Financing is a viable option, and for higher monthly payments, you will have similar terms to leasing. Another factor to keep in mind is that you can depreciate a certain
amount for every year of any truck you buy, and you can use it as a tax exemption, which could ultimately save you up to tens of thousands of dollars annually.
Conclusion
A mixed combination of leasing and financing has worked best for my business. Once we switched to new trucks leased and financed, our trucking business exploded and started rising. We are thrilled that we have been able to make more money doing the same job.
There were no expensive repairs, on the road failures or expensive towing needed — we were simply focused on driving and getting more loads. Our drivers were happy because they were driving new trucks. We were happy because we were able to attract more drivers to the company, becoming an employer of choice.
Our method was to lease 70% and finance 30% of our trucks in order to obtain tax exemption and receive the benefits of leasing. We found this approach to be successful resulting in $7,000 in savings per truck at the end of the year.
Truck Insurance
After fuel, the next largest expense is insurance. Insurance is the most important part of any trucking company and requires a lot of attention.
