Auto repairs can be a costly expense that can unexpectedly affect any individual. Auto service plans will help you avoid and prepare for these unexpected expenses by covering a variety of your vehicle's components.
Whether used for work or personal use, when the need arises to purchase a truck you are often faced with the choice of new or used. For some, the most crucial deciding factor is how much money is available to make the purchase. New trucks obviously have a higher initial cost as compared to used trucks. However, financing options are available. While financing and available funds are critical components, this must not be the only reason in making your buying decision.
You should also consider your particular needs in order to avoid overspending for something that you do not actually need. On the opposite side, if you try to save on a used vehicle, you might end up making a purchase that results in costly repairs after a short period of time.
Here are some important factors that you should consider when you are deciding whether to buy new or used trucks:
If you are buying a truck for business purposes, then you need to have one that can service you for a period of time without worrying too much about maintenance or repairs. Can you afford to be without your truck for several days if it breaks down? This is a crucial question for business owners who use their trucks for business and in many cases the answer results in the choice of a new truck.
However, if you are looking for a truck that you can use simply to get around town, then your best value might be found in used trucks.
Whether you buy new or used vehicles, you need to have money to pay the dealer. Financing options are often available for new and used trucks, which can make large purchases more affordable. Still, you need to consider whether it is practical to spend a certain amount of money for a new truck when you can get a used truck that is only a couple of years older for a few thousand dollars less.
This is a big consideration when deciding between buying new or used vehicles. New vehicles can depreciate by as much as 40% in the first three years. Can you afford that depreciation cost or would it be more cost-effective for you to opt for a cheaper used truck?
If you foresee yourself driving your truck for at least five years, then the depreciation will average out to make a new truck a justifiable expense. However, if you plan to sell the truck within a short period of time, the sudden deprivation of new trucks can be a substantial expense. In this case, used trucks may be the better choice.
Owning a truck comes with the responsibility of regular maintenance, this applies to both brand new and used vehicles. Buying used can save you a considerable amount of money that you can set aside for maintenance and repairs as needed. A new truck, on the other hand, should require less repair and maintenance, which can spare you from these costs. Additionally, many new trucks come with a manufacturer's warranty that will cover maintenance and repairs for the first few years.
Any vehicle is a costly investment, whether used trucks or new ones. Taking every important factor into consideration before making a purchase will help you make the best decision whether to invest in a brand new truck or save some money by buying used.
