KICKING DEBT #3 - Why Leasing That Truck Is Making You Broke

You Wear the Badge.

You Carry the Weight.
You Put In the Hours.
So Why Are You Still Broke?

For a lot of firefighters, the answer is sitting right in your driveway:

A leased truck that’s eating your wealth one payment at a time.

This post isn’t here to make you feel bad.
It’s here to wake you up.

Because if you don’t start seeing vehicles for what they really are, you’ll keep working extra hours just to pay for something that’s losing value by the day.

Let’s Break It Down: What Is Leasing?

Leasing is long-term renting. You don’t own the truck. You’re just borrowing it and paying monthly for the privilege.

Here’s how it usually works:

• You get a new or nearly-new vehicle
• Low-ish monthly payments
• A mileage cap (usually 20,000–25,000 km or 12,000–15,000 miles/year)
• At the end of the lease: return it, buy it out, or lease another one

Sounds clean, right?

Here’s what it actually means:

You’re perpetually paying for something that’s never yours and always losing value.

The Truck Isn’t the Problem. The Lease Is.

You want a reliable vehicle. That’s fair.
You want space for your gear, your kids, your dog. That’s real life.

But leasing isn’t the solution. It’s the trap.

Here’s How Leasing Destroys Your Wealth:

1. You’re Always Making Payments

Leasing means you never escape the cycle. Just as you're done? Here comes the next lease.

No equity. No ownership. No break.

2. You're Paying for Depreciation

Vehicles lose 15–25% of their value in year one.

When you lease, you’re paying the finance company to cover that loss so they don’t have to.

3. You’re Capped on Mileage (or Penalized for Going Over)

You’re a shift worker. You drive to training. You take road trips on your days off.

Every extra mile or kilometer = money out of your pocket at lease-end.

4. Repairs Aren’t Always Covered

People think new = no problems. That’s not always true.

And if you scratch the paint, ding the door, or wear out the tires - you’re paying at lease return.

5. The “Low Payment” Is a Lie

Dealers hook you with a $450/month tag.
But:

• You pay sales tax
• You pay fees and finance charges
• You never stop paying

Over 6 years, you’ve shelled out $30,000+… and still own nothing.

The Firefighter Reality

Let’s say you lease a 2023 GMC Sierra at $649/month.

You do that for 6 years (two 3-year leases back to back). You’ll pay:

• ~$46,728 in lease payments
• ~$6,000 in tax, fees, insurance gaps
• $52,000+ total — for a truck you don’t own

And guess what?
At the end of that lease, the dealership still owns the truck and you’re starting over.

“But I Need a Reliable Truck”

You do. But here’s what reliable actually looks like:

• A used truck in good condition
• No payment or a short-term low-interest loan you actually finish
• Owning your ride, not renting your lifestyle

You don’t need new. You need free.
Freedom from payments. Freedom from worrying about scratching the bumper. Freedom from being cash-poor with a shiny toy.

What You Could’ve Done Instead

Let’s compare:

That $32,000 difference? That’s your emergency fund. That’s investing money. That’s financial freedom.

Here’s What You Do Now

1. Stop Leasing

If you’re in a lease now, start planning your exit strategy.
Buy it out if the numbers make sense. Otherwise, finish the term and walk away.

2. Buy Used, Own It Forever

Get a reliable used truck. Avoid dealerships selling at inflated prices. Buy what you can afford, not what you can finance.

3. Reclaim That Cash Flow

What could you do with $649/month back in your pocket?

• Fund your TFSA/401(k)
• Crush your debt
• Build your emergency fund
• Take your family on a trip, paid in full

4. Shift Your Mindset

You don’t need to flex for the guys at the firehouse.
You need to own more and owe less.

Real freedom is pulling into work in a paid-off truck with money in the bank, not driving a leased one you’re chained to.

The Final Word

You wouldn’t walk into a working fire without a plan.

So why are you walking into your financial future with a payment you can never escape?

Leasing keeps you broke.
Ownership builds wealth.

Make the shift. Drive different. Live better.