Say you’re in the market for a new pickup truck but aren’t interested in financing it. Instead, you would prefer to lease it. But is leasing a pickup truck actually worth it? After all, there are some differences between leasing and financing a truck. Let’s find out whether leasing a pickup is worth it for you.
Understanding the difference between leasing and financing
Before deciding whether it’s worth it to lease a pickup truck, you should first consider the difference between leasing and financing. According to Consumer Reports, financing a car is relatively simple. “You borrow money from a bank, credit union, or other lending institution and make monthly payments for some number of years,” explained Consumer Reports.
As for leasing? You’ll be making a monthly payment to drive a car for a pre-determined period. While lease payments are often less expensive, you won’t own the vehicle outright. You will also be expected to return the car at the end of your lease term.
What are the pros and cons of leasing a pickup truck?
Now, there are pros and cons to leasing a pickup truck. First, leasing a pickup truck could mean driving it worry-free for the entirety of your lease. A warranty will likely cover it and, depending on the automaker, could include complimentary maintenance throughout the lease term. At the end of your lease term, you can simply return the pickup too, which could mean avoiding costly repairs and maintenance needs once the truck’s warranty period has ended.
Unfortunately, there are downsides to leasing a pickup truck. According to Bankrate, most lease terms limit the number of miles you can drive the pickup during the lease term. At the end of your lease, you’ll also have to return the truck to the dealership. If you return the truck in anything but excellent condition, you could face extra fees at the end of your lease term too, reports Bankrate. For pickup owners that actually use their truck, that could be bad news.
How much does it cost to lease a pickup truck?
The cost of leasing a pickup truck will vary. Take, for example, the Ford Ranger. The 2021 Ford Ranger boasts a base price of $24,820. Based on current lease offers, you could put $2,602 down and lease a new Ford Ranger XL for an estimated $263/month for 36 months.
Opt for a more expensive pickup instead, say the Honda Ridgeline, and you could pay significantly more to lease a new pickup truck. Because, unlike the Ranger, this year’s Ridgeline will have you putting down $3,099 to lease this year’s model for $329/month for 36 months.
Keep in mind, too, that lease deals and offers tend to vary by region. Most automakers offer monthly lease specials as well. Before deciding between financing and leasing a new pickup truck, you should consider what lease deals are being offered in your specific region.
Can you negotiate a lease?
Say you’ve found the perfect pickup, but the cost of leasing it is higher than you expected. Can you negotiate a lower price when leasing a new pickup truck? According to The Penny Hoarder, you can. First, The Penny Hoarder says you need to have a good understanding of how much you’re willing to spend on both a down payment and a monthly lease payment. Then, determine which pickup best fits your needs and your budget.
With this information in hand, The Penny Hoarder recommends reaching out to your area dealership’s internet sales department to get a quote before you visit the dealership itself. Compare that quote to TruCar, which will show you how much other customers have paid for similar cars. From there, you can negotiate the price of your lease.
But, The Penny Hoarder reports, be prepared to walk away. The Penny Hoarder explains, “If you seem to be getting nowhere with a salesperson, don’t be afraid to simply leave. One of two things will happen: The salesperson will panic and stop you halfway out the door to try sweetening the deal, or he’ll let you leave — in which case you can go find a dealership that is willing to work with you.”
Should you lease your next pickup?
If you intend on putting your truck to good use and plan to keep your pickup for a long time, leasing a pickup truck probably isn’t worth it for you. But if don’t plan to put your truck through the wringer and would prefer a lower monthly payment, then leasing could be the right choice for you.