The decision to lease or buy delivery vehicles isn't one you make once. It's one you should be making continuously, vehicle by vehicle, based on where each asset sits in its lifecycle.
Most operators pick a strategy — usually "we lease everything" or "we own everything" — and run it uniformly across the fleet. That's leaving money on the table. The right answer changes based on mileage trajectory, equity position, maintenance escalation curve, and your current cost of capital.
A vehicle at 30,000 miles in a favorable lease structure is a fundamentally different financial asset than the same vehicle at 65,000 miles approaching the maintenance escalation zone. Treating them the same way is the mistake.