05 Nov Buying a Semi Truck in 2019 – 2020
All Of Your Questions About Buying A Semi Truck, Answered
Do Not Buy A Semi Truck Without Reading This!
When you’re making the transition from truck driver to owner-operator, there are a few questions you need to ask yourself when buying a semi truck. Are you going to be truly independent, or will you lease out your truck to a company? If the latter, which company? And the most important question of all: What truck do you buy?
Today, we’re going to answer all of those burning questions about buying a semi truck for your business.
Why Should I Buy A Semi Truck (Instead Of Rent Or Lease)?
Buying a semi comes with lots of advantages, such as:
- Deducting the cost of your vehicle and depreciation from your yearly taxes.
- Saving on insurance costs.
- Upgrading your truck however you like.
- Actually owning your truck once it’s been paid off.
- Building your business through equity ownership.
- Investing in yourself.
What Should I Look For In A Semi?
There are endless options for heavy trucks on the market, but keep the following considerations in mind when picking one out for your business:
- Engine power & fuel efficiency: A higher horsepower will be able to haul heavier loads with ease.
- GVW capacity: Bigger rigs allow you to carry more weight per trip with ease.
- Warranty & support: Popular brands (and some dealerships) will have a warranty on their machines to help shoulder the cost of repairs and maintenance.
- Mileage & Hours: Naturally try to keep it as low as possible. If the truck has higher miles make sure it has some history that comes with it, such as documented rebuilds, etc.
How Can I Save On The Cost Of My Semi Truck?
If the cost of a new semi-truck seems out of reach, you’re not alone. Many owner-operators, especially those new to the business, save money by buying used. Secondhand semis are much cheaper than brand new ones. New trucks can lose up to 20% of their value as soon as it hits the pavement.
Where Can I Buy Semi Trucks For Sale?
There are many different places you can buy a semi truck, we always recommend purchasing from a reputable dealer, so buyers can leverage resources for repairs, extended warranties, etc. At International Machinery, we are a family owned and operated business selling high-quality, guaranteed work-ready used semi trucks via our dealership.
What Are My Financing Options For Buying A Semi?
The cost of buying a semi, whether new or used, can be very steep. Most truck drivers take out a loan to pay off their trucks or work out a payment plan with the seller. This involves paying off a small amount every month for a few years or until the debt’s been repaid.
If you need help with financing, you can contact the finance department at International Machinery for more information.
Buying a semi truck is a big step for your business. Do your due diligence before making your purchase, and you’ll have a great, high-performing, durable, and profitable machine for years to come.