Whether you're new to the trucking industry or you've been driving for years, making the decision to purchase a semi-truck comes with a list of accompanying questions and factors to consider. And one of those questions is whether to buy new or used. A lot of truckers might admit to wanting a new model in order to enjoy all the modern bells and whistles they've ever dreamed about. But you'd be surprised at what a used truck can offer, too. Here are some advantages of buying a used semi-truck over a new one.
The most obvious advantage to buying used is the up-front cost. Used semi-trucks are significantly cheaper than new ones. Depending on where you shop, as well as the age and mileage of the used model, you could theoretically get 2-3 used semi-trucks for the same price as one new truck.
A brand-new semi will set you back over $100,000. And trucks that are a few years old will have a price tag that hovers around $100,000. Seven years later, that same truck will run $30,000-$40,000: a significant drop.
Imagine taking the money you saved and putting it towards your business, such as marketing and client acquisition, or even investing in some truck "extras" like new tires or updating the sleeping quarters.
If you're concerned about not having options with used trucks, put those worries aside. At any given time, there are probably more used semi-trucks for sale than new ones, simply because the market demands them. After all, not many people have the cash for that large of an investment and even fewer will qualify for a loan that size. And online auctions and dealers make it easy to cater to the buyers' demands.
Also, when buying new, some dealers will convince shoppers they need extras that they really don't need, increasing the purchase price. When you buy used, you can shop for what you need and not have to worry about being talked into extras you don't.
When you buy a brand-new semi, it depreciates in value as soon as you drive it off the lot, just as a new car does. And most of the depreciation that follows happens within the first year or so.
When you buy a used truck that's been "around the block" for several years, depreciation no longer becomes a real issue, making your investment in a used truck much more solid. In fact, used models hold their value as time goes on, more so than a new truck does.
This becomes a huge advantage when it comes time to sell, particularly if you have to sell soon after buying; you won't take as much of a monetary loss as you would when trying to sell a new truck.
The operating costs of used semi-trucks are much cheaper than those for a new truck for a number of reasons.
First, as with a car, insurance rates will be cheaper on a used model simply because the more the truck is worth, the higher the premium.
*Side note: you can probably bring your monthly rates down by paying your annual premium at the beginning of the year instead of spreading it out. Paying a lump sum is easier when your premium is lower.
For much older trucks, speak with your agent about eliminating comprehensive coverage, which covers most everything other than collisions (fire, theft, vandalism, etc.). It may be an unnecessary expense for old models. And it may not even be an option in your state to begin with.
Secondly, it would benefit you greatly to do some investigating and find out what the registration and sales tax will be upon purchase. The amounts vary from one state to another, but you'll find that registration costs will be lower on a used truck. Also, some states impose a sales tax on new trucks but none at all on used vehicles.
For more information about purchasing a used freightliner truck, contact dealerships like Arrow Truck Sales.