Forum Discussion
Buy a used truck now or wait until we can afford a new one?
We are a small Junk Removal company operating with a single truck. Our current dilemma is whether we should purchase a used truck now and put the extra money into repairs, or to wait a bit longer unt...
On balance I would recommend a used truck. If you know any mechanics, I would send them stuff you find on Facebook Marketplace and ask them for input. Then bring them to check out the truck. Of course, compensate them for their time.
Do you have a local bank you work with? If cash is a concern, I would find a local bank who give you a secured line of credit and use that to finance the truck. You would still want to pay for the truck in cash but then you could pull on that line of credit.
New trucks will have less maintenance but are in some ways more complex and costly to work on when there are problems compared to older trucks.
