The Pros and Cons of Buying a Truck Used

Alt Title: The Pros and Cons to Weigh When Buying a Truck Used

Trucks are inordinately practical, allowing you to tackle tough jobs that standard vehicles simply can’t do. Buying a used truck is a great way to save money while still getting the vehicle you need, but there are some disadvantages associated with buying used. Before you make your final decision, you should understand all the pros and cons of buying a truck used.

The Pros of Buying a Used Truck

Let’s start by looking at some of the advantages of buying a used truck:

•       Practically unlimited options. If you limit yourself to only buying new trucks, your options will be somewhat constrained. Sure, there are many manufacturers making trucks and there are dozens of new models to choose from, but there’s a finite number of combinations available. If you open yourself to considering used truck options, you’ll be able to choose models that are only a year old, as well as models that haven’t been made for decades. Your number of options is much greater, overall.
•       Ample information and research potential. Researching used trucks is easier than ever. With a simple search, you can find out pretty much everything there is to know about a specific model, including when it was made, its greatest strengths and weaknesses, and how consumers felt about it when they owned it. New models allow some degree of research and due diligence, since you’ll have plenty of industry standards to evaluate and consumer reviews to peruse – but these new models haven’t been on the road for years. Trucks that have been consistently performing for years have time-proven durability, which could mean greater peace of mind for you as a purchaser.
•       Initial cost savings. Possibly the greatest advantage of buying a used truck is the initial cost savings you’ll enjoy. Used vehicles are, understandably, cheaper than new ones. The older the vehicle is, the greater this price discrepancy becomes. Even if you’re buying a vehicle that’s only a year or two old, you’ll likely benefit from a price that’s thousands of dollars lower.
•       Lower insurance costs. Additionally, there are secondary costs associated with used vehicles that tend to be cheaper than they are for their newer counterparts. For example, you’ll typically pay less for insurance with a used truck than with a new one.
•       Limited depreciation. New vehicle depreciation isn’t quite as bad as it used to be, but it’s still significant, especially when compared to depreciation for older vehicles. The minute you drive a new truck off the lot, the value plummets and continues to decline from there. Depreciation still applies to used trucks, but it’s nowhere near as powerful, allowing you to preserve the value of your asset for longer.

The Cons of Buying a Used Truck

There are some disadvantages associated with buying used, however.

•       Older features and technology. Every year, our technologies and safety standards become more advanced. Buying a new truck means you’ll get access to these safety and technology features. However, it’s important to remember that these advancements are gradual and iterative, so if you’re buying a used truck from the last few years, its safety and technology features should still be quite good.
•       Limited customization options. When buying a new truck, you’ll be able to customize pretty much everything. If you’re buying a used truck, you’ll be stuck with a specific configuration. You can, of course, make modifications after purchasing a used truck, but you won’t have those options available from the outset like you would with a new vehicle.
•       Potentially hidden issues. Hidden damage and other invisible issues in used vehicles can be problematic. If you’re buying from a reputable dealer, if you’re buying a certified pre-owned (CPO) vehicle, or if you thoroughly inspect the used truck you’re buying, this shouldn’t be a major concern. However, it’s worth keeping this prospective issue on your radar.
•       Lack of warranties and other support. New trucks typically come with warranties and other forms of ongoing support from manufacturers and dealers. With a used vehicle purchase, you probably won’t have such robust support available.
•       The need for due diligence. Due diligence is necessary for both new and used truck purchases, but the demand is heavier on the used side. You’ll need to do research, conduct inspections, and even run vehicle history background checks before feeling fully confident in your used truck purchase.

Is a Used Truck Right for You?

Is a used truck the right decision for you? If you’re interested in saving money, if you want a wider range of options, and if you’re willing to do a bit of extra due diligence, the answer is probably yes. Still, it’s worth keeping all options on the table until you feel more confident in what you need from your next vehicle.