Buying a used truck or trailer makes a lot of business sense. You've allowed someone else to pay the largest depreciation amounts in those first two years of ownership. Since you are buying the truck for a less than new price the monthly payments are usually lower especially if you've provided some down payment.
Ask for maintenance records and talk to the mechanics who've been maintaining the truck. You'll often find that it has been well cared for and is still in top shape. Don't let a few miles and a little mud hide the remaining life of a good truck.
If you are one to customize your truck remember that everything you add is contributing to the value of the truck. Not so in a lease situation where you're fixing up someone else's truck.
With a lease you are never clear of payments. With a loan, when the payments are done you can take your truck equity and trade up or you can enjoy a number of months or years without a truck payment!
Let's look at some advantages and disadvantages of purchasing with a loan or leasing your next truck.
| Advantages of Purchasing | Advantages of Leasing |
- Monthly payments are buying the vehicle, you are gaining equity in the truck
- Depreciation is tax deductable (see your tax consultant for your specific details)
- Insurance premiums are typically lower
- Truck modifications add to your equity value
- Once paid off you own the truck, no more payments!!
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- Monthly payments get you a new, warranted truck
- Often there is no down payment required
- When the lease is up you walk away from the truck
- Leasing allows you to drive a more expensive truck than you could otherwise afford to buy
- You can typically change vehicles more often and reduce the risk of breakdown
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If your business plan is to grow, gain equity in your truck and make your business something of value, we suggest you have a good look at buying a used vehicle. Even though all that chrome is tempting it is not contributing to any additional profits for your business.
At the end of the day the reason we all go to work is to generate a profit. At Motion Finance we recommend you consider buying used trucks and trailers as a way to maximize your profits and insure the strength of your business. We would be happy to review your specific situation and discuss how we may be able to help.
| Maximize your profits with a used truck loan from |
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| 888-279-8689 |
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