Hi everyone, this is my first post on the forum. Here are the usuals:
Sorry if I posted this in the wrong section
Yes I did use the search function first :]
No it didnt give me good results, mostly none
Anyway, I handle all the financials and large financial decisions for a small trucking co based in Souther California. We have been in busn for about a decade but only until recently has there been a need to get a lot of new equipment. I have spent a lot of time researching semis, engines, mpgs as well as leasing vs purchasing. Here's what I would like some help with:
I've heard that if you need a semi for local work (picking up light to medium weight loads in 53 ft or shorter trailers M-F), you could get an inexpensive, low hp and torque semi and it would be fine. Which ones though... International Prostars look like a good deal but I know to stay away from the Maxxforce engines pre-SCR. What about post EGRs that are using SCR tech from Cummins I believe? Or if not, what about the one's with Cummins ISX engines? Its almost 2015 and want to know if it would be a good idea to buy some used ones. If thats a BAD idea, what other day cabs would you recommend?
We also need some sleeper trucks for long haul and I have read mixed reviews on a lot of trucks. However, it seems you can't go wrong with Freightliners, Kensworths or Peterbuilts. Unfortunately, we cant afford the last two new because we need 3-4 day cabs + 1-3 sleepers. Any recommendations on specific models or engines? Will be hauling dry freight 150,000-200,000 miles/year from CA to FL, NJ.
Which brings me to my last 2 questions. I've talked to a private leasing co that does full service leasing but only on Peterbuilts. They are saying the co should have about $500k in equity (total assets above total debts/liabilities in order to get a 2-3 yr lease on 2 (two) $134k Peterbuilts (day cabs). I know this is way too much for what we need right now but using that as reference, can I expect the needed equity to pretty much be double the value of equipment being leased? Ex: Trying to lease 4 day cabs worth $40k-60k each would mean a needed co. equity evaluation of $320k-480k? Im still waiting on Ryder to set up an appt, I think they are spending time with bigger customers. I'll prob just show up.
I do understand a regular lease and how it compares to a purchase. Basically, you are paying interest on a lease on both the residual value and the net lease cap cost where cap cost minus any cash down payment and cap cost is the MSRP minus any discount off msrp. With a loan you are paying interest on the MSRP minus any discounts off msrp and any cash down payment. Since the loan's payments are meant to pay off that entire amount, purchase payments are usually higher than on a lease for the same vehicle but lease payments include higher interest per month which means more overall in interest Anyway, I've heard 10-20% down for a purchase is typical with average to good credit. Do you guys agree?
I am not a trucker myself but my uncle is and I love the guy. I'm extremely driven to help the co. succeed. Sorry for the lengthy post but to whoever can offer advice, thank you!