You Can Lease a New Pickup Truck, But Should You?
In 2023, leasing a new truck is a pretty popular thing to do. Sure, folks don’t lease pickup trucks as much as they do cars and SUVs, but the numbers have gone up over the years. Of course, deciding to buy or lease is really on a case-by-case basis. But let’s look at the pros and cons.
What is leasing?
Leasing a truck can be viewed as a long-term rental. You make monthly payments on your truck, but those payments do not necessarily go towards ownership. You can buy the truck after your lease is complete, but one major benefit of leasing is getting a new vehicle more frequently.
Leasing often means a lower monthly truck payment. Although, it is worth noting that trucks don’t always come with a special lease deal like cars and SUVs often do. That said, leasing a truck will allow you to upgrade your ride more often. After the lease is complete, you can lease a newer truck. And that means you can experience the latest and greatest of what truck manufacturers are doing.
Are there cons to leasing a truck?
There are some important cons that come with leasing, especially a pickup truck. If you plan on doing truck stuff, like towing or hauling, there’s a chance that you could damage your pickup. If whoever you leased your pickup from determines that there is excessive wear and tear, you will likely face some additional charges.
And at least, in my opinion, that can negate one of the biggest benefits of driving a truck. And that is being able to do things like off-road, which you wouldn’t typically do in a traditional sedan. If you plan to do truck stuff, it could be a good idea to get all-weather floor mats as well as a bedliner.
If you are someone who wants to off-road, it’s probably a good idea to simply buy a truck rather than lease one. Add to that the fact that finding a lease special on a truck can be fairly difficult; leasing might not be right for you.
What is the average monthly truck payment?
According to the Detroit Free Press, the monthly truck payment has risen to $730 in Q1 2023. That’s up from $656 a month from the same time last year. The biggest thing we can draw from this is that modern pickup trucks do not come cheap.
In order to get all of the new tech, power, and capability, you’re going to be paying a pretty penny. And that might make a lease more attractive if you’re able to secure a lower monthly payment.
The average transaction price of a new truck is over $59,000, so it’s not surprising that monthly payments have gotten so high. Fortunately, there are trucks out there that are more budget-friendly. The first that comes to mind is the 2023 Ford Maverick. If you’re lucky enough to find one at MSRP, it starts at under $25k. That makes the Maverick feel more like buying an economy car than a vehicle with a truck bed.