How Much Does it Cost to Rent or Lease a Semi Truck?
Highway Truck Rental Prices
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Leasing a semi-truck is a popular way to break into the owner-operator business. Unlike buying a truck outright, there’s no long term commitment. You have the opportunity to “test out” life as a highway truck owner-operator before deciding if the career path is right for you.
Leasing a semi-truck is also beneficial for drivers who are short on cash or have credit issues. You can lease a truck for little or no money down and then make monthly payments over a span of one to three years. When the lease ends, you can return the truck, trade it in for a newer model or purchase it.
Highway Truck Leasing Average Cost
There are a number of fees and costs associated with leasing a semi-truck. You’ll make weekly or monthly payments for the truck itself. Then there’s the cost of insurance, fuel, and maintenance.
Lease payments usually run between $1,000 and $2,500 per month, depending on the type of truck. However, some leasing companies will require weekly payments.
- A new truck can usually be leased for $1,600 to $2,500 per month.
- A used truck often goes for $800 to $1,600 per month.
Sometimes a down payment is required; other times it’s not. Often, leasing companies will require more of a down payment from less experienced drivers than those with many years of road experience. Down payments can run up to $1,000, so be sure to ask if one is required before you settle on a leasing company.
Insurance is another regular cost you’ll incur. Budget about $800 to $1,500 a month for collision coverage. Costs like fuel and routine maintenance are tough to estimate because they depend on how often and how far you travel, but be sure to estimate how much you’ll spend and factor that into the overall cost of leasing a truck. Keep in mind that with most leases the driver is responsible for all repair costs.
All totaled, leasing a semi-truck can be expensive. But, consider that many drivers pull in tens of thousands per month in revenue. Despite the costs there’s still plenty of room for profit if you strike a reasonable deal with a reputable leasing company.
Choosing a Highway Truck Lease
The more background research you do before signing a lease agreement, the better off you will be. You don’t want any surprise costs down the road. Be sure to examine the leasing contract in detail before you sign it:
- Is a deposit or down payment required?
- What are the insurance requirements and rates?
- Who covers the cost of maintenance and repairs? Does the company require you to set aside money in an escrow account to cover the cost of repairs?
- Is the truck covered under its original manufacturer’s warranty? If not, does the leasing company offer any kind of extended warranty?
- Does the leasing company offer fuel price protection?
- Does the company have mileage limits? If so, what are they?
It’s always a good idea to consider several leasing companies before settling on one. Talk to other drivers about their experiences and carefully research any company you’re considering before signing on the dotted line.
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