Thoughts on Used Melton trucks T680

Someone needs to pull out the calculator.

$1600x48+$11k = $88k

Heeeeeck no.

 

Seemed kinda high to me also. But its the interest rate
Truck price is $66,500 +8000 = $74,500
$74,500 minus down $11,175 = So he is actually financing $63,000
Total payment of $88,000 -63,000= $25,000 interest. That's $6250 a year that's about a third to high.
I would not let that stop me from buying, but you can be sure. I'd be sending two checks every month. The initial $1600 and a second separate $400 (total$2000 per month.) The 2nd check being clearly marked PRINCIPAL ONLY.
Knock off a full year of principal and interest.
*note* I did the math off the top of me head not using calculator. So the second check might be a little more or less. Point was pay off early.

 

How's that financing any different then say, buying a car? Other then the interest.

The payoff is always more then the value. Unless you pay cash. Correct?

 

Congrats on your truck purchase. Did you end up going their warranty or the Cummins XT1 warranty?

Good luck with everything.

 

Cool. I realize the Cummins warranty only covers the engine but from my experience if your engine is running properly l, you won’t really have any emission problems. Besides, the $3500 you would have saved could go towards an emission problem. Emissions problems also are easier to manage. Your biggest bill might be 7 or 8000 vs 30,000 for the engine or say 5000 for a turbo.

You’ll be fine though, more important then anything is making sure your on profitable freight.