What Is The Cost To Lease A Semi Truck?

We all long for independence: being able to make our own rules, deciding what we’re doing and when we’re doing it and forging our own paths for a future we want. Lucky for you, trucking is a career path that’s built on independence.

While being able to drive the open road is freeing by itself, being able to drive it in a truck that belongs to you is even better. By leasing a truck, you can conduct yourself as an independent operator for a greater share of both freedom and income.

Getting your start with this much freedom can feel uncertain, but we’re here to help. Let’s go over some of your costs you’ll incur while leasing along with some benefits of leasing.

What is leasing?

Before you start the leasing process, you should understand the differences between being a company driver, leasing and owning a truck:

  • Company driver: Company drivers are, simply put, driving on behalf of a company. They are typically paid per mile, and do not own or pay for the semi truck.
  • Leasing a truck: If you lease your truck, you are paid a percentage of the loads you deliver, making payments on a truck that you lease.
  • Owning a truck: Those who own trucks typically receive a percentage of the revenue for a load, and they can keep a larger portion of their profit if they don’t have to cover a lease payment.

Cost to lease a semi truck

The cost to lease a semi truck can vary depending on your location and from whom you are leasing. Lease periods can vary as well, but are typically from 3-4 years for different types of trucks. Typically, trucks are priced at their cost per week.

Through Prime’s Success Leasing, prices can vary:

  • Tankers start at $872
  • Flatbeds start at $862
  • Reefers start at $948
  • Intermodal trucks start at $866

This isn’t the total cost of your lease, though. While it covers the truck itself, you will be responsible for some of the other costs to your truck. This includes charges for excess miles, insurance, taxes and tire fees.

Benefits of leasing a semi truck

Curious if leasing is for you? If these benefits stand out to you, leasing may be something to consider:

  • Incentives for completing a lease. Some semi trucking companies have payouts for completing a lease, from weeks off to money. For Success Leasing, it means an average payout of around $18,000 for a 3 year reefer lease. You can use this bonus paycheck to put toward a new lease, or enjoy some time off the road before you lease again.
  • Lower upfront costs. Some companies offer semi truck leases with no money down, removing the barrier of having an expensive down payment. Those with limited credit may be better off leasing as well. With low or no credit, buying a semi truck would come with a massive down payment and high interest rate. Leasing offers the ability to those with all credit scores to get a semi truck just the same.
  • Cutting-edge trucks. Leasing is also great for someone who always wants the latest and greatest in trucking. You can get a brand new truck for a fraction of the cost, and when your lease is up, you can move on to an even newer style.
  • Minimal commitment. Success Leasing allows you to walk away at any time from your lease. If you’re not looking to commit to trucking for the next few years, leasing allows you to get a truck only for the time that you need.

 

Are you interested in pursuing the life of an independent contractor? Contact Success Leasing and start your leasing journey today!

If you’d rather pursue the company driver route, consider applying for Prime’s student driver training program. A recruiter will reach out to you soon to discuss your career with Prime.

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