Finance vs paying cash?

So everyone that has thier own contracts is a cheap hauler huh

 

What do you want the " I have a unicorn" answer sure everyone has big dollar contracts ?
Or the REAL answer ?? Shippers for the most part take advantage of the market and a glut of empty trucks sitting around and contracts mean the carrier gives discounts on pricing to get more/exclusive first choice on freight.
So by nature contracts pay less than spot freight does for the supposed security of regular loads.
There will be those who claim how much some shipper loves them and will pay them more just for that reason.
It's their lie they can tell it anyway they want. The market sucks and those who are running now are doing so for less money per mile than they were last year.

 

here is the way I have always did it. I use the banks $$$ and keep mine. can I pay cash for a truck? yep! but why use my $$$ when I can use the bank $$$ for a nominal fee each month that you can write off at the end of year. don't ever run yourself short by spending all your $$$ to buy a truck. make sure it is a simple interest loan also. it isn't any fun if you spend all your cash on a used truck and then it has a major breakdown and you have all your cash tied up in said truck!

 

Lone Mountain Truck leasing is an idea. Build your credit up but also have your payment 100% tax deductible since it's a "lease". It's yours at end though, no balloon payment. Tax guys am I right on tax part? I could be wrong.

 

I'm stuck on the dude that says he paid cash for a brand new truck.
Firstly I'd like to see that truck. And if it had more than 3 guages I'd be surprised. 2ndly if I had $200+k cash in hand I could think of a lot of better investments than a depreciating asset like a truck.
OP never put all your cash into the truck purchase. Put a good sum down as the down payment. That will lower your monthly payments. And keep the rest in reserves. Of you have a good 6-8 months with no breakdowns then go ahead and put another lump sum down towards the principle of your loan

 

The first was a Peterbilt 379. Detroit 430/470 10 speed. Crete Carrier would occasionally buy trucks to sell to the drivers. It had almost every guage available.
3.90 rears. Pulled great.
Truck #2: 2003 Peterbilt 379. Cat C-15 6nz. 18 speed. 3.55 rears. American Class interior. Leather seats. 70" bunk. And yes, a bunch of guages.
The '03 is a fancier looking truck that will run with the big dogs, but I think I liked the first one better.
It's been parked 3 years. Parents got old. Had health issues. So I've kept them out of a nursing home. My father died last week at 95 years old.
So, I worked alot for 20 years and avoided debt. Now I am able to do what I need to do.
Actually, I could pay cash for more than one new truck now.
Worked. Saved. The old fashioned way.

 

Would you pay 130k cash. I know you said you could.

 

For a new truck? I don't want any emmisions stuff.
I don't know if I even want to drive a truck anymore .
I've kept the old truck , so I can just use it. It has been dependable. I probably won't be buying anymore new trucks.
Maybe I'll eventually take my vast wealth and just retire to Thailand or the Philippines. ( hey, I might be considered wealthy in a poor country).
This working hard and being treated like a second class citizen gets old after awhile.
I could just go to the beach instead.

 

I like this answer. But it better be a reeeely good interest rate.

 

On my first truck , the interest would have cost me $20k.