More and more people are buying second hand trucks and tractor units. According to data from Mordor Intelligence, the pre-owned truck market was valued at $41 billion in 2021 and is expected to hit around $52 billion by 2027. So what are the advantages and disadvantages of used vehicles? And how can you ensure that your truck or tractor unit meets your expectations?
The advantages of second-hand trucks and tractor units
More affordable prices
Trucks and tractor units are by no means cheap. So one of the main advantages of purchasing second-hand vehicles is their considerably lower price tag. While a brand-new semi-truck can cost around $150.000, it’s possible to find used models selling just for $50.000. That’s about 33% cheaper. Therefore, buyers with limited budgets can greatly benefit from investing in second-hand vehicles.
Depreciation is, essentially, the decrease in a vehicle’s value over time due to a variety of factors. Such factors include mileage, wear and tear, and age. In other words, depreciation refers to the difference between a car or truck’s value when you buy it and when you sell it. Typically, new vehicles lose over 10% of their value within a month after being purchased. In the first five years of ownership, a truck can lose up to 60% of its original value.
By contrast, second-hand trucks or tractor units have already gone through their main period of depreciation. This means their price may not decrease for a period of time. In fact, some private individuals specialize in buying used vehicles and reselling them for more because of this specific reason.
No dealer fees
Buying a brand-new truck means you are paying not just for the vehicle, but also for shipping charges, destination fees, and dealer preparation. Usually, you can avoid these extra charges when purchasing a second-hand truck or tractor unit.
If your new tractor unit model breaks down, you’ll need to send it to the official brand’s service center for repair. It will be pricey and take a lot of time. By contrast, it’s possible to get a second-hand vehicle repaired at any ordinary garage. Mechanics will likely be familiar with older models and able to identify the issue and quickly come up with a solution.
Websites listing pre-owned trucks for sale will have more available options than the average dealership. There, users are able to customize their searchers according to years, makes, models, trim levels, and brands.
Lower insurance costs
Finally, vehicle insurance is essential and even mandatory in some territories. Not only does it offer financial protection in the case of an accident, but also repair coverage when the truck itself is damaged. In general, second-hand trucks and tractor units are more affordable to replace in the event of an accident, which means lower insurance costs.
What about the disadvantages?
While pre-owned trucks and tractor units offer several benefits, there are some downsides that must be taken into consideration.
While it’s possible to find pre-owned trucks in perfect conditions, their performance level can’t be compared to those of the newest models in the market.
Uncertainty of vehicle’s condition
When purchasing a new vehicle, you can be rest assured that it will function as it should without any setbacks. However, the same cannot be said about a used truck or tractor unit. Unbeknownst to you, you may inherit the previous owner’s problems and end up with a vehicle that doesn’t operate properly or needs to be constantly repaired.
Lack of warranty
A vehicle warranty can be a good backup in the event of a sudden and unexpected mechanical or electrical failure. You won’t need to pay for any costs and you’ll likely be covered by the warranty agreement. However, most used trucks’ warranties are already expired.
Tips for buying a second hand trucks and tractor
With that said, there are several ways of avoiding the common downsides of a second-hand vehicle purchase. So you may want to take the following precautions.
Only buy from reputable second-hand dealerships
There are many reputable dealerships and websites selling used trucks for sale. Platforms such as BAS World, for example, carry out full inspections for each vehicle and ensure that photos and videos shown on the site give an honest picture of the vehicle’s condition. One of the best ways to check whether an online platform or dealership is reputable and trustworthy is by checking reviews and customer testimonials.
Inspect the truck and check its history
To ensure that the vehicle will live up to your expectations, arrange a physical viewing. This will give you the chance to inspect the vehicle closely, ask questions, and review its history. If you aren’t well-versed in truck technicalities, take a person who is with you. You should also take the truck for a drive and get a feel for it on the road.
Opt for an extended warranty
Extended warranties and vehicle service contracts can provide warranty coverage that lasts more than the original warranty. Some of them cover almost everything while offering periodic maintenance. So it’s important to do your research to find out the best option for your particular needs.
Pre-owned trucks and tractor units come with many advantages. From affordable prices to more options and lower insurance fees. Yet, there are always some risks to these types of purchases that can be easily avoided by buying from trusted dealers and inspecting the vehicle’s condition among others.