The dilemma between leasing a truck or purchasing one is a serious one that puzzles the mind of many business owners.
Ideally, seasonal or time-restricted businesses are the more prominent subscribers when it comes to leasing trucks.
The reason is simple, purchasing a truck instead of leasing one from Penske lease means you will have to concern yourself with maintenance and repair costs.
These costs are often bordersome for your business and will strain it.
But, if you intend to use a commercial truck for up to three years, we advise that you opt for a lease, keeping your eyes on the best rates, just like Penske’s lease rate are known to be low rates.
How Does Penske Truck Leasing Work?
The idea of leasing trucks came into play to give people or businesses an avenue of renting (for an extended time) the rental trucks they would have bought.
So, customers or businesses get to skip chunking out considerable amounts to pay the total price, but still get the truck for as long as they need it and return it afterward.
All the rental company needs from you is to pay an amount for the lease, including interests and other fees.
Penske leases has flexible lease terms which are reliable and are the best fit for a long-term lease.
For example, leasing a truck from Penske lease does not call for any down payment. Single monthly lease payments are also available.
These monthly payments / Penske truck leasing rates include maintenance and upkeep costs.
Finally, you will have no residual risk at the end of your lease as Penske will handle the vehicle disposal, preferably low-mileage vehicles.
Penske Full Service Lease
The full-service lease with Penske is the smart way to go. Penske lease takes out time to do a careful inventory of the purpose of your use.
Based on this inventory, Penske will hand over to you the appropriate equipment, services, information, and tools to help your lease run seamlessly.
Beyond protecting the leased truck, Penske concerns itself with your business by making you have all you need and spend as little as possible.
The full-service lease on Penske offers you complete preventive maintenance for your truck.
The goal is for you never to get stuck on the road.
Penske works with Original Equipment Manufacturers (OEMs), ensuring that your repair process is not repeated because of a wrong or faulty spare part repair or replacement.
Penske lease seeks to be the best in the game, and to do that, they have to move with the best manufacturers.
In a situation where your truck breaks down on the road, roadside assistance is available for this package. They also provides you with alternative fuel options for your truck lease.
In summary, a full-service leases on Penske reduces the cost of maintenance, replacement, and repair.
It is the best way to go for your company if you wish to spend wisely and not squander money for integral parts of the business on a truck.
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Here is a list of what Penske offers:
- 24/7 roadside assistance
- Comprehensive maintenance services
- Fast access to rental trucks
- Centralized access to fleet information through Fleet insight
- Service locations across the United States, Canada, and Mexico
- Licensing and tax management
- Fuel locations and management
- Decent, low-mileage vehicles
- Great fleet inventory including sleeper tractor options.
Why Should I Choose a Full-Service Lease
Penske leases often helps you decide what’s the best fit for your business.
Although most people believe leasing a truck supersedes buying one, it’s also safe to have an idea of how both work.
The decision to lease, purchase or combine both depends on some factors.
Factors like your business operation style, routes, preference, financial capabilities, truck configurations, etc. often affect your decision.
Either purchasing or leasing a truck has its pros and cons. Still, an experienced truck rental company like Penske will help educate you on this process.
Now, let’s take a look at the top seven reasons why you should opt for Penske’s full-service lease.
About two-thirds of private fleet operators use leased vehicles for their fleet, either in part or all of it.
Top 7 reasons why you should use Penske Truck lease
- Improved finances, predictable budget, and flexibility
Fleet operators benefit a lot from leasing, such as getting equipment without having to put in an upfront payment.
Credit constraints associated with ownership are often eliminated with leasing, accompanying with low rates.
Furthermore, the monthly payment for the leased vehicle is significantly lower than what you would pay monthly to purchase one.
Lastly, maintenance struggles are eliminated, as Penske leases has you covered. Fleets also get to enjoy 100% tax deductibility.
- The hidden cost associated with ownership
Owning a truck might seem like a great idea, but are you prepared for the extra cost it attracts?
