i'm somewhat laying out a blueprint for buying and running my own truck one day down the line (so big diesel this is no need for you to dig into my @#! for not having a BUSINESS PLAN).. my question is would it be best to save as much money as you can and buy a cheap truck for 10/15 grand or also save as much as you can and put it towards a down payment for a truck to have a lower monthly payment???

 

I prefer buying a cheaper truck with no payments.

 

That is a tough question to answer without having the specs' there to run. There are advantages with leasing (warranty, capital lease payment deducts, etc.) and


There is a lot to be said about not having the stress of payments.

You would have to look at the lease agreement and then at the truck you wish to buy out right, then consider the market and your projected income, the cost to maintain/run the truck.. basically your ROI on both to decide.

 

I look at it like this a big truck payment then the truck owns you!!! No payment or very little payment then you can take as much time off as you want. My last truck paid $5,500 cash for drove almost three years. I just bought another because the deal was too good to pass, put a little money down and financed the rest from my bank monthly payments are $398. Now I have two trucks in excellent running shape. The payment on my new kenworth is less than my pickup.

 

I vote NOT, Dave Ramsey style.

 

Dave Ramsey has made millions telling people how he got out of debt, good for him but that niche is pretty well covered, for the rest of us credit is essential to running a business.

If you can find a truck with complete maintenance records and at a decent price I say finance it if you have good credit, you can take the thousands that you would outlay and invest it and probably come out ahead if you do it wisely. Don't let your ego drive your purchase, trucks are tools not toys.

When I had a high truck payment due to ego I had to work to make that payment. My last truck I bought after being out of the biz for a few years had a payment that was akin to a car note, I paid it quick and didn't have to work my butt off doing it, I still own that truck it isn't pretty or shiny but it is mine and I intend to keep it.

 

Yes credit is essential, but not debt.

 

I like that, Allan. Good point.

 

first figure out how you want to run. bigger payments would require you to stay out longer. want to run local & be home everyday ? dont get a truck payment that requires you to have to stay out longer.