Well I went and......didn't do it.......

[RostyC]

A couple of weeks ago I was just tooling around on the net and stumbled across a new truck that was down in Baltimore. I went down on a Sunday just to check it over and it was locked up inside the building. Well this past weekend I had to go down to Baltimore Pete and get a jake brake switch ($41.00 ) so after making my purchase I walked over (with my wife) and looked the truck over. I LIKED IT! Here's a pic

I talked to salesman and got to test drive a 2007 with the same specs that was outside. It was raining and they didn't want to dirty the new truck up. Well once again....... I LIKED IT!
What a difference between a newer one and my 359, the turning radius alone just blew me away let alone the ride. Only thing I didn't like was the sound of the motor (CAT). I like my 3406B. So then my wheels are turning (no pun intended) and I started to seriously think about it. Price of the truck....114,500.

When we got home me and my wife talked it over and decided against it. I let my emotions get the better of me for a moment. Nothing wrong with that. I'd like to post the reasons both for and against and get some feedback from you guys. I think it may be interesting to get other thoughts and ideas.

Reasons against:
1. I've only been doing this since October 08, and need to give it more time.
2. I need to pay myself back first for the money I put in the current truck, if I sell it now it would feel like too much of a loss.
3. I really want to be able to keep the 359 and fix it up even if I get a new truck. You wouldn't believe how many people either come up to me or give me a thumbs up.
4. If I was to put a scratch on something new I'd beat myself up to no end, and with flatbed some of these places are hard on trucks, muddy dirty yards sometimes full of potholes.
5. Feel free to add to this list.

Reasons for:
1. I tend to keep things when I buy them and I take care of them, so if I buy new I know what I started with and what I got and would probably keep it for 10-15 years.
2. This old truck of mine is killing me here lately, and I shouldn't let it get to me but you can't help but think "maybe it's better to have the damn payment of a new one"
cracked oil pan..... 900.00 plus labor
two new front rims ( both were cracked) 750.00
power steering gear box.... 1000.00 give or take ( that's enroute as we speak plus the downtime this week.
3. Warranty
4. Feel free to add.

I now see the argument first hand between old and new. I remember reading some back forth between Rev and GMAN on this issue and I always thought keeping the older and fixing it was the way to go but I don't know.......

Also it would be interesting to hear from you guys your personal experience with this issue and why you stuck with the old or upgraded and how it worked out for you.

[Bumper]

Does it come with an APU to power all of those lights???

Nice looking ride.

[no_worries]

Aside from any other considerations, I would say wait, based purely on the engine. The more people I talk to, including O/O's, decent sized fleets, mechanics, and dealers, the less I hear positive about the 2007 engines...of any make. Lots and lots of problems. They're solving many of the issues as time passes, but I still have run into very few that are happy with what they've got. Obviously there will be other factors in your decision, but personally, I would avoid those engines like the plague.

[Jackrabbit379]

Nice looking truck.
Nothing wrong with a 359. Myself, I like the cabs on the 359's, and that Corvette dash. Pete has come a long way from the 359, but I still love the 359.

[GMAN]

I could probably make a case for either side. But I still think that keeping an older truck is the most cost efficient way to go, at least starting out. Save your money and buy new later. I did start to rethink my decision last year. I had a truck that blew a turbo the first part of last year. Parts and labor cost about $2,700. Around October of last year the transmission went out. With the tow bill, parts, labor, paying my driver to sit for a week the total cost came to about $8,100. So my total cost for major repairs for this truck came to just under $11,000 for the year. A new truck should have monthly payments of around $2,000+-. If I had the new truck I would have spent $24,000 for the year on payments. The savings is roughly $13,000. The payments go on regardless. The older truck has been paid off for a number of years. Granted, similar repairs on the new truck would likely have been covered under warranty, but not necessarily. More than likely I would still have been liable for the wrecker or tow bill which was almost $1,000. The main argument that I hear as to why some prefer to buy new is the warranty. The warranty is good if it covers what is broken. If not then you not only have to pay for the repair but will also still have your payment.

