Is it better to buy brand new?

Wow.

 

lol

 

$200,000 ÷ 60 months = about $3,700 or so when you count interest?

 

I think you should just stick to being a steering wheel holder.

 

Now that Buttmeister has his answer I'd like to hijack this thread because I was thinking about something related.

Interest rates are down across the board, right? Is 5-6% a reasonable APR on a truck loan for someone with good credit and a pile of cash? Because I have to think a truck depreciates a lot faster than 5-6% / year. Where is that breakeven point in terms of truck depreciation versus loan interest, over 6 years?

 

I can’t answer exactly what you want but I still believe the 5 yr 500k is a good goal to be on. The repairs and down time far outweigh interest by that point in the loan. The truck is also still worth a decent amount. You can also deduct your interest and use the 179 deduction for your depreciation.

This worked well for me on trailers, trucks however I haven’t yet hit 5 yrs on a brand new one so we will see.

What I did with trailers is pay off the loan before 5 yrs, sell them outright, then have the cash to make up the difference for the new ones. That is certainly my goal, and I’d think would be everyone’s is to not have a loan anymore after that first one completes. This should in theory become easier since now I’ll be saving on interest as well.