If you had $70K to start on your own would you buy outright or finance?

Buy outright leave a 20k cushion, that is still a great truck that should pay for itself

 

Just my 2 cents. I prefer pre emissions, for two reasons. Easier and cheaper to work on. I owned a truck with emissions so I can tell you first hand. Second you are ELD exempt. Obviously you won't be able to run California. As for carriers who will lease you on with an older truck, @Chinatown would be the person to answer those questions. I would recommend not using all you have saved for the purchase of a truck, as you need to have a hefty maintenance account. The last thing to consider, is while it is very nice not to have equipment payments, you are loosing a major deduction.

 

With 70 k you could put down 10k on a used and finance the rest. You have money sitting to make the payments and your not in a corner. Just make sure you get the loan you want. Many stories of paying it off for total amount including intrest. Not being able to pay off the principal.

 

Not just Cali.
There are other places that have or will adopt the same rules.
While yet small in number ,it can change fast in the future.
Depends on where you operate if the risk is worth it.

 

There's a good chance to lose $$, trucks are risky gamble new or used, better finance it through your business don't mix or risk your after tax personal savings. Btw, i would wait ,look at US and world economic situation created by covid, we don't know how this business is going to look after 6 month or next year already many companies are going under.

 

Are you currently, or were you - a truck owner/operator?

 

He said its a fantastic idea so he can fix it later on !

 

With all due respect to the input so far - there has been a handful of good advice, and two helping heaping handfuls of chaff.

All we need now is someone to suggest day trading and the thread will be complete.

@staceydude - your proposed starting position is fairly similar to mine 6 years ago. It’s actually about the best possible’Square One’ to be at.

 

The journey begins - purchased a truck.

That’s the last 5 years for me in that thread.