Buying Your First Your Business Truck: Making the Smartest Purchase Possible

Buying a truck to use for business can be tricky. Everyone wants to sell you something, but not everyone is willing to give you good advice. Here are some important tips and information you can use before you walk on the dealer’s lot and sign a deal.

Figure Out What You’ll Use The Truck For

Before you plunk down a lot of money, figure out what you want to use the truck for. Is it going to be towing cargo? Will you be using only occasionally to haul things? Maybe you only need it for its 4-wheel drive capabilities.

Whatever the reason, figure it out. The purpose for the truck will determine what you should buy and how much you should spend. For example, if all you need from it is basic 4×4 service, you can probably get away with a previously leased truck or buy a used truck. Make sure you have a driver that can operate the vehicle. Some HGV’s require drivers to undergo CPC training.

But, if you plan on doing extensive towing, you will need a newer truck with a strong transmission and drivetrain.

Figure Out How You Should Get Your New Truck

Most pickup trucks can be purchased or leased. Leasing is a financing deal where you promise to use the vehicle for a set number of years or months. In exchange, you get to drive the truck a limited number of miles per year. If you exceed the maximum mileage in any given year, you may incur additional finance or leasing charges.

Buying a truck is pretty straightforward. You either pay cash or take out a loan for one.

But, which is a better deal. Well, that depends. If you’re able to get good financing terms, buying a truck might be a better deal. But, leasing could also be a better deal if the lease arrangement is favorable and you don’t need to drive many miles in a year.

Madan does a great breakdown of this for you.

Shop Dealers

Don’t forget to shop dealers. Not all of them charge the same price. You may be surprised to learn that dealers can, and often do, discount their vehicles during certain times of the year. Some dealers get really good pricing from manufacturers or from an auction and thus can afford to offer you a deal. The only way you’ll know is if you shop around for the best deal.

Shop at least 10 different dealers, if possible, to get an idea of the general pricing in the marketplace.

Take The Vehicle To Your Mechanic

Before you buy, take the vehicle into your mechanic to be inspected. Any reputable dealer should be fine with this. If he’s not fine with it, find another dealer. Your mechanic should be willing and able to look over your vehicle, give it a basic inspection, and look for trouble spots common to that particular make and model.

At the very least, you should get a list of potential maintenance issues that need to be taken care of or repairs that would need to be done immediately or soon after purchase.

Ava Connor is a business owner who enjoys sitting down and writing articles after a busy day on her feet. She writes on business topics and finance.