Because purchasing the vehicle is only the first step, maintenance and repairs are bound to happen, which requires money to accomplish.
Other cost factors associated with owning a truck include truck drivers and vehicle downtime, missed deliveries, substitute vehicles, and administrative duties.
A full-service lease on Penske eliminates all these challenges as Penske shoulders them for you.
Penske put a comparative value analysis (CVA) in place to help evaluate predictable costs and ensure your business runs smoothly. At the same time, they handle your truck lease’s smooth running.
- Massive reduction in maintenance and repair cost
Maintenance and repair are part and parcel of Penske’s full-service lease, and this addition helps you eliminate unwanted expenses.
Penske runs a preventive maintenance schedule on their trucks, and as a result, these trucks are hardly faulty, plus they are mostly low mileage.
The preventive maintenance schedules are recorded and reported. Fleet managers can access these reports online with a single click.
- Expenses associated with compliance issues are minimized
Penske handles expenses such as permitting, licensing, and taxes.
Furthermore, the preventive and regular maintenance Penske offers helps you reduce the risk of getting fines related to safety violations.
- Leasing encourages your focus
Seeing that the responsibility of the fleet rests on Penske, you rarely have to bat an eyelid on this wise.
As a result, you can focus better on your business and improve it without worrying too much about the fleet.
- Your fleet stays up-to-date
Leasing helps your truck fleet stay up-to-date by running late-model equipment alongside the newest safety and driver comfort features.
These additions and improvements to your fleet attract the best truck drivers and help you retain them.
- Unlimited access to new technology and adequate expertise to support it
Technology in our world today is constantly evolving and seeking ways to improve on the recent discoveries and inventions.
As a result, keeping up is often difficult for private truck owners, but the reverse is the case with leasing.
Leasing opens you up to recent upgrades and innovations, ensuring you stay on top of things.
Penske truck lease cost
Leasing a box truck from Penske will cost you approximately $1000 monthly. At the same time, a Penske semi-truck rental goes for $200 daily.
Penske semi truck lease and cost
Renting a Penske tractor-trailer will cost you between $400 and $500 per day to rent, with sleeper tractor options with double and single axle day cab costing a bit more.
Ideally, renting a Penske trailer rental costs $200 a day, including the heavy-duty semi-truck. A Penske trailer unit will also cost $200 a day.
Penske box truck lease
If you desire to lease a Penske box truck, you should expect to pay approximately $1,000 a month, which many customers consider a very affordable lease option.
Penske truck lease agreement
The Penske truck lease agreement is very flexible, and there is no hard and fast rule.
You have the option of purchasing the truck after the lease or trading it in for a new model after every few years.
It all depends on you and what you want. Penske has great rates, flexible lease terms to accommodate whatever you want, read how to know how avoid the company having possession of the vehicles.
Leasing structures on Penske
A long-term lease comes with some advantages and the maintenance structure and reliability.
Here is a list of what to expect from the leasing structure.
- A single monthly lease that comes with maintenance and upkeep cost
- Penske handles vehicle disposal, and this means you will have no residual risk at the end of the lease
- No down payment is required to lease a truck
- Penske offers you a fixed monthly payment that helps you plan and budget adequately.
Frequently Asked Question
Difference between a Lease and a Rent
A lease is slightly different from a rent agreement due to the time duration. A rent often covers a shorter time than a lease.
Rent is usually 30 days, while a lease applies over more extended periods of 12 months.
However, the standard contracts for leases are usually 6-months and 18-months contracts.
Does Penske have payment plans?
Yes, Penske has a payment plan, and the payment plans are flexible.
You can pay a fixed amount monthly. It all depends on your agreement.
Penske leasing services are designed to suit your needs and remove the stress of ownership.
The leasing structure is reliable and flexible. Leasing a truck or fleet on Penske will help your company save a lot of money and time.
Penske leases also shoulders the maintenance and repair cost, thereby giving you time to focus on running your business correctly without giving much thought to your fleet.