Should I Buy A New Or Used Truck
18 Jul, 2017
So, you need a replacement truck. Maybe your old truck finally broke down after all of these years
Maybe your previous truck, whether old or new, has just been totaled in an accident. Perhaps you just want a different truck because you need it for a different purpose, or possibly this will be your first truck. I know what you’re thinking…should I buy a new shiny truck with all of the latest technology or should I be more practical and buy a used truck that I know I can afford? I’m going to help you explore your options with some information below.
- No history – You know there is no wear and tear, no accidents, and no hidden issues. You can also be more confident that there are no unresolved recalls in your new truck. This is a big deal for some people. Some would never be okay with buying a car that someone else has used and cared for while others think that is just fine.
- Maintenance – A new truck will likely come with a warranty of some kind to cover multiple maintenance issues within the first couple of years. You don’t have to worry about issues that a new car shouldn’t have because the cost is probably covered.
- Time – It’s fairly easy to walk into a car dealership and find the truck that you want since they have multiple makes, models, and colors available. There is also minimal maintenance time needed in the first couple of years.
- Technology and updates – The latest trucks will also come with the newest technology, and they will probably be more fuel efficient. Some people don’t care about the latest equipment, but others want all of the gadgets and upgrades they can get their hands on. The higher fuel efficiency will also save you money.
- Perks – Rebates, cash incentives, and discounted financing are usually only accompanied by new vehicles. Some Certified pre owned trucks might have these perks, but most new trucks will have at least some incentives.
- Price – This point is pretty self-explanatory. New trucks cost more than used trucks. When considering what truck to buy, many think of the maximum amount they could put towards it each month and buy a new truck based on that. However, you never know what could happen. It’s a bit of gamble to assume that there won’t be any unexpected costs. Sales tax also costs more with a new truck.
- Depreciation–This is the biggest negative aspect that comes with buying a new vehicle of any kind. The moment that you drive off the lot with your new truck, its will depreciate by about 11%. That is a lot of money. In 2017, new trucks average between $20,000-$80-000. That means depreciation in the first minute of driving could fall between $2,200 and $8,800. I don’t know about you but I would not enjoy virtually throwing that much money away. Within the first 5 years of ownership, your new vehicle could lose 60% of its total market value.
- Price – Used cars are always less expensive than new when comparing the same makes, models, and years. If your financial situation is not as stable as you would like, a used truck might be a more appropriate choice. You could save a lot of money by buying used.
- Depreciation – As you can see, the majority of depreciation happens within the first 5 years. If you don’t want a 10-year old car, even buying a truck that is a couple years old would save a lot of money. Since you avoid a big chunk of depreciation from buying a new car off the lot, other minor costs don’t seem as significant.
- Better Truck – Since you will save a substantial amount of money from buying a used truck, you could upgrade to a better used truck model for the same amount or still less money than a new one. For example, if you wanted more things included in the truck or a higher performance truck, it will be more affordable in the used market.
- Quality –Some people choose to buy used trucks because they are sturdier and have the same level of quality and performance as new trucks. Each year, there are improves or updates made on trucks, but some see them as insignificant and not worth the extra money.
- Research – Spending time researching about the trucks you’re considering takes time. However, by the time you buy a used truck, there is reliable information online. It can be beneficial to know the common problems that vehicle has. You might go into that purchase more educated than if you bought a new truck.
- Maintenance–Older vehicles require more maintenance, so this is something to consider when buying a truck. If you buy a 7 year old truck, it will need more maintenance than a new truck, and it probably won’t have a warranty anymore. Unless you’re going to replace your truck every couple of years, you will have to deal with this maintenance at some point. These costs should be taken into consideration before buying your truck.
- Time – It often takes more time to find the right truck you want at the right price when you’re buying used. The price will be lower than a new truck, but there will likely be more time required at the repair shop.
- History – Used vehicles all have a history. Some might be bad and some might be perfectly fine. The problem is trying to figure out exactly what issues the truck might have. Inspections help a lot with this. Certified pre owned trucks are much more thoroughly looked at before being sold again.
- Overall, there are many things that go into the choice between buying a new or used truck. You might purchase a new truck if you’re financially secure, you know that you will use the truck for many years, and you want all the bells and whistles. If you’re a new owner, aren’t financially secure, or don’t want to spend so much on a new truck, you might find more value out of a used truck.
If you're searching Pre-owned Trucks for Sale, end your search at All Used Auto. For more information on their inventory and their rates, please visit us @ allusedauto.com.
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