As you’re well aware, the greatest investment in your transportation business is your trucking equipment. Whether you are a trucking company owner, lease-to-own operator, or independent contractor, you want to make the most of this investment. But over time your investment will become to expensive to maintain. How do you know when it is time to purchase another truck? Here are three key considerations to guide your decision.
Semi Truck Warranty
Take a look around you in the trucking industry. Almost all of the top rated trucking companies operate using late model equipment. In fact, these company’s big rigs are typically no older than 18 months. What gives? The new truck warranty, that’s what. When a big rig manufacturer warranty ends this means two things. First, you are going to have to shell out for maintenance, which is a costly investment. Second, your truck is getting a lot of mileage. This can lead to the next consideration–the cost of repairs.
Cost of Big Rig Repairs
When you finance a semi you want to get the best truck on the market. You do not want to spend a lot of time and money on repairs. Yet after a truck’s engine rolls over 500,000 miles and your truck’s warranty expires, this is where you’ll sink the most money. This is the main reason why truck owners choose to take out another big rig loan and reinvest into a truck, so to avoid costly repairs on older semis.
Advanced Trucking Technology
Another reason why you may want to buy a new truck has to do with the latest trucking technology. This tech improves fuel efficiency, reduces diesel emissions, and helps you navigate your route–all of which saves you money. If you haven’t purchased a new truck in decades, then it might be time to finance a semi that is brand spanking new. This will ensure you get to take advantage of the latest trucking technology. More importantly, this will put you on par to compete with the top rated trucking companies over the road.
Getting a Big Rig Loan
If this is your first purchase of a new semi, or you want to make the right financial decisions, we can advise you regarding your big rig loan. Thanks to more than 60 years in the business, we can help you secure lease-purchase financing, as well as customized lease/loan products. Visit our transportation finance products to learn more about our semi truck loan and lease products.