How To Choose The Best Truck For Your New Heavy-Duty Hauling Business
As a new business owner, you know how important it is to have a truck, tools, and equipment. Without these essential items, you won't have a successful hauling business because you won't be able to complete your jobs. Most new businesses have very small budgets to start with, which is why many new hauling company owners opt to purchase a used truck instead of a new one. Keep reading to learn how to find the best used truck for your new business venture.
1. Make A Plan
Start by writing down all the features your new used truck must have. For example, since you will be dealing with heavy loads, you need to have a truck that can handle the weight. So, write down the minimum and maximum weight load you'd like your new truck to be able to handle. If you want to be able to tow, it should go on your list. If you know that you only want to buy a truck with a certain type of bed, then write it down. If you need your truck to have back seats to transport employees, then add it to your requirements list. At the very top of your list, write down the maximum price your business can afford to pay for a truck.
2. Compare Costs On Modified And Turn-Key Trucks
Ideally, you want a truck that can handle heavy loads without needing any modifications, but sometimes it's cheaper to buy a turnkey truck and make modifications yourself. Compare truck prices in your area to determine which is the best option for you. Since the cost of used trucks and modifications vary depending on the area you live in, this is something you'll have to research yourself.
3. Make A List Of Sources And Potential Trucks
There are several places where you can buy a used truck, like dealerships, commercial truck sales websites, other hauling companies selling excess inventory, and other places that sell commercial trucks, such as Hitch'Em Oilfield Hauling. Now, make a list of these truck sources in your area. This list will help ensure you don't forget any resources when looking for the perfect truck for your business' needs.
After your list is complete, start visiting each of these places and look at the trucks they have for sale. If you find one that looks like it will meet your needs, take it for a test drive. If you find one you really like, add it to your list of potential trucks to purchase. Make sure your list includes the make and model of the truck, as well as the price. Also jot down any special features that you really like about a truck that you'd like to remember.
4. Consider Truck Rental Companies
Most people don't realize that truck rental companies often sell their decommissioned vehicles and would never think of adding them to their list of sources.. If there is a truck rental company in your area, it's worth visiting. These rental companies often sell trucks that have been phased out of a rental or lease program at a deep discount. Just make sure that you have a truck inspected by your personal mechanic before you purchase it. If you find a truck here that impresses you, test drive it and then add it to your list of potential trucks to buy.
5. Evaluate Payment Methods
Now that you have a list of a few trucks that would work well in your fleet, it's time to think about payment options. Find out what types of financing options you have, including auto loans, personal loans, leases, or 3rd party financing, and write them down. Don't forget to ask if you can get a discount if you pay in cash.
6. Seek Guidance From Your Accountant
Take your list of trucks and your payment options to your accountant. He or she will help you decide which truck, based on its cost and your company's budget, is best for you. Then, your accountant will work with you to determine the best way to pay for that truck.
In order to make a good decision, you'll need to have the truck's manufacturer, model, year, sticker price, sale price, and financing options. Your accountant will then consider your business structure, financial states, and tax situation to decide the best financing option for you.
7. Buy The Best Truck For Your Heavy-Duty Hauling Business
Now that you have your accountant's advice, the last thing to do is make sure that the truck title is free of liens or other legal obstructions by calling your state's department of motor vehicles. Get copies of all the paperwork to keep in your personal files, which you'll need if this purchase will be a tax write-off. If the title is free, then go ahead and buy that used truck using the payment method recommended by your accountant.