Benefits & Cautions of Buying Pre-Owned Commercial Vehicles - Coopersburg & Liberty Kenworth (2024)

FAQs

What are the cons of buying a used truck? ›

On the downside, a used truck most likely is not under warranty. Any repairs will have to be paid out of pocket. Another downside that is often not thought of is that it might take you longer to buy the perfect trucks. New cars are easy to find because truck dealerships have dozens of the exact same model on the lot.

Buying a used vehicle is a great way to get behind the wheel without shelling out as much as you would for a new vehicle. You will be met with less vehicle depreciation and spend less on insurance and registration while still having peace of mind that your vehicle is in good condition.

In retaining “like new” quality and inheriting a slower depreciation rate, the best used car age for buying is 2-3 years. In fact, Americans are saving up to $14,000 on a 3-year-old vehicle.

Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.

One of the major expenses of owning and operating a vehicle is the purchase price. A major disadvantage of buying a used vehicle is that there will seldom be a warranty. If the used vehicle passes your tests, you should have a mechanic make a final check.

Is it worth keeping a used car? ›

Keeping your old car makes sense if: You're on a Tight Budget. You'll almost always save money by hanging on to your old car for as long as possible. Even if a new car costs less to repair and fill up, those savings are dwarfed by the upfront cost, monthly payments, and higher insurance.

Buying a used car can often be a good investment choice compared to buying a new car, but there are risks involved. Used cars, for example, can have issues from regular wear and tear. When you're in the market for a used car, it's important to avoid things like not taking a test drive or buying based on price.

In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.

Americans planning to shop for a new car in 2023 might find slightly better prices than during the past two years, though auto industry analysts say it is likely better to wait until the fall. Since mid-2021, car buyers have been frustrated by rising prices, skimpy selection and long waits for deliveries.

What's More Important, Mileage or Age? Neither. This may be the easy way out, but the condition of the vehicle is the most important factor when determining whether to pursue a vehicle. A poorly-maintained low-mileage vehicle may actually be a worse ride the a well-maintained high-mileage car.

This means that when you purchase a modern truck, you can expect it to last for at least 10 years and 100,000 miles. With proper maintenance, you can extend those marks significantly, with the average truck being nearly twice as likely to last for 200,000 miles as the average vehicle.

30,000-40,000 miles: Most manufacturers' general warranties expire in that range, and the first major maintenance is usually due. Selling before reaching those benchmarks may get you the best price for your car.

Maintenance Is Important to Longevity

That said, while most gas engines are intended to last at least 200,000 miles on average, a diesel truck that is well-maintained can potentially last 350,000 to 500,000 miles.

A typical semi truck can last up to around 750,000 miles or more. There have even been trucks to hit the one million mile mark! On average, a semi truck drives about 45,000 miles per year. This means that you can probably expect to get about 15 years of use out of your truck.

What is good gas mileage for a truck? ›

Best Fuel-Efficient SUVs, Trucks, and Vans

Don't expect to attain higher than 20 mpg overall with a non-hybrid, and most offer less than 30 mpg on the highway.

Compared to used vehicles, certified pre-owned models are generally newer, with fewer miles. They're generally priced significantly higher than older used models, but they're always more affordable than comparable new vehicles.

The term “Blue Book Value” refers to the value of a vehicle by a guide known as the Kelley Blue Book. The guide not only lists the value of new vehicles, but it also lists used car values. Since the 1920s, the Kelley Blue Book has served as a standard within the auto industry in the United States.

If you trust that the car won't break, don't pay anything extra for the warranty. But if you want to drive along knowing you're covered in case of any issues, no matter how unlikely, then you might find that a CPO car is worth a few hundred dollars — or a few thousand dollars — more than a traditional used model.

With multiple owners, a car gets subjected to various levels of care and a wide range of driving styles, which could negatively affect its long-term dependability.

Car insurance is one of the biggest expenses associated with vehicle ownership. Car insurance premiums are personalized to each individual, based on factors like: Age: Generally, teenagers and people in their 20s pay the highest insurance premiums.