I am very thankful that I don't have big truck payments in this economy. I have replaced most all of the expensive things on this truck other than the engine. It has almost a million miles on it and is still in good shape. I hope that I can break a million miles before having to do an in-frame. A rebuild on my other truck with the same engine cost $18,000. That is less than one year of payments on the new truck. The new truck will depreciate every day. The older truck has most of the depreciation behind it. It can be aggravating dealing with a truck that breaks. It can also be stressful thinking about making monthly payments.

I will continue with my older trucks. Those who wish to have that new truck smell can buy the new truck. I will go the the parts store and buy some new car/truck spray.

[chris1]

I think i would stay with my new trucks and make money instead of the old ones and be out of business.

[GMAN]

I see many more with new trucks going out of business today than those with older ones. You can still make more with an older paid off truck than a new one where you are having to make payments. I think where many get into trouble with an older truck is not keeping up their maintenance. Even though I spend $11,000 last year on repairs, those are not likely to be needed again for a number of years. I also don't have to worry about losing my equipment if I can't make the payments. It is very unusual for me to have to spend that much on repairs in a single year. If business gets too bad I can just park it and find something else to do. If you have big payments you cannot afford to make then you will lose your equipment. When you have a paid off older truck you can afford to sit a day or two for a better paying load. Those with the big truck payments are more likely to take anything that will keep them moving.

If someone wants to drive a new truck then it would be much more prudent to buy a good older truck, save your money and either pay a tidy sum down on something newer or pay cash. You could also trade up every couple of years until you can afford to buy a new truck. It makes much more sense to not put yourself in such a bind, especially starting out.

There are some components which wear out and in other cases people just don't take care of basic maintenance which could prevent some repairs. I got over 900,000 on the original transmission. The original turbo was replaced at 150,000 miles and the one that was replaced last year had more than 700,000 miles on it. I haven't had truck payments on this truck is several years. I still spend less on repairs than I would on truck payments.

I have known some who have lost their trucks by not having sufficient funds to make repairs. That is the main reason so many of us who have been doing this for some time suggest that anyone who comes into the business have a good nest egg. If things go well then you have a good start to buying your next truck. If they don't then you are not out of business.

[chris1]

At least i'm still in business and likely to be for many years.

[Snowman7]

I'm not an O/O but I always lean toward shiny and new. I love new toys. Matter of fact I buy stuff I dont even need. I bought a new shotgun 2 weeks ago and its still in the box cause I felt guilty after I got home. New toys are my one vice. I get a high just researching and shopping until I have to make a purchase to get my fix. LOL. That truck sure is purdy.

[RostyC]

I'm not an O/O but I always lean toward shiny and new. I love new toys. Matter of fact I buy stuff I dont even need. I bought a new shotgun 2 weeks ago and its still in the box cause I felt guilty after I got home. New toys are my one vice. I get a high just researching and shopping until I have to make a purchase to get my fix. LOL. That truck sure is purdy.

Dammit Snowman!! quit egging me on.!!

[RostyC]

I could probably make a case for either side. But I still think that keeping an older truck is the most cost efficient way to go, at least starting out. Save your money and buy new later. I did start to rethink my decision last year. I had a truck that blew a turbo the first part of last year. Parts and labor cost about $2,700. Around October of last year the transmission went out. With the tow bill, parts, labor, paying my driver to sit for a week the total cost came to about $8,100. So my total cost for major repairs for this truck came to just under $11,000 for the year. A new truck should have monthly payments of around $2,000+-. If I had the new truck I would have spent $24,000 for the year on payments. The savings is roughly $13,000. The payments go on regardless. The older truck has been paid off for a number of years. Granted, similar repairs on the new truck would likely have been covered under warranty, but not necessarily. More than likely I would still have been liable for the wrecker or tow bill which was almost $1,000. The main argument that I hear as to why some prefer to buy new is the warranty. The warranty is good if it covers what is broken. If not then you not only have to pay for the repair but will also still have your payment.

