I'm looking for testimonials here. Was it worth buying a 2020+ vehicle when trucks from the early 2000s still hold strong?
I feel like with the money Id save on a 2500 Ford or RAM, I could use that to buy a Digger and a bob cat.
our community member BrandenSewell can definitely provide some insights here!
MonkeyDLuffy this has a lot of personal nuance to it. For everyone this answer could be different but let me share my own experience.
In 2022, after listening to some podcasts, I decided it would be a good idea to buy newer trucks and vans for my business and finance them. That was great until business unexpectedly slowed down and I had 4-5 car loans and payments. I ended up having to down size, sell my trucks at a loss, and basically start all over again.
Fast forward, now I have 3 Vans that are between 2011 and 2014 I bought each for around $9K-$10K and they are paid for. I also have a paid for 2018 Ford Frontier and a paid for Chevy Sonic that is a sales car. Really good car owned by a mechanic before me. I own all of those with no payments. This has been a significant win for me. We have been working on wrapping all our fleet too.
This past year we grew 45% over last year.
In the future, when my business is more mature and established we might think about starting to finance some vehicles again but right now at our size it wasn't the right call.
I hope that helps. At the end of the day, a newer/nicer truck is great if you know what you are getting into. Just know it is a risk. You cant ever tell what the future will hold. If I had to make a recommendation I would take into consideration your cash position, personal and current business debt, years in business, forecasted growth, and long term plans.
If you have any follow up questions I am happy to help.
Nice print job on your business vehicles
I love your response to the question! I started my lawn and landscaping company in 2018 and went full time in 2020. I currently have 3 trucks and the newest being a 21 ram 2500. The other two vehicles and are a 99 ram 1500 and a 96 ram 2500 that are obviously paid for cash. Paid$2000 for one and $5700 for the other. Buying those two truck cash with no payment allowed me to grow my company year after year since then by investing that money into more equipment in other areas. That allowed me to get into a position to purchase the 21 ram when the time was right. Still didn’t get a brand new 26 but I got what was needed at a good price. point is I waited to be in a position where I would be able to withstand a slow period and still maintain my payment.
I buy new because I 0% enjoy working on broken ones. It’s that simple.
