I think Scott buys and leases rigs.
Here's the deal, I am not an accountant, but I have an accountant that I trust. Financially I am pretty conservative. I also do not like to be subjected to level 5 prostate and colon exams by the IRS. Because of that, my books are about as clean as any company you could see, and I do not take tax risks by hiding income. My accountant actually is great at helping us to achieve our financial goals.
Per my beautiful accountants instructions, although there are advantages to a lease, there are more advantages if you set up a separate corporation to lease the equipment back to yourself. That means you have to be able to buy it first. If you are still in the phase of business that you can write off mileage, I am not sure that a lease is for you. With my business being where it is, there just was not enough tax savings for us to lease from someone else. Your accountant may know different tricks, and may have a differing opinion on the advantages of lease savings. He, or she, is the person that you would likely want to talk to about how to maximize your tax savings.
The only reason that I have trucks on lease is because that is what I needed to do to buy a large quantity of trucks in a very short time period. They will be paid off in 4 months. Then we will have to look at leasing them back to ourselves.