Hi yall. I need a lil advise and help in a matter.<br>I'm in the market for a new truck. I seem to have a bad (and expencive) habit of changing trucks every couple years. Anyway, I've been eyeballin the newer Rams, a extended cab longbed duallie with a 5 speed and ofcourse, the Cummins.<br><br>So here's my question. I drive around 300 miles per day round trip for work. I'm trying to figure out if I'd be better off leasing or buying. If I deside to change trucks agian in a few years I'd be stuck trying to sell a high milage truck, if I lease, I'll be paying big time for the extra miles.<br><br>At least I think I would. I dont guess I realy understand how leasing works vs. buying it. Either way I'd be trading or selling my current truck (1997 crew cab 4x4 F-350 4x4), I know I'd be better off selling it.<br><br>This truck would be used for my primary transportation as well as pulling trailers (livestock and &quot;toys&quot on weekends. Does that have any negative effects if I lease?<br><br><br>I appreciate any help, sorry for the lame questions. I just dont want to screw myself like I've done in the past.

 

First, I am not speaking from actual experience but from things I've read in the past. I got the impression that it was best to put your money in ownership rather than leasing/renting the vehicle. The exception being if used in a business manner that may better fit certain needs. I have also read about the mileage issue if exceeding the allotted amount. With your daily drive I see where this could be a problem.

Suggest you talk with the leasing guys and see what is involved. Ask for a copy of their standard leasing form and study the fine print. Armed with this info you will be in a better position to evaluate the other side of the coin and decide what is best for you.

Jerry

 

Review the lease contract and look at the mileage they allow...I think you'll find it would be better to buy rather then lease....and you will not be able to do any horsepower improvement to the engine if you lease...these trucks are just startin to get broke in at 100000 miles and with proper care and feeding they can see a million miles
You mite get the fever to Bomb your rig and make it a personal statement of how great these trucks are...but under a lease you can't

;D ;D ;D ;D

 

I leased my first truck. Never again. Your high mileage will kill you when you turn in the truck. They are very strict about turn in condition. You're better off buying and then when you trade in, you get something more for your investment. Can't modify under a lease. With proper care, these trucks generally (there are exceptions of course) will last alot longer than 2 or 3 years. How many 3 or 4 year old Rams do you see sitting around on sales lots or in the newspapers for any length of time? If they've been taken care of, they're gone before you have time to tell your buddy you saw what he was looking for.<br><br>~Dave

 

You are better off buying.. I worked for a rental/leasing company and we typically gave only 15,000 annual miles, but for our higher mileage customers it was only 25,000 annual miles.. and if you are running 75,000 (300*5*50 wks) NOT counting personal miles you will end up paying ALOT of money at the end.. Our typical overmileage rate was between $0.30 and $.36/mile... <br><br>Here is an example of how we would have leased you a truck..<br><br>In leasing you only pay for the part of the truck you use.. Lets say the truck is $32,000 to buy.. You are going to run it for 2 yrs.. and the leasing company thinks they can sell it for $25,000 (residuel value - very important number in the leasing game) at the end of the lease.. So you are actually going to use up $7,000 worth of truck during the lease. Your principal lease payment would be $291.67 per month (32,000 - 25,000 = $7,000 divided by 24 months..)..THIS does not include the cost of interest, license plates, personal property/ad volorum tax (if your state has it), sales/title tax etc.... And typically this does not include any maintenance to the truck and no substitute/replacement vehicles.. some/all of these can be included in your lease for extra cost though..almost always it DOES NOT include insurance either... <br><br>You will also be responsible for all the over miles you ran at the end.. A &quot;full service lease&quot; (typically on larger semi - straight trucks - think Penske, Ryder) does/can include everything but a driver, fuel and insurance.. BUt you also pay a per month actual mileage rate to cover maintenace items.. The other items (taxes, license etc) would be prorated into the monthly payment)<br><br>You have heard of the &quot;you can buy this vehicle at the end of your lease term for $1&quot; im sure.. All they do there is have a residual value of $1 instead of $25,000... for a 2 yr lease (not a realistic term for this deal) with a $1 buyout your monthly payment would be $1,333.29 (31999 divided by 24 month term)<br><br>If you do lease.. shoot for the highest 'realistic' residual value you can get.. Which is very hard when the used car market is up and down so much..If the leasing co can sell the truck for more then the residual value they make some additional money (gravy).. if it sells for less than the residual value they loose money - so they like LOW residual values... BUT some contracts may allow them to bill you for any difference between residual value and actual sales cost - and with these the leasing company really doesnt have much reason to try and sell it for top dollar.. they will bill you for any thing they loose..<br><br>Good luck.. drop me a line if you need more help understanding what I tried to say..<br><br>

 

I'm buying my Ram and my wife is leasing her Expedition. At the time we got her ford, the lease was the best financial deal for us.<br> I really have a hard time paying about the same amount for both vehicles when I am only &quot;renting&quot; the ford.<br> <br> In the past I have also been one to run it for a couple years and then get the itch to trade it in ... until I started driving the newer Rams. Great vehicle and don't have to worry about the mileage, modifications etc ...<br><br> As far as resale goes, when I traded in my 95 ram (160k miles) earlier this year, it was sold before the ink dried on my new truck's contract. People want Rams !!<br><br>PISTOL

 

As a dealer and a friend, I am telling you DO NOT LEASE!!!!!!! You always get screwed in the end :'( :'( :'(

 

In a perfect world, a Lease can seem ok. Don't do it. I was disabled in an accident and had to take a pay cut. Couldn't get out of the lease. Still making payments for the little unnoticeable scratches and the mileage that I was expecting. They don't give you a way to appeal their estimate for damage they claim to find, nor a source for their figures. You also won't get credit for add ons that will be worthless unless you are fortunate enough to replace it with a like vehicle. Shoot, they would probably say the add ons damage the original condition. Buy with as much cash as possible, you need the money more than the bank does.

 

Thanks for the help. I sold my Ford today, so Monday I'll be buying the Ram. Thanks again for the warnings.

 

Oh, and welcome aboard

 

Welcome aboard! BOMBville next exit then take a right just past the flying J! ;D<br><br>Tony