Buying commercial vehicles can be a financial hassle if you try and buy them all new. Even if you are considering leasing them it can be expensive to get what you want, and enough of them to get your fleet on the road. Plus, you will have to pay a substantial amount extra to have them modified to fit your needs.
A better option that is available to us all is to buy them used and then pay for them to be painted, wrapped with business information, or both. You would still save yourself some time, and money, in the end. With that being clarified you need to keep these 7 tips in mind when you are looking to buy a used commercial vehicle.
When looking for a used commercial vehicle, or even a fleet of them, you have numerous options available to you. You can go online, skim through the “For Sale” advertisements, call dealerships, or you can visit and inspect cars that are scattered around on various lots. The choice is up to you.
By the time you have hit this stage in your business you should already know what type of commercial vehicle you will want to get ahold of. If not, go back to the drawing board. Spend some time researching the type of vehicle that you need and find the best one that fits your needs. As well as one that is in your budget and can give you years of dependable service.
The newer the commercial vehicle is, the more technology that will be present. If you do not require any of it, or if you think that it would cost you too much time training your employees on the use of it, opt for an older model that is more usable and less techie.
Even if you are hard on your vehicles, having a good-looking used truck can lead to more business opportunities. Even though people are taught from a young age not to be judgmental, most still are. If you pull up on a jobsite to make an introduction to the job, you will be turned away for someone that has a better-looking rig. People consider a good-looking vehicle to mean that you take care of your things, and that you are more successful than the person in your industry that drives an older vehicle that has some dents and dings in it.
5. Total Cost of Ownership:
Part of being in business is about the financial aspect of all the decisions that are made. This includes buying a used commercial vehicle. To figure out the total cost of ownership all you need to do is take the asking price and add the average cost of maintenance and repairs (from your research above) and subtract the resale value. This will give you the numbers for your budget and show you if the vehicle that you are looking at is a good investment.
Buying a used truck can come with its downsides, such as mechanical issues due to wear and tear. You will want to get a warranty on the table before you sign on the dotted line. If the dealer is not willing to offer one you will want to look for something else to purchase.
Before going through with the used commercial vehicle purchase you will want to check with your insurance carrier. If the cost of this particular vehicle is substantially higher than others of its type, you will want to look for the cheaper one. In the end, extra money paid out on insurance can decrease your profit margins.
Those are the top 7 things that you need to keep in mind when you are planning to buy a used commercial vehicle. You obviously need the used truck to keep your business moving in the right direction, but you do not want to get stuck with someone else’s mess that they dumped off on the car lot that you are planning to go through.
Be aware of what you need, what you are looking at, and what the past of the vehicle was. If all that checks out stop wasting time. Make the purchase and get to making some money.