,500 per month for collision coverage.
Other costs, such as fuel and maintenance, depend on how often far you travel and how often, but be sure to consider these when putting together your budget.
Lease Clauses
A basic lease is pretty much just a standard extended rental agreement, but there are common clauses you can add.
Buyout clauses: Most leasing companies allow for a buyout clause, which gives you the option to buy the semi-truck at the end of the lease. The price is agreed upon before the lease is signed. Keep in mind that this increases the amount you pay per month.
Full-service clauses: Also referred to as maintenance clauses, a full-service agreement means the leasing company maintains the truck for an additional fee. It is important to determine exactly what the company includes in a full-service clause, as some companies limit the number of replacements they will cover or impose a mileage cap.
TRAC: This stands for terminal rental adjustment clause. It’s another option that allows you to buy the truck at the end of the leasing period, though for more than a buyout clause. The amount is agreed upon at the start of the lease and helps to determine monthly payments. If you choose not to buy at the end of the lease, the truck goes to auction. If the truck sells for more than the residual value, you get a check for the difference, but you pay the difference if the truck sells for less.
Things to Watch For
It is important to keep an eye out for certain things in your lease agreement.
Be upfront and ask about any hidden fees or clauses within the contract.
Check that there are clear terms stated throughout the lease; you don’t want to be confused on the length, rates, or payment schedule.
Look for any maintenance caps or mileage restrictions. Some leasing companies only provide maintenance or replacement parts to a certain degree and/or have a set amount of miles you can drive each year. Anything over their maintenance cap comes out of your pocket and additional miles have an additional cost.
There are also some companies that make you pay for wear and tear if you decide not to renew the lease. It is incredibly important that you thoroughly read through and understand your lease agreement.
Leasing a new semi-truck offers a host of benefits, some of which include:
Cost savings: Unlike purchasing a new truck outright, leasing comes with little to no down payment, with monthly payments that come out to less than a purchase agreement.
Flexibility: Many leasing agreements offer provisions that allow you to trade in for different or newer models. This is especially helpful if you are new to the industry and still trying to figure things out. Overall, leasing offers a higher degree of flexibility than purchasing does, as the lessor also generally provides any maintenance or servicing for the vehicle.
Testing: When you lease a semi-truck, you’re effectively taking the vehicle for an extended test drive. While you do not own the truck once the lease period has ended, it is common for companies to offer a buyout price for the truck. If you have enjoyed the vehicle and it fits your needs, you can purchase it and if not, you can lease a new one.
It is important to thoroughly read through your lease agreement before signing to ensure that you have a complete understanding of everything you are agreeing to.
Get Free Price Quotes
How Much Does Leasing a New Semi-Truck Cost?
It is difficult to provide an exact cost for leasing a new semi-truck, as the terms of your lease agreement, year of the vehicle, insurance, and the company you lease through all affect the total price. That being said, what follows is a general pricing guide to provide an idea of what you can expect to pay when leasing your new semi-truck.
Lease payments have an average cost between $1,000 and $2,500 per month, though there are some companies that charge weekly.
Down payments, when required, have an average cost around $1,000, so be sure to clarify whether you have to put any money down upfront.
Insurance has an average cost between $800 and $1,500 per month for collision coverage.
Other costs, such as fuel and maintenance, depend on how often far you travel and how often, but be sure to consider these when putting together your budget.
Lease Clauses
A basic lease is pretty much just a standard extended rental agreement, but there are common clauses you can add.
Buyout clauses: Most leasing companies allow for a buyout clause, which gives you the option to buy the semi-truck at the end of the lease. The price is agreed upon before the lease is signed. Keep in mind that this increases the amount you pay per month.
Full-service clauses: Also referred to as maintenance clauses, a full-service agreement means the leasing company maintains the truck for an additional fee. It is important to determine exactly what the company includes in a full-service clause, as some companies limit the number of replacements they will cover or impose a mileage cap.
TRAC: This stands for terminal rental adjustment clause. It’s another option that allows you to buy the truck at the end of the leasing period, though for more than a buyout clause. The amount is agreed upon at the start of the lease and helps to determine monthly payments. If you choose not to buy at the end of the lease, the truck goes to auction. If the truck sells for more than the residual value, you get a check for the difference, but you pay the difference if the truck sells for less.
Things to Watch For
It is important to keep an eye out for certain things in your lease agreement.
Be upfront and ask about any hidden fees or clauses within the contract.
Check that there are clear terms stated throughout the lease; you don’t want to be confused on the length, rates, or payment schedule.
Look for any maintenance caps or mileage restrictions. Some leasing companies only provide maintenance or replacement parts to a certain degree and/or have a set amount of miles you can drive each year. Anything over their maintenance cap comes out of your pocket and additional miles have an additional cost.
There are also some companies that make you pay for wear and tear if you decide not to renew the lease. It is incredibly important that you thoroughly read through and understand your lease agreement.
