As a trucking company or independent contractor, it may be a smarter financial decision to purchase a used truck or trailer rather than buying a new one and getting cheap commercial truck insurance at the same time.
A used truck is more affordable and has a lower depreciation rate. If you’re able to purchase a used truck in good working condition, you can save your business a lot of money.
Meanwhile, buying a used truck also comes with drawbacks. A used vehicle is nowhere as reliable as a brand new one and it may no longer come with a warranty. Not to mention, the truck may require additional repairs and upkeep, which will cost you money in the future.
If you’ve decided to purchase a used truck or trailer, check out these reminders to help make sure you get the benefits and minimize the drawbacks of buying a used truck.
Before you even consider buying a used truck, find out why it’s being sold. This gives you insight into the state of the truck, and lets you know of potential issues that you will have to deal with should you decide to take the truck.
Watch out for trucks being sold due to malfunctions. Though this doesn’t mean the deal is a bad one, it’s important to be aware of these before you decide to purchase as it will affect the price a lot and will set your expectations on what kind of problems you will be inheriting from the previous truck owner.
Truck maintenance is one of the biggest expenses for a trucking business. If you’re considering a used truck, you want to know the situation of the truck.
Though this has already been disclosed by the seller initially, you should get the truck inspected by an expert just to make sure you’re not missing anything which the seller may be hiding or even the seller may not be aware of.
When you buy a used truck, you inherit everything about it, from its malfunctions down to its maintenance. Before buying a used truck, review its maintenance history and examine its oil change records.
These will give you an idea of what shape the truck is actually in and whether it’s worth your time and money. Even if a used truck has no problems now, a poorly maintained truck may indicate future problems.
Before buying a used truck, check the engine model and the truck’s mileage. Certain engine models are known to wear out after some time or when a specific mileage is reached.
Also, if you’re planning to use the truck frequently or for long drives, you may want to look for a used truck with lower mileage as this may take longer before the engine needs fixing.
Purchasing a truck, even a used one, is a long-term investment. Like any investment, you want to make sure it’s protected against accidental damage, that’s why you should look for an insurance policy that would cover the used truck you are purchasing.
There’s an insurance policy fit for your budget and needs, and we can provide you with coverages that would fit your specific requirements.
To get a free quote for commercial truck insurance or semi truck insurance, contact us at SoCal Truck Insurance today.
