Buying Used Trucks over New: What are the Benefits?

Whether you’re already a business owner or starting your journey to become one, purchasing a used truck over a new one can have many benefits. There will be a time when you will need to find insurance for drivers of commercial HGVs and trucks, so the vehicle you are driving will be important. You will want something trustworthy while also not being too pricey. New trucks have their obvious advantages, but sometimes second-hand trucks can be far more effective in more areas than one.

To explain more, Andrea; Head of Finance and Operations at Walker Movements, shares her advice on the benefits of purchasing used trucks over new.

It’s simple, you’ll Save money

New trucks can be extremely costly and if you’re purchasing a truck for the first time to start up your own business venture, you might be looking for ways to save a few pennies here and there.

Used trucks can be found in great condition and for a fantastic price and if from the right seller, you’ll find their second-hand trucks have been looked after throughout their time on sale, until they’re sold to their new owner. This should in theory, save you even more money as any issues identified have been taken care of before the sale.

If you believe for whatever reason the used truck, you’re interested in may need some form of repairs or servicing before you collect it, speak to your seller, they should be able to advise on any mechanical findings or possible damages that should be included within the history of the used truck. And if it is a pickup truck that you are getting for your business, you can also consider adding one of those truck bed covers to protect your cargo.

Purchasing a used truck over a new, can become a game changer, especially when you must start factoring in costs for licenses, training, fuel and general up-keep. Commercial Motor found operating costs for the average owner-operator could reach up to a max of up to 34,000.

However, second-hand ex-fleet vehicles can start as small as 10,000, depending on the model and type of truck you purchase.

Lower depreciation costs

Naturally, as soon as you buy any vehicle, the price will depreciate, especially if it’s brand new and so if you purchase a brand-new truck and then decide to sell it, trying to sell a brand-new truck will set you back a fair bit as you simply won’t be able to sell at the value you purchased it.

Used and second-hand trucks don’t hold this same depreciating value, as it’s already used. You’ll find selling a used vehicle is much easier and, in most cases, you could sell your used truck at a similar price to what you purchased it at, due to the depreciation rate decreasing at a much slower rate.

Used doesn’t mean old

Whether you’re buying new or old, you want value for your money and as used trucks are still considered expensive vehicles (if you compared them to cars) you still want to ensure your used truck is in great condition.

Luckily, used doesn’t mean old. Second-hand trucks can come ‘like new’ and with a reputable seller, you should find that their stock of used trucks has been taken care off, even if they are just sat parked in the depot.

Keeping vehicles in the best condition possible will increase their chances of the sale, so ensuring they still operate, are clean both internal and externally and are regularly checked will give confidence to both you, as the buyer and the seller.

Know the history

Used trucks give you the opportunity to check the vehicle’s history, giving you a full picture of whether or not the truck has been maintained properly, how the previous owners took care of it, and any other smaller details which helps you make a better decision on the right used truck for you.

Being able to check the maintenance history of any second-hand or ex-fleet truck will let you see if it’s had any part replaced, received regular tune-ups, and simply help you to prepare for if anything needs maintaining after you’ve purchased the used vehicle.

Change records should also be part of your due-diligence when purchasing a used-truck as you want to feel completely confident, you’re purchasing the right product – you wouldn’t purchase a house without viewing it and receiving all the necessary paperwork. The same goes for ex-fleet trucks and vehicles.

Checking the change records lets you identify the performance of the vehicle during its lifetime, this data will let you know of any potential performance issues which you can then if something doesn’t seem right.

Purchase from a reputable seller

Now, we’re not saying that you can’t purchase a new truck from a reputable seller but what we are saying is you can definitely find a used truck from a reputable seller who is genuine in what they offer and will be completely transparent with every vehicle they own.

In some cases, ex-fleet businesses can provide additional images and even personal videos which demonstrate more internal and external shots of any vehicle you’re interested in, allowing you to make a much better decision before you go out to see the truck.

Your potential seller should be able to answer why a vehicle is being sold and any other information about previous owners.

If you’re purchasing a used truck for the first time, sellers can provide you inside knowledge into the industry to help make your decision that bit easier. As there are many different variables such as model, horsepower, transmission, mileage, engine class and more, you may be unsure of exactly what you need. Don’t be afraid to ask the experts.

Finance is available

Although buying a used truck can be exciting, financially, not so much. First time buyers may be more inclined to go down the finances route but it’s an option for anyone looking to purchase a used truck.

Most sellers will have connections with finance suppliers who can help their customers tailor their financial plans to ensure customers get the best possible outcome. In most cases you can find out how much you would be able to borrow through finance calculators, which will give you a good idea of where your finances will begin.

Don’t forget that used or ex-fleet trucks are an investment to any business, so whether you’re a first-time truck buyer or a veteran at buying used trucks, there is a finance option for everyone.