"Should I lease or buy?" is one of the biggest money decisions a carrier makes. The right answer depends on your cash, your credit, and how long you plan to keep the truck — here's how to think it through.
Over the full life of a truck, owning almost always costs less than a string of leases, and a paid-off truck is the cheapest mile you'll ever run. Ownership also means no mileage caps and full freedom to run any freight you want. The trade-offs: a down payment, tighter cash flow, and you carry all the repair and depreciation risk.
Leasing keeps your cash free and your payments predictable, which matters when you're new or growing. It can also make it easier to run newer equipment with warranty coverage. But at the end you have nothing to show for the payments, and going over mileage or wear terms gets expensive.
Many lease-purchase programs offered by carriers tie you to hauling only their freight, put maintenance and downtime squarely on you, and can total far more than a straight bank loan on the same truck. Some are fair; many are not. Read every clause, ask what happens if you miss a payment or the freight dries up, and total the full cost before you sign anything.
Whichever path you pick, the payment is only part of the cost. Add insurance, maintenance, tires, permits, taxes and depreciation — see our breakdown of trucking overhead costs and how to calculate your cost per mile. If you're weighing this as part of going independent, our owner-operator vs company driver comparison lays out the bigger picture.
TruckSpot Dispatch tracks revenue, fuel, settlements and expenses per truck, so you can see the true cost per mile and whether a payment is actually leaving you a profit. When the numbers are in front of you, "lease or buy" stops being a gut call. It's ELD-agnostic with a free 14-day trial.
See your true cost per mile — free 14-day trial →It depends on your cash and your plans. Buying (or financing to own) usually costs less over the life of the truck and builds an asset, but ties up capital. Leasing keeps payments lower and predictable but you own nothing at the end unless it's a lease-purchase.
Be careful. Many lease-purchase deals tie you to one carrier's freight and shift maintenance and downtime risk to you. Read every clause and run the total cost before signing — some cost far more than a bank loan on the same truck.
Beyond the payment: insurance, maintenance and repairs, tires, permits, taxes, and depreciation. Track your cost per mile so you know the truck is actually making money, not just moving.