I am very thankful that I don't have big truck payments in this economy. I have replaced most all of the expensive things on this truck other than the engine. It has almost a million miles on it and is still in good shape. I hope that I can break a million miles before having to do an in-frame. A rebuild on my other truck with the same engine cost $18,000. That is less than one year of payments on the new truck. The new truck will depreciate every day. The older truck has most of the depreciation behind it. It can be aggravating dealing with a truck that breaks. It can also be stressful thinking about making monthly payments.

I will continue with my older trucks. Those who wish to have that new truck smell can buy the new truck. I will go the the parts store and buy some new car/truck spray.

Yeah I agree, and right now it's nice not to have a payment, other than the one to myself. I think what pushed me over the edge was the Power steering gear box going out. Sometimes I think I shouldn't have done some of the things I did to the truck and saved that money for now, for instance new fuel lines, power steering fluid lines, hoses.....etc. I really shouldn't complain about the truck though because this is the first time it's given me major problems and I have been down.

Of coarse if I wanted too I could chance it and put PS fluid in everyday but if I get inspected I'm probably OOS and that bill would be much larger. I'd rather not chance it.

[GMAN]

I replaced the power steering box on one of my trucks a couple of years ago. It started leaking, so rather than just repairing it I decided to just replace it. If I had paid someone to rebuild it the cost would not have been much different than buying a new box. With the new box we just had to unbolt the old one and bolt up the new one. Any major fluid leak could put you out of service. To me it wasn't worth the potential hassle.

[GMAN]

At least i'm still in business and likely to be for many years.

I hope you can continue to stay in business, Chris. Hundreds of thousands of owner operator and carrier trucks were repossessed this last year. I heard some figures the other day that said something like 33,000 more have lost them. I don't recall if that was during the last quarter or month. In either case it is a lot of trucks. Most owner operators could not afford to keep their trucks if they sat too long. Most could not make the payments on a new truck working for another carrier, even in good times. If you buy an older truck that is in good shape you could possibly make those payments driving a company truck should you finance it. It is good to plan for contingencies. It is difficult to plan for every contingency, but you can plan for most things. One thing about business is that there will always be something to challenge you. It would be foolish for anyone starting out in this business to buy a new truck, especially with this economy.

[RostyC]

I replaced the power steering box on one of my trucks a couple of years ago. It started leaking, so rather than just repairing it I decided to just replace it. If I had paid someone to rebuild it the cost would not have been much different than buying a new box. With the new box we just had to unbolt the old one and bolt up the new one. Any major fluid leak could put you out of service. To me it wasn't worth the potential hassle.

Well mine was leaking when I bought the truck so we put a seal in it but it didn't hold very long, at least it got me this far. Funny thing is two weeks ago when it wasn't a major leak yet I bought some Lucas stop leak for PS and I think it made it worse. I don't know last week I ran down to NC and the weather was hot here and there so maybe that had something to do with it also, the fluid getting hotter.

I think a new truck is the way I'm going to go but just later on down the road. I want a big down payment and smaller monthly payments, because like I said above, I'll have it for years and know what I have.

Another thing I think about too is just keeping this one and modernizing it some. I know I can get the rear suspension upgraded. I'll have to see about getting the front upgraded to have the turning radius of the new ones. That really was nice about the newer one I drove.

It's funny my wife says I'm too young for a new truck it'll just spoil me, she says I need to get beat around a little.

[Rev.Vassago]

I did start to rethink my decision last year.

And oddly enough, I've begun to rethink my position as well. Now that my truck is out of warranty (the engine is still under warranty, but the truck isn't) I am responsible for paying repairs as well as the high monthly payment. At least for the next year or so. GMAN's argument about being stuck with the payment even if work slows down is very true, and wasn't something I considered when I purchased the truck.

