Buying a Truck, would you buy outright or finance?

For me it’s about once a week. Usually costs around $35-$40.

The thing I don’t understand about paying cash for a truck, is simply the fact that you have say $4,000 a month for fuel bill and $1,700 a month for insurance. Yet people act like it’s so hard to make a $1,200 truck payment. The truck payment is usually the least of my worries. Ya sure if you have $200,000 in the bank go cash it out by all means.

 

Why tie up your money? Payment are not the worst thing. You need cash on hand. Nothing better than owning a truck out right.

 

Paying cash for equipment or borrowing the money has absolutely ZERO to do with depreciation and paying more in taxes.

I now see why you are always against someone buying a truck. You have zero understanding of the business side of things.

 

I think it would mostly depend on how much cash you have, the cost and the particulars of the truck, and where else you might have to put your money to keep life comfortable.

 

You really shouldn’t get started whether you finance or pay cash with less than enough to do substantial repairs if or when they arise. Whether you finance or pay cash.

I would love to see the results of a study to find out who goes belly up after a big repair is needed... the guy who paid cash for everything vs the guy who financed everything.

There are many ways to skin a cat. Not having sufficient assets set aside no matter what is not a good idea.

 

I would ask how much you were wanting to spend on the truck, new/slightly used/ older, warranty or no warranty? How much money do you have? Would you like all that cash sitting in a depreciating asset versus investing a portion of the balance in the market or different investments if you had plenty of cash reserves?

To give an example of def usage (I don’t keep as close an eye on that mileage as I should) I was in the neighborhood of 185mpg with an x15 cummins last year.

 

Hey, I never proclaimed to be a business wiz, I was a company driver for 30 years,, and you're right, I had no business having my own truck, HOWEVER, I did do it for almost 5 years, and I see many of the insecurities I faced with these O/O wannabes. It's a recipe for disaster, UNLESS you have the business smarts to succeed, and I'm sorry, pal, I don't see that in these people today.

 

Check out the business and beyond show on road dog trucking on xm/sirius radio. The website ( I'm not sure if it's ok to put it on the forum here or not / the mods can edit if its not ) is letstruck.com. there are free courses and some pay for courses to help you on the path to becoming an owner op. Not looked at them myself but i listen to the show regularly and the guy makes a lotta sense when discussing the trucking business. Just my opinion tho.