Buying a semi-truck is a huge investment, and the vehicle may become your greatest asset. Your semi-truck will pay dividends as you use it. Just as you would do research before buying new equipment, you should do the same with a semi-truck. Read on to learn the questions to ask when buying a semi-truck.
Should I Buy or Lease?
Your leasing company will take care of many ownership-related logistics since leasing outsources the technical processes. The leasing company should handle vehicle registration, DOT compliance, and roadside assistance. That said, owning a semi-truck has many advantages, so you should ask about them when buying a rig. First, your assets have a fraction of the value. Banks may require some form of collateral if you want to take out a loan, and your truck has far more value than you think. It can open many funding opportunities. Additionally, you can modify your truck as you see fit, giving you far more control.
Should I Buy New or Used?
You will likely need to do maintenance for your semi-truck, whether it’s used or new. However, you won’t have to do maintenance on a new rig for some time. Buying new allows you to stay on the road for longer thanks to its updated mechanical systems.
Buying a used truck comes at a lower cost, and you’ll face lower monthly payments. Also, handling maintenance is a breeze because you might already be familiar with your type of rig.
When Should I Replace the Vehicle?
If you’re on the cusp of buying a semi-truck, it might feel too early to consider a replacement. However, keep this in mind because large fleets tend to rotate vehicles. If you are not an owner-operator, you should learn about this process at your organization.
Many leases last for six years; if you choose to buy rather than lease, you could have the same vehicle for 10–20 years! That puts its lifespan around 700,000 miles or more. Now that you know what to consider before buying a semi-truck, you can get the best vehicle for the job!
