Owning a used bucket truck is always a better decision than buying a new one, at least financially. There are several factors which would prompt you to conclusively decide in favor of used vehicles.
While the high of owning a brand new bucket truck is undeniable, it always makes more financial sense to buy a used vehicle. There are facts you need to consider while making the decision to buy.
New trucks lose more than a third of their value within the first year, just like a new car. With used trucks, the previous owner absorbs the steepest part of the depreciation cycle while you buy when the low-cost part of the truck ownership cycle begins, getting the most value for your money.
Costs of owning and operating a used truck are always considerably less than a new vehicle. Apart from depreciation, other peripherals which influence costs are lower financing costs, low or no sales tax, lower registration and license fee, and lower insurance premiums.
A tougher economy tends to impact a company’s ability to buy new. Spending the money on a new vehicle has to be justified. The more a vehicle costs, the more time it will take to recover the investment. Obviously, purchasing a low cost used truck makes more sense as it helps offset the investment in less time.
A used truck can be as reliable as a new one. Original warranty’s on a new truck are sometimes transferable at no charge if they have not expired. Buyers of pre-owned trucks from trustworthy dealers can purchase a late-model used truck, carrying on the manufacturer warranties. Even if an original warranty is no long valid, many reputable used truck dealers offer their own drive-away warranties as well as the option to purchase extended warranties.
Dealing With Downsides
Admittedly, buying a used truck has its downsides as well. You are less excited and if you use the vehicle recklessly, major maintenance costs such as tires, brakes, muffler and PTO might be just on the horizon.
The Five Steps
Buying a used bucket truck is definitely a better financial decision. However, buying a good used truck for a good price is a bit more challenging. You have to 1) Decide on the truck you want 2) Look for one 3) Get informed about the value of used trucks 4) Evaluate the condition of used trucks and 5) Getting the truck financed.
Evaluating Used Trucks
People usually sort out the first three challenges easily but get stuck while evaluating . You can do that with a little knowledge, a bit more professional assistance and plenty of common sense. Sizing up the quality and mechanical health of the vehicle you intend to buy is important and you would do well to put in adequate time and to make the right decision.
Getting The Truck Financed
Getting the truck financed is also an issue. Getting loans while paying the lowest interest rate must be your goal and if you want to do that, you’ll need to do some homework. Compare various sources of finance to decide which one of them suits you the best. Loans can typically come from your car dealer, banks, credit unions, friends or family. Get funds from the source which offers the most favorable terms. And before you approach banks or credit unions for the loans, you would do well to obtain a copy of your credit report and ensure that there is nothing in it which could prevent you from getting a loan or force you to pay higher interest rates.
If you get these issues right, you’re sure to get a happy deal!