When you are ready to buy a truck
Owning a truck is running a business that happens to have a steering wheel. You are probably ready when most of these are true.
- You have at least one to two years of safe driving, with a clean record.
- You know what a truck costs per mile to run, because you have tracked it or learned it from someone who does.
- You have a cash reserve that covers the down payment plus several weeks of operating costs and a major repair.
- Your personal bills can survive a month with no settlement.
- You know what freight you will haul and who will pay you for it.
- Your credit is good enough for a reasonable interest rate. A high rate on a used truck can sink the whole plan.
New or used?
- New: warranty and reliability, with a large payment that does not care about slow weeks.
- Used: a lower payment, with repair bills that arrive without warning. Pay for an independent inspection and pull the maintenance records before buying.
Use the startup cost estimator to see how much cash the first months really take.