Individuals as well as companies planning to purchase used trucks should be aware that it will be worthwhile only if they are careful while choosing the used truck, get it at a good price and use it properly. Many truck buyers are considering purchasing a used truck, because it is often significantly cheaper than a new truck.
While there are definitely more risks to buying a used pickup truck, it also can have a big payoff, as these used trucks likely be used for years to come, you don’t have to worry about beating them up, and you can save a ton of money.
However, while the manufacturer will offer a warranty on the new truck, it is far more risky purchasing a used truck, because usually the warranty period is over. Some of the more important factors which determine whether purchasing a used truck will be profitable are discussed below.
Condition of the truck
One of the main considerations which determines whether the used truck is a good investment is the condition of the truck. Though the age of the truck is one factor which determines the truck condition to some extent, a more important factor is the mileage of the truck.
If the truck is used only rarely, it will have a lower mileage, and the components, parts of the truck are less likely to require repairs or replacement. In contrast, if the mileage of the truck is very high, more than 100,000 miles, the parts are more likely to suffer from wear and tear.
Additionally the exact condition of a particular used truck will vary depending on the manufacturing process, design, components and how it has been used. Hence it is advisable to inspect the used truck carefully, before taking a decision.
The engine is usually the most expensive and important part of the truck, so it should be checked carefully.
The exhaust of the truck should be for soot build up and color of the exhaust fumes. The condition of the radiator and other parts of the truck should also be checked, visual inspection will detect rust. Oil leakage is also an indication that repairs will be required.
Another way to check the condition of the truck is the service history of the truck. If the original owner of the truck has taken proper care of the truck, he will maintain extensive records of the service history, the repairs required, which part was replaced.
This can also help the potential buyer find out if there is a manufacturing defect in the truck, due to which frequent repairs of a specific part or section of the truck are required. The buyer of the used truck can add to the service records provided by the previous truck owner. It is usually risk to purchase a used truck without detailed service records
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Used truck price
One of the reasons why many truck buyers prefer to purchased used trucks is because the price of the new truck will decline rapidly due to depreciation.
A new truck is typically priced at $50,000, while a truck which has been used for three years will cost approximately $25,000-$30,000.
Trucks which are more than 7 years old often cost $18,000 which is far more affordable. So if a used truck is in very good condition, the buyer will save a lot of money purchasing a used truck.
Often startups may require a truck, and cannot afford to invest more. Hence for them, an inexpensive used truck is a better deal.
Utilization of the used truck
Though new trucks are expensive, some truck buyers will prefer to purchase them since they come with a full warranty, often for several years. These buyers often have sufficient funds and plan to utilize these trucks properly.
The newer trucks also are more fuel efficient so are preferred if the truck is used for long distance transportation. In contrast, business owners can take more risk if they purchase a used truck, since they would lose less money, even if it is not used daily or they decide to exit the business.
It is also easier for transporters to recover the cost of the used truck compared to a new truck. For some applications, older trucks may be preferred if they have more powerful engines.
If the truck buyer has limited funds, is willing to spend time searching for a truck in good condition and is not sure whether he can recover the truck expenses, it is more advisable to purchase a well maintained used truck.