You might want to purchase a second-hand truck instead of a brand new one not only for the sake of its price. Read this article to get to know why the demand for used trucks is consistently high.
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- Second-hand trucks offer greater value, lower costs, and proven reliability compared to new ones.
- Cost savings: Second-hand trucks are significantly cheaper than new models, allowing you to get more features for less money.
- Lower depreciation: Used trucks depreciate at a slower rate compared to new ones, preserving more of your investment's value.
- Variety and availability: A wide range of used trucks is available, often with features and configurations that may no longer be offered in new models.
- Proven reliability: Second-hand trucks come with a track record, giving you insights into their performance and durability from previous owners.
- Lower insurance premiums: Insurance costs for used trucks are generally lower, reducing your overall expenses.
If you need to buy a truck, you might want to opt for a brand-new one because it might seem more suitable for intense labor, heavy-duty towing, extreme off-roading terrain, and everyday commuting. But trucks are built to last and be put through rigorous situations — so if you buy a second-hand one that is not too old yet, it will probably be just as powerful and reliable as a new one. In this article, we will analyze five reasons for purchasing used trucks. After reading this text, you should be able to make an impartial decision on whether it indeed makes sense to invest in a new vehicle or not.
More Affordable Prices
Even if your budget is limited, you should be able to find a truck whose condition is right to you. You might be able to save thousands of dollars thanks to purchasing a vehicle that is just a few years old. While truck prices are high across the board, your used truck purchase will be more reliable even at higher miles than many cars or crossover vehicles on the market today.
To cut down the costs to a minimum, you might opt for the most basic truck and buy additional features or tech for it later. Moreover, your loan interest rates and insurance rates will be cheaper as well.
On the flipside, you might need to invest in repairs. To avoid this type of expense, you should try to get to know which types of work the vehicle was involved in. Did the previous owner use it for plowing or towing? Can you see clear signs of wear and tear on the engine, transmission and frame? If yes, you should probably look for another option. But if the answers to these two questions are negative, you might not need to spend a fortune on repairs.
Plus, it would be wise to pick a one-owner vehicle. This person will be able to provide exhaustive answers to all your questions about the truck. Besides, you can use online tools to check the vehicle's maintenance and repair history before buying it.
Less Depreciation
No matter if you purchase a new or old truck, you should take depreciation into account. But in the case of a new vehicle, it will be much more drastic. The price of a brand-new truck is expected to decrease by up to 20% during the first year after you buy it. Starting with the second year, the depreciation rate will start to slow down. When you compare the price tags of more or less identical trucks that are ten, eleven or twelve years old, you'll see that their prices don't differ that much.
Durability and Reliability
Some manufacturers might use lower-quality materials for the current generations of their trucks than for the previous ones. This statement might be relevant only to selected makes of vehicles — but you should take this probability into account.
When a truck producer switches to more budget materials, they would be unlikely to promote this news just as actively as the release of a new truck model. But if you look for information online, you might find out that certain manufacturers use aluminum for their trucks' bodies now (at least for the truck bed and a large part of the hood). Such an approach might compromise both the truck's integrity and the driver's safety. If the vehicle that is largely made of aluminum gets into a collision, it might crumple like a tuna can with the right amount of impact. Previously, the producer used to make both the bodies and frames of steel. Today, it uses steel only for the frames.
In some cases, older models might also be more powerful than new ones. It would be reasonable to read reviews of different truck models and trims from previous owners.
Lifetime Warranty
When you purchase a brand new track, the dealership should offer you quality maintenance. But that's not the only possible way of getting a warranty. When choosing a second-hand vehicle, you should be able to find options with CPO programs. Such a program covers trucks that are no more than five years old. You'll get a guarantee that the vehicle will be reliable and high-quality.
When discussing the terms of the warranty, you should ask the following questions:
- Does the warranty include 100% parts and labor?
- Is it deductible?
- What is the maximum mileage limit?
- What is the coverage of all powertrain components and main engine parts?
Better Reselling Value
Imagine that your plans change and you decide to get rid of your truck. If your vehicle is just a few months old, most potential buyers would prefer a brand new one from a dealership. You'll need to offer them a large discount, which means you'll lose a lot of money on your truck.
The ultimate price of your vehicle will depend on how rare it is. If the manufacturer has discontinued this model but it's very reliable and high-performing — then, you should be able to sell it at a good price. Popular but not rare models also sell well. If you get a used truck of a not-too-popular model that can't boast any outstanding characteristics, you might struggle to sell it.
Final Thoughts
Hopefully, this article came in handy and now you better understand why you might consider buying a used truck instead of a new one. The price of the vehicle will be more affordable and it won't lose 20% of its cost during the first year of your ownership. Thanks to a CPO program, you'll get a warranty for your truck and can be sure of its reliability. Some manufacturers used higher-quality materials for their vehicles before, so you might benefit from it when buying a second-hand truck. To cut down expenses, you might want to purchase the most basic option and then add all the necessary features to it later.
