|Buying a New (To You) Semi-Truck
Buying a new vehicle is a hassle. Whether you’re buying a sedan for the family, or that hot rod you’ve always dreamt of, you’re gonna face some kind of trouble.
But what about when you want to buy a new semi-truck?
Choosing Your Truck
Your first determination will be, do you want a new truck or a used truck? In order to figure that out, you need to think about what you will be doing with your truck. Unfortunately, new trucks run between $80,000 and $150,000. With all the bells and whistles out there, you could sit right near $200,000.
Of course, getting a new truck usually means you’re getting a warranty, too. That will offset costly repairs, at least!
If you’re running local freight and one day jobs, getting your hands on a used semi-truck could be a better option.
Whichever option you pursue, you need to figure out your margins and set a budget. This should not only include what you can afford to buy, but it should also factor in what your fuel, maintenance, and insurance costs will be with said truck.
Related Blog: HVUT Credits: Selling & Purchasing Vehicles
How Do You Pay For It?
That’s the most important question, isn’t it? There are basically two payment routes you can take when it comes to purchasing your truck – financing and outright purchasing.
We’ll have to break this down into two categories: Why you should seek out financing, and why you shouldn’t.
If you own a trucking business, some of the costs of the vehicle and the depreciation can be deducted from your taxes – make sure you keep detailed records. However, on the plus side, many loans don’t require an initial payment, so there’s
However, there are some disadvantages to financing your truck. First, if your loan payments are high, you’re gonna feel it in your wallet. On top of that, you’re still responsible for your own truck maintenance, including parts! Plus, the truck isn’t technically yours until you’re done paying it off.
After all of that, some financiers will only supply financing if you already own multiple trucks, making this harder for single truck owner-operators!
If You Go Used, Get Inspected
While buying a used truck might be the most affordable option for you, you need to make sure you’re not throwing money into a lemon.
So when you buy a used vehicle, make sure you get the truck thoroughly inspected.
While they may swear the truck works great, and you may know your way under the hood of a truck, getting an independent mechanic to inspect the vehicle can save you in the long run.
It might cost you around $100 now, but if it saves you thousands in repairs down the road, where’s the loss?
When you get an inspection, the key points you want to have examined are axle configuration, truck horsepower and capacity, engine condition, brake systems, cab condition, and the maintenance logs.
If all clears, you found yourself a good investment!
Once you have your new truck on the road, you’re going to need to e-file Form 2290. Head to ExpressTruckTax and sign up for a free account – you won’t have to pay until you transmit your heavy vehicle use tax!