new trucks are easier to finance. Truck manufacturers offer the lowest interest on loans or give you bigger rebates if you finance yourself, with sometimes a combination of the two. My new truck financed at 1.9 percent with big rebates; my car financed at 0 percent interest with nothing down for six years. It’s like free money. Now look at financing a used truck: the term will be shorter and the interest will be higher depending on your credit. Now, an average interest on a used truck can be 5 percent or higher, with no rebates and maybe no factory warranty left. If payments are important to you like they are to me, that is the big difference between new and used. If the prices are close, then rebates and lower interest are important. A new truck payment can be more than a $100 a month lower.
3. Known history: You know how your new truck is used. You know when you changed the oil. You know how big your trailer is. On a used truck, you don’t know how many people raced it, or how fast or slow they drove (both can hurt it). On a used truck, you don’t know if it came from the last hurricane with rust on the starter, mold under the carpet, new paint, and water in the tail lights. If the truck you’re looking at has a drop-in bedliner, look under it. That’s an old trick: to put in a bedliner so you don’t see the gooseneck ball or bed rust. I know many used dealers who take the receiver hitches off so you don’t think it was used for trailering.
4. Warranty and roadside assistance: Imagine not having to work on your used truck on weekends. I used to do that; every weekend I was working on the vehicles or the house. With the forty-plus computers on your truck, just plugging a mechanic’s computer into your truck will cost at least $80. And, if you don’t have the right computer you may not even be able to work on the newer trucks yourself.
5. Long cross-country vacations: To take the family on the road, you need a dependable truck towing your RV. Anything can happen to a used truck. When I was young, alternators, starters, and spark plugs needed frequent changing. Breakdowns on the road cost twice what they do when you’re close to home, but trucks are more dependable now. That’s why I started buying new, so I wouldn’t worry about my family breaking down on the road when I was several states away.
Top Five Reasons to Buy
a Used Truck
1. Total price: If the truck is at least three years old, the cash price should be dramatically lower than a new truck. On a used truck, you can look up its history with the VIN number at that brand’s service center. Recalls will be there, dealer repairs will be there, and on Carfax you can look up accident reports. You can read reviews done on the truck years ago, and truck forums will give you insight into other owners’ experience with trucks you’re considering buying.
2. Lower sales tax: The lower the cost of the used truck, the lower the sales tax. Generally, license plates cost less on a used truck. Generally, insurance is lower on a used truck. Same with parts for your used truck: after a few years, the parts are all available at the parts stores, like NAPA, O’Reilly Autozone, etc., which generally are cheaper than a truck brand parts counter.
3. Your neighbors won’t think you’re rich: If you’re driving a new $90,000 truck, you’ll be surprised at all the friends and relatives who will want to borrow money from you. Warren Buffet and Sam Walton drove used trucks for a reason. If people think you have money, it bothers them.
4. You can crank up the power: Once the factory warranty is expired, you can add all the power modules, headers, and nitro, not having to worry about voiding any factory warranties. This is important to those of you who hop into your used diesel for the weekend drag race at the track, or pull sleds at the county fair. If you like to modify your truck’s suspension for radical off-road use, then an older used truck is up your alley.
5. Trucks last: Just like the Energizer Bunny, if you don’t drive long distances or are a volunteer fireman, you can keep a truck for decades. I have a forty-six-year-old truck. On my farm, most of my vehicles are at least thirty years old. And because they cost less, you can buy several trucks. Every American should have a truck collection.
A truck can last decades, long after the monthly payment. Buying a used truck means payments for less years. Customize it and make it part of the family. My 1970 Chevy C10 is mechanically sound; it just needs some new paint and a little sheet metal. An average truck passes through many owners. Sometimes they are passed down for generations. You can build your collection faster with used trucks.
2016 GMC Sierra HD and 2002 Chevrolet Silverado HD
As with everything, knowledge or lack of knowledge can influence your truck purchase. One thing a lot of folks don’t understand is the Consumer Protection Act, which gives you three days to think over the new mortgage on your house, or a loan on the new Kirby vacuum that was just demonstrated on your carpet. If you leave your home and go to a dealership, you don’t have three days to change your mind on the purchase contract. The law was designed to keep consumers from being pressured on important loans or being talked into buying something by the traveling salesman coming to your home. But leave the house and you’re committed when you sign on the dotted line.
FIRST YEAR MODEL
TRUCK BLUES
The year 2003 has turned out to be a dramatic example of “first year blues.” The Ford 6.0L Power Stroke trucks I drove for two years were great, and I thought ’03 would be a great year for Ford. But that’s the underlying risk of the first year of dramatic change. Ford Super Duties for 2003 had a new diesel engine. Engineers and developers created a new engine, and then the corporation accountants (bean counters) got hold of it and slashed part of the component of the engine system to save money. I’ve driven and pulled with ones that are great and ones with problems. When Sturman Industries designed the G2 injector for the 6.0L Power Stroke and the International VT365, it was great. It had a pre-shot (pilot injection), two compression shots, and post shot. And then the accountants started deleting components to lower the cost. I’ve interviewed Blue Diamond engineers (Ford and International) who made the Ford F650 and F750 Mexico and International manufactured 6.0L Power Stroke. They knew the problems were coming with the 6.0L. The engine was well-made, but problems occurred with EGR coolers, head gaskets, injectors, the control module, and the list goes on. This relates to first year blues on new models with several new components.
On the other hand, Dodge in ’03 changed the diesel, transmission, frame, axles, transfer case, suspension, steering, etc. That many changes created a risk of the first year blues, but they came out a champion with few problems. The year 2003 was surprising. This is back when Daimler owned Dodge. Hemi was reintroduced in the Dodge 1500 and their trucks did well. So the first year blues didn’t apply to the Dodge trucks in 2003.
More recent first year trucks include: the 2015 Ford F150, 2017 Ford Super Duty, 2017 Honda Ridgeline, 2016 Titan XD, 2016 Toyota Tacoma, and 2015 Colorado and Canyon. Do your research.
I know you’ve heard it before, but we all give into our emotions. The new model looks so cool, you just have to have it! I’ve seen, bought, and sold first year models. As hard as the manufacturers try to get the bugs out, trucks are very complicated products. It sometimes takes thousands of vehicles in use to find the weak links. Sure, they give recalls when most things are discovered, but how many trips to the shop do you have time for? The press releases and reviews you see before and at the introduction of a new truck are usually from the manufacturers, and do you think they are objective? You’re the one stuck with the payments and downtime, don’t be the guinea pig, too. GM’s first year Duramax diesel had problems, but 2002 was much better. So on a used truck, do your research, Google “first year” for the truck you’re looking at, and check the truck forums to see what owners are saying about their first year model trucks.
GAS
