As a leading load board in the trucking industry, we know there are a lot of important factors that can affect your trucking business. It goes without saying that your truck is one of the most important assets for your business. If you don’t have a truck, you can’t move freight. There’s not a lot of options there.
Owner-operators and small fleet managers have gone over this question a thousand times: “Should I buy a used or new?” and honestly, there’s a good case to be made for both sides. If you’re in the market for a new rig, or you’re planning for the future, we’ve put together some quick tips to keep in mind.
Should You Buy Used or New?
It will come as no surprise that the most significant factor that will influence your choice is budget. Before going any further in this process, you should sit down with your accountant, if you have one, and look through your finances. Can you swing a new rig this year? It’s easy to look at last year’s numbers to get a better sense of what you can afford, but you also need to look at how the trucking industry is doing as a whole. If the market is slow, you might have a harder time making those payments if there isn’t a lot of freight to move.
Once you do have a rough idea of what you can spend, now look to see if you can buy a new truck, or if you need to go for a used one.
- Buying Used: This is
typically the most common and the smartest option for a first-time trucker. The
most obvious reason being the price. Used trucks are cheaper, and if you’re a
rookie, it may be worth saving some money as you establish yourself.
Buying used is less risky, professionally speaking, as you have less pressure to stay in the industry if you decide on another career path. Still, it may be riskier, depending on the condition of the truck. You must be wary of potential mechanical issues. Do your due diligence when seeking a used truck and opt to buy from trucking companies or somebody you know and trust.
- Buying New: The most obvious con of buying new is the price point. A brand new truck will cost you a pretty penny (in the six figures), but if you can afford to swing it, then it could be a great investment. You’ll receive an extensive warranty, giving you peace of mind in the case of any damages or needed repairs. In addition, you will know the truck’s full history, which can also keep your mind at ease. Buying new may be more appropriate for experienced truck drivers or drivers that have money to invest and feel they’ll be in the industry for years to come.
We hope that this concise blog will be helpful as you figure out which path is best for your needs. No matter which option you choose. Regardless of choosing a new or used truck, you’ll need to know:
- Your price range.
- The type of work you’ll be doing.
- If there is a reliable mechanic or shop that can work on your truck in the area.
- What horsepower and capacity you will need to do your job.
Keep this information in mind, and it will help you as you search for the right truck for your business. If you want more tips and resources exclusively for truckers, check out our blog. While you’re on our site, go ahead and register to gain access to the world’s largest FREE load board.