The time has come to purchase a new vehicle and you know that a truck would fulfill all your needs. A four-door vehicle can be enough, but what about moving your daughter into her college dorm next week? Or you need something powerful to pull your boat? You might want something reliable when the weather changes. Only a truck can satisfy all of these needs. Maybe a Ford F-150, or a Chevrolet Silverado, or even a Dodge Ram 1500?

The kind of truck you want is not the only thing you should be considering. There’s also financial considerations which can include whether to lease or buy brand new. There are pros and cons to buying and leasing, and it’s important to consider them all before you take that next step.

Buying your truck certainly has its perks, but under certain conditions it could also have several cons.

Buying new pros:

1. Mileage

You don’t have to worry about how many miles you put on your truck. When leasing a vehicle there is typically a cap-off for how many miles one can put on that vehicle. If you go over, there are extra fees.

2. End charges

There are no end charges that are found in leases.

3. Spread out payments

You can drive your truck for a long period of time, giving yourself time to spread out your payments.

4. Trade-in value

You could have trade-in value that you wouldn’t have with leasing your truck.

Buying new cons:

1. High monthly payments

Your monthly payments will typically be higher than if you were to lease your truck.

2. Repairs

Sometimes there are repair costs that come after your warranty.

3. Selling or trading

If you want to sell or trade your truck, you’ll be in charge of that business yourself.

For some, it might make more sense to lease a truck. This option might particularly be good if you can’t decide which truck you want. You could lease a Ford F-150 for a year, for example, and then switch to a Dodge RAM 1500.

Leasing pros:

1. Options

You can drive a new truck every couple years.

2. Lower payments

Monthly payments will be lower.

3. Warranty

You can have peace of mind knowing you’ll always be protected by a warranty

4. Selling or trading

You won’t have to worry about selling or trading your truck.

Leasing cons:

1. Mileage cap

There’s a cap for miles driven

2. Insurance

You typically have to purchase gap insurance

3. Potential high cost

If you lease your truck for a long period of time, you’d pay more over that period than you would if you were to buy it.

4. Maintenance

You must invest in good maintenance for your leased truck.

After taking some time to consider all the factors above, you can decide which option is best for you and you’ll be driving your dream truck in no time.