Ultimately, I really think it comes down to personal preference. The price you are quoting on that 389 is very low (about $10K more than I paid for my 379 back in 2005), and there is a reason for that. The economy. In this economy, I wouldn't consider buying brand new equipment unless I was absolutely sure that what I was doing was recession-proof, and even then I would seriously lean away from doing it.

[chris1]

I've bought new trucks for 30 years,keep them 3 and trade in. I couldn't imagine putting a driver in a 8-10 year old truck. I have never had a problem of letting a truck sit because of having a payment. Never had a problem of freight to cheap or slow either. Maybe because i run a business instead of a bought and paid job.

[Mpneypit]

I also wouldnt buy a new truck. In the near future when im ready to buy a truck for myself i wouldnt pay no more than 35k. looking at some trucks on truck paper one can get a nice truck with like 400k miles on it for that price range and have no payments on it.

[RostyC]

And oddly enough, I've begun to rethink my position as well. Now that my truck is out of warranty (the engine is still under warranty, but the truck isn't) I am responsible for paying repairs as well as the high monthly payment. At least for the next year or so. GMAN's argument about being stuck with the payment even if work slows down is very true, and wasn't something I considered when I purchased the truck.

Ultimately, I really think it comes down to personal preference. The price you are quoting on that 389 is very low (about $10K more than I paid for my 379 back in 2005), and there is a reason for that. The economy. In this economy, I wouldn't consider buying brand new equipment unless I was absolutely sure that what I was doing was recession-proof, and even then I would seriously lean away from doing it.

I was hoping you'd show up in this thread and that's an interesting post as well. One thing though, when you bought your truck there was no way to predict this economic downturn. Having said that, when you get it paid off do you plan on keeping it for a while after wards or trading in for a new one? You said you were rethinking it, maybe you could elaborate a little more?
Really that 2005 is still a baby considering the miles you can get out of the newer engines. Your trans and rears should hold up a while as well so the other stuff isn't that expensive to replace compared of coarse to a payment.

Some guys (like Chris) trade them every three years, but a well built truck can last a long time if maintained. I personally wouldn't do that, but to each his own. If I bought a new truck and didn't have any problems out of it for three years, I'm keeping it.

Your right that is a decent price on the 389 which is why I was thinking about it. Now that price though is without their program, you have to have a minimum 15K down payment. At nine percent, which is just a figure the salesman used we didn't run a credit check (but I have good credit) and 15K down on a 6 year note the payment was 1800.00. Funny thing though, I was there Saturday for a couple hours, and showed a lot of interest but haven't heard anything from the dealer as of today, maybe that's their final price I don't know, usually you get a call back with a better price. I kinda hope he don't call, if my wife has to hear about this truck one more time she'll shoot me, I think she really will.

You make another good point too, flatbed freight is extremely turbulent right now. Three weeks ago I couldn't catch my breath then it slowed the following week and last week was a struggle. I would imagine with all the rain around here this week is a little slow as well.

[RostyC]

I also wouldnt buy a new truck. In the near future when im ready to buy a truck for myself i wouldnt pay no more than 35k. looking at some trucks on truck paper one can get a nice truck with like 400k miles on it for that price range and have no payments on it.

That's a good point too, and I've thought of that as well, however now I'm starting think differently, you can check them out all you want but you might still get some one else's problem truck. Of coarse you can get a brand new problem truck as well so.......

[Jackrabbit379]

A family that I have known all my life owns a Custom Harvesting business. Their trucks are 20 years old. They have 2 359's and 2 White (the brand, not color) GMC's. They keep all of their equipment in Mint condition, and clean. If you didn't know anything about trucks, you'd think that their stuff is brand new. Kinda like Snowman said, if I was an owner operator, I'd want something that's new, and shiny. Who wouldn't, but I grin from ear to ear whenever I get to drive one of their older trucks.