Buying a Truck, would you buy outright or finance?

Whenever it gets close to Empty. It depends on the truck also. I drive local and I now have T880 that uses way more DEF than my Pete used. Pete had smaller motor and was auto and Kenworth has bigger motor and 18 speed

 

Ya this post sums it all up.

 

A lot of broke and bankrupt people also play with other peoples money... remember that housing crisis of a few years ago. People living on a pinto bean budget buying McMansions all over the place.

Other that that I agree with a lot of your post, whatever fits someone’s plan fits their plan. They just have to execute it. Finance, cash whatever.

 

I agree with everything you've said, but the OP insinuated that he had the cash and that's what I'm basing it on. There are cases where using other people's money, backed only by the financed equipment, is a good thing... I suppose... but I'd prefer to limit my losses to a parked truck. You could potentially lease on with an owner operator fleet. Lot's of variables to consider.

I had commercial truck insurance in the late 90's hauling my own product (racing gas) over a 7 state area, and wasn't for hire. I do not remember exactly how I ultimately set it up, but I do know the first year I only bought 9 or 10 month's of insurance because it's seasonal. After that, I had built my business enough where I was hauling to the gulf coast, and that was year-round. I kept the same insurance company and don't recall having an issue getting my coverage back. I remember the premiums were just over $900/month for the first year. After that I was able to pay a year in advance.

Anyway, I have a nice sales job that will end in another 7-8 years and I will most likely go back to driving a truck the last few years before retirement. I will pay cash for a truck and probably lease on with a local 100% OO company.

 

I would finance. Unless it was real an old Truck, real good deal, that couldn’t be financed.