How much truck?

With you being in Los Angeles, unfortunately you will need a newer truck, maybe not brand new, that is hard to swallow, but newer to meet the CARB requirements. As stated above the truck will have breakdowns and you will lose days because of it. I do not agree that an older truck will kill you, the brand new ones break down also. My truck is a 2000 Volvo VNM with the VED12 motor which is one of the most expensive trucks to fix when it breaks, everything is dealer only on that motor. that being said, it is in the shop for the first time in 28 months, other than routine maintenance which I do myself, it needs injectors which will cost $6,800 total (had fuel in the coolant found a bad cup and some injector codes). I will lose 8 revenue days as well as the repair cost, plus with my contract with the auction I haul for I had to find someone else to get my cars in on time, which costs me money as well. It will hurt, but because this truck is paid off and well taken care of I have the money in the bank for these kinds of situations. It sucks being down but it is part of the business.

 

The old vs new truck is a long running argument.
The choice is yours.
If you are a high miler i would look into buying new.(think also MPG)
If you run locally and have the ability to work on a truck yourself,then you could think off buying older.
The negatives about new trucks have been overstated in my opinion.(read the Schneider Choice threads,those guys run mostly new iron and are doing fine)

A word off warning,you have seen the oilprice drop?
That is actually a bad sign,it means that the economy is not doing so good.
So i suggest,whatever you buy,that you leave yourself a BIG cash cushion.(more then 10 000$)

 

I'm really surprised more guys aren't commenting on this. It scares the crap out of me. I don't care how much fracking is going on, oil at $70 a barrel does not signal a strong economic outlook. I'm trying to be like that squirrel right now and store up them nuts! If I'm wrong I got a lot of cash, if I'm right I survive and can maybe capitalize on someone else's misfortune!

 

With my input on this topic, if I were to do it all over again, I'd buy NEW, pure and simple. Yes, it's a big output of money down, at least 20% but the pros outbid the cons on this.
Lits just way too much of a gamble to buy used. I got stung with $20,000 of repairs in a 3 mth period on top of all the other niggly repairs I had to endure throughout the 2 yrs I had my former truck, a 2006 Pete 387 with a Cummins ISX 450. I'll never buy another Cummins after talking with people in the know.
But financing a new truck or any truck for that matter can be tricky. Main dealers will have a few banks they can " hang the paper " with.
I ended up getting a commercial loan so no monkeying around with pay stubs. In fact, they didn't even look at my bureau til the last minute. It all came down to my experience and history of making payments on my old truck, plus how much down. I ended up putting almost $20,000 down on a brand new 2015 Cascadia with a 500 Detroit. I had had enough throwing $$ down the drain with my old truck. I also had a very good experience with the dealership who couldn't have been more helpful. We got the deal done.
As for the price of oil, it's all down to supply and demand. The Saudis have decided to crank up production so this price drop has been on the cards for quite some time. There's a massive oversupply that could last for a long time.,enjoy while it lasts.

 

It all depends on what your situation is.
Make a bussinessplan.
Don't overstate your potential earnings.
Don't understate your costs.
Then take that plan to some sort off financial advisor and have him analyse it.(maybe your bank has someone who guides their local small bussinesses?)

As to the truck............go to a good dealer and ask them what they can offer you.
Looking isn't buying.


FYI chrome doesn't earn you money.

 

If you chrome your truck at time of purchase you are going to fail. That is poor business planning and a sign of bad business sense. Why pay for 5 years on chrome that last 3 years if your lucky. The bank ( financial institution) will chase you with 2 big sticks. Chrome your ride as you have the money to spare. that will take a new buyer about a year. If you think you have found the truck you want and the test rides and tire thumping are over ask for some goodies. NEVER accept recaps on any tire. NEVER.
Ask for a new drivers seat. Bunk mattress. A Engine Dyno . Many dealers will give some things to you for buying a truck once they see you as a serious buyer. When I bought my truck the previous owner was more interested in chicken lights then earning a good living. He failed I got his truck..
He had drilled holes in bumper, along side windshield above the dash and messed up the wiring. I got them to redo the wiring and warranty it as a new truck. IN writing. NO issues to this day and have had this truck since 2000. . My first item to consider was wheel base length and a sliding 5th wheel. I have since added more 5th wheel plate and 18 inches of slide to it. That has allowed me to make several loads legal on axle and haul over length with out permit that other wise I could not have done.
Financing at a bank has tremendous advantages.
One! They care if you fail or not.
They do not want your truck and are more apt to work out something with you .
They will work with you if you hit a financial bump in the road.
Banks will be more apt to let you make the interest payments instead of hammering you with late charges and repossession actions like many big loan companies do .

Remember you can walk into a bank, sit down and talk to them. Try that with the bigger financial institutions. Not happening.

Three things you will need. A positive Attitude, Business sense , Personal Presentation. Along with Knowledge of the industry your putting the truck in. IE, flat bed, tanker, van, reefer. KNOW your business ..

Insurance is a very big part of owning a truck. The wrong insurance can put you out of business.
Join OOIDA. They have so much information and people to help you. People that really care about you succeeding. I insure my truck with them. I have since I bought it.

The more down payment you can put down, the smaller the monthly payment will be allowing you to bank away a maintenance fund every pay check. DO NOT CHEAT ON MAINTENANCE.
DO A SERVICE BULLETIN ON ANY TRUCK YOU THINK YOU WANT TO BUY BEFORE YOU BUY IT.