Buying a truck for your business is no small undertaking. This is especially true for smaller businesses where funding a purchase of this size may require a considerable percentage of the companies cash or external funding.
With this in mind, taking some time to undertake the relevant research can pay dividends in making sure that you find the right truck for you. In this guide, we cover all the areas that you need to consider when buying a used truck for your business needs.
Used or New
Although we are focusing primarily on what to think about when buying a used truck, it is important to weigh up whether buying new or used is the best option for you.
Buying a new truck can bring many benefits. The first and most obvious is the fact that you have a brand new vehicle which will look great when representing your business. As a general rule, new trucks will also be less likely to have issues in the first few years, meaning less hassle in maintenance and repair, as well as being covered by warranties and guarantees from the dealer.
However, a new vehicle will also lose its value much more quickly than one that has been pre-used. This means that when purchasing a second-hand truck you will get more for your money, so you can take on less debt or spend your money on growing the business in other ways.
In particular, when buying a used vehicle make sure you check the following points:
- The reason it is being sold
- Any maintenance and servicing documents
- Whether it has been involved in any accidents
- Whether it needs any immediate repairs or whether there is any damage such as rust
- What the mileage is
Hire or Buy
If you plan on using a truck for a very specific, short period, or will only be using it on occasion, then hiring may be a better option for you. Hiring can seriously cut the hassle out of using a truck, as you can forget about factors such as tax, maintenance and repairs. This can be very helpful to monitor costs on projects and jobs.
Buying a truck can be a more suitable option if you will be using it consistently over a prolonged period, as ultimately this is likely to save you a lot of money when compared to hiring. Buying can also provide consistency and let you get the exact truck that meets your needs.
Being able to use your truck to advertise your business and services is another major benefit to buying.
When searching for your truck, working with a company like MHF UK that is knowledgeable about new and used trucks will help you understand the pros and cons of each.
Fit for Purpose
Before you begin your hunt for a used truck, you need to understand exactly what it is you need.
Many factors come into play here. Your first concern will likely be the functionality of the vehicle in terms of its role. For example, if you are looking to purchase a truck as a skip loader, you will need to decide the size of the skips you will be regularly picking up. It is always better to slightly overestimate your needs to ensure you are always covered.
Maintenance costs are inevitable when it comes to trucks, that is unless you decide to hire. When you are calculating how much you have to spend on a new truck, you should also consider how much it may cost you to keep it in good working order.
Different trucks will have common issues, so it is worth talking to a knowledgeable mechanic to get a feel for potential costs.
There are plenty of options available to you when buying a used truck. It is important to consider each of these before deciding which truck is right for you. Use this guide to help you fully consider all your options and get the job done right.