Is it better to buy brand new?

You pretty much answered your own question. New or used equipment, you buy the best that you can afford. Simple as that.

 

Maybe it was because I was a first time truck buyer but I just purchased a used Kenworth and got absolutely ####ed on the interest rate. My credit score hovers in the 790s and I have a paid off home. They still hit me with a 16.3%.

 

They didn’t hit you with anything, they offered, you accepted.

Loans are products, like screwdrivers or tires or vacuum cleaners. You have to be an educated consumer or you’ll end up buying a Kirby.......

The good stuff usually doesn’t get much advertising.....

 

Buying new = higher monthly payment, but less repair cost (aside from downtime) as you have the warrenty.

Buying used = lower monthly payment, but higher repair costs due to age and no/weak warrenty. But being mechanically inclined helps as you can do some repairs yourself.

Only you can decide what is best for you.
Do you want your money to go to the payment or to buying parts / paying a shop?

 

Pedantic much? I didn't mean in the way of it being forced onto me, obviously.

 

When driving Otr & actually realizing that your living in the truck 65% of the time driving 2500 miles per week (115,000 miles annually for 46 weeks ar least). If you buy a used truck especially not knowing who owned the truck before & how they took care of it why would you want to buy someone else's problem?.. Since you haven't any money to put down there are two Major factors to look at. 1st how well your credit score is and 2nd can you afford $750 to $800 every week for 5 years based on the cpm that your job offers. Imo owning a new truck is a piece of mind unless your a mechanic or at least understand most things when it comes to fixing a truck. But then again, any downtime on fixing isn't recouping you any real money saved in the long run & can add up to the cost of a new truck in the long run.

 

Idk

I think the new trucks lose about $15k+ per year on normal depreciation, plus you are making big monthly payments.

Does the newer tax laws and writing off depreciation make up for the loss value?

 

depending on how you spec the truck and brand, but a new O/O spec truck will sell between 150 to 180 Large.

Depreciation will be about $35K the first year, and a little more slowly (20 to 30) until year 5 when it’s worth about 35-40K trade in (assuming 100K per year).

Most O/O’s can take as much depreciation on their taxes as they want, but that’s spending a dollar to save a quarter on taxes.

 

Hmmm, you mean you didn’t “got absolutely #####ed on the interest rate”, but rather engaged in autoerotic interest rate procurement?

 

There's got to be more to this story. 16.5% right now with good credit and lots of equity in your home doesn't make sense. And why would you be willing to pay that rate unless you plan to pay it off really, really quickly?