4 Factors You Should Consider Before Buying a Used Commercial Truck
Trucks are our silent yet effective partner to progress. According to Markets Insider, trucking moves 71% of the total freight in the United States, and almost 6% of all full-time jobs in our country are in the trucking industry.
If your business is giving good returns and things turn out as you planned, you’d probably want to expand your business or buy a bigger equipment to cater to the growing demands of your customers. One of the things you’d want to do is buy a bigger commercial truck, and buying a used medium duty truck would be a viable, budget-friendly option.
It’s all set and you’re now sure that you really need to take your operations to the next level. Now you’ve decided to purchase one of the medium duty trucks from a trusted dealership in your area.
With that in mind, you should know what you should be looking for when buying a used commercial vehicle or work truck. It is a critical turning point and you have to be sure that the decision you’re about to make is the best for your customers and your business.
With that said, you should know the four factors that play an important role in determining the ideal commercial vehicle for your business:
1. Truck Specifications vs Your Unique Business Needs
First, it is utterly important for you to determine your business’ vital requirements. These include:
Hauling capability – to determine:
- The type of trailer that will go with the truck
- Whether the truck is going to transport cargoes between cities and/or states
- Whether the truck is transporting heavy loads locally
- The truck’s gross vehicle weight and the volume of your cargoes. This will serve as the basis for determining the wheelbase, horsepower, and maximum payload of the vehicle to ensure the efficiency of your operations
Safety, comfort and aesthetics. This includes maneuverability, brake systems, lights, aerodynamics, the truck’s overall appearance, etc.
2. Aftermarket Warranties
Ask your dealer if warranties are still available on the delivery or work truck you’re interested in. As expected, most used trucks are already beyond the manufacturer’s standard warranty, but you should ask to make sure. Who knows some warranties may still be available? Some of the most important components that may still be covered by warranty includes mirrors, HVAC, OEM parts, and seats and driers.
Another important inquiry you need to make is the availability of after-market warranties that you can purchase from trusted vendors.
3. DOT Inspection
If you want to know the most important aspect that makes commercial trucks practical on on both streets and highways, that would be road worthiness. Because you’re buying a used commercial vehicle, it would be prudent of you to ask your dealer for a DOT inspection before making any payment.
A federal DOT inspection will ensure that all components including the engine, lights, brakes and other items are inspected and their defects rectified before you make the purchase. This will save you money on unwanted repairs, and help you make a good start.
4. Financing Options
Once you have identified the used work truck or medium duty truck for your business, there’s one more task that you need to do. It is determining the best way to finance your purchase. When assessing financing possibilities, you need to consider a lot of factors including:
- The age of the truck
- Down payment
- The truck’s depreciation
- Insurance costs
- Interest rates
- Operating costs
- Your revenue
- Monthly amortization and
- Your credit score
In most cases, financing solutions can be obtained directly from the dealership. You may also avail of financing options private lenders associated with your dealership are offering. You just have to choose which of them can provide a competitive rate and favorable schedules.
When applying for financing, it is important for you to choose a financing company that has a good understanding of the trucking industry as well as the costs of maintaining a commercial vehicle.
If buying medium duty trucks is a major upgrade and turning point for your business then you must do your homework and equip yourself with necessary information to be able to make a wise decision. With our help, you should be able to determine and define your true purpose and reasons for your need to purchase a bigger commercial vehicle.
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