If you are planning to buy a truck then here are few things which you will be very helpful to you while planning for a purchase.
Everybody says owner operator`s income is big. But the owner operator knows, how much he is making after all expenses. It is very hard to keep your equipment fit always. You need good backup to face unexpected wear and tear expenses. Depending upon the year of your tractor, your backup varies. So you need to consider a lot before buying a tractor trailer.
Research – Buy truck
It is a great fun to buy a big rig, you need to be aware of lot when buying a new or used tractor trailer. Do not relay on your own mind, gather lots of information whatever and where ever you get. Make comparative charts depending upon your budget. It is better to calculate everything on one scale, I mean everything by month. Try to buy a generic tractor, because today you may be working with a company but you may not like pay, miles or loads so you need to change. So if you have a good upper model tractor you have more space to play. You can switch to another carrier.
Your expenses and earnings decide what exactly you can buy, older or new equipment. New trucks will be better if you are doing long haul. New trucks have big benefits like having company warranties, fuel efficiency, good to drive, no down time, no repair bills, less interest rate on loan but bigger loan installments. Used trucks have smaller loan installments.
Choose truck according to your need
Decide the type of work first. Note down what exactly you need, type of loads you are going to haul, like dry van flatbed or gravel. How many miles you going to drive a month. Dry van loads need a regular tractor where as you need heavy specs tractor to haul flatbed and gravel loads. It is not good to buy heavy duty tractor to haul dry van loads, because it costs more everywhere. On the other hand it is good to have heavy specs tractor, you may change your mind to start flatbed work.
Importance of Tractor
Tractor model is very important while buying a truck. If you want to work local only you can buy any model but minimum 2007. Most of local companies accept 10 year old models. Tractors from 2008 to 2013 have some DPF, DEF problems try to avoid them. If you want to work long haul try to buy 2 to 3 year old tractors, because it is more costly to tow a tractor in US then paying loan installments.Another thing is more miles with older truck more wear and tear, and we trucker need more miles always.
When your are working on financial aspects of buying a truck then search for used truck sale dealers. Read their reviews and ask for references. They provide good loan options sometimes even cheaper than new truck sale dealers. But still, there are big loopholes in truck loans, do a lots of homework make comparative statements. Ask for down payment, monthly installments, penalties on skipped payments, interest rate and loan cancellation penalties. Banks only finance new equipment and bank rates are cheaper than private landers. Again all it depends upon what type of work you choose, you can choose old or new equipment.