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.