While there is no such thing as too many previous owners, we do suggest you try to go for one-owner cars. Cars used by only one owner make the paperwork easy and ensure the car's traceable maintenance status. When there are way too many owners, you often get puzzled by the condition and modifications done to that car.

A vehicle history report will give you some need-to-know info that'll help you decide whether this car is for you—including accidents, open recalls, service history and the car's previous owners. All of that can give you the upper hand when it comes to getting a better price too.

Inspect both the outside and inside of the vehicle. Look over the exterior of the vehicle, says CARFAX, checking for scratches, dents and rust. You probably don't need to be worried about small dings or scratches, but larger areas of damage may be cause for concern.

What is the 20 4 10 rule? ›

The 20/4/10 rule can help car buyers decide whether they're in the financial position to buy a new car. To apply this rule of thumb, budget for the following: A 20% down payment. Repayment terms of four years or less. Spending less than 10% of your monthly income on transportation costs.

Cars are depreciating assets, meaning they lose value over time. New cars are the worst. That's because the biggest depreciation comes in the first year, with a big chunk of that coming when you drive it away, and it goes from new to used.

The Disadvantages of Cars

They're expensive to buy, maintain and insure. They emit air pollution that can harm your health. They contribute to global warming and climate change. They cause accidents and injuries when they run people over or collide with other vehicles on the road.

To determine whether a car has reasonable mileage, you can simply multiply 12,000 by its age. That means good mileage for a car that's 5 years old is 60,000. Significantly more or fewer miles could indicate a problem or trouble in the future. That said, mileage can be misleading.

When it comes to vehicle mileage, you can certainly find a sweet spot. While most people consider a vehicle with 100,000 miles to be a bit too heavily used, newer cars can get up to 200,000 miles before they are pretty much out of commission. A vehicle that has fewer than 100,000 miles on it will be one to consider.

How long should you keep a car? A typical car is expected to last 200,000 miles or more, with electric or hybrid vehicles going up to 300,000 miles. If you drive the average number of miles for an American, a typical car should last you about 14 years and an electric car will last about 21 years.

There is good news on the horizon in 2023, however. J.P. Morgan estimates that prices for both new and used vehicles are set to decrease as supply chain issues abate and inflation is poised to keep easing. Per the financial firm, new vehicle prices are slated to go down 2.5-5% while used cars may go down by 10-20%.

When buying a used car that's 10-years-old or older, your primary concerns are purchase price and reliability. Don't pay more than that 10-year-old car is worth. And, pick a car with a solid reputation for dependability. No car is really too old if you follow those rules.

Always worried that I might get taken advantage of, and I suppose in one off cases a buyer could overpay for a car, but on the average, gross profit margins for a used car dealer range between 11 and 13.5% according to Mercer Capital.

What month is the best to buy a used vehicle? ›

Some months are better than others for saving money, particularly the last three of the calendar year. Shopping for a car in October, November, or December is your best bet to get a deal, as sales teams feel the pressure to meet looming end-of-year quotas often affecting their bonuses.

If you're shopping for a used car, the early months of the year — January and February — are a good time to ship. You may see more vehicles on the market then as people sell their old vehicles after buying new ones over the holidays. That increased supply can lower prices, making it a good time to buy.

The Ford F-150 is our Full-Size Truck Best Buy of 2023. It's a perennial best-seller and award-winner for good reasons. The wide variety in its model range means there's a truck for everyone in the F-150 model range, from work trucks to luxury vehicles to off-roaders.

Used Truck Prices Will Fall

Experts expect truck prices to continue falling in 2023, thanks to continued downward pressure. Data shows that the average retail price is down a few percentage points, and that trend may continue into at least the first half of 2023.

The rule of thumb is "If you drive more than 25,000 miles a year and will need a truck for at least 5 years, buy new". A used truck on the other hand can be the best & most cost effective solution in a variety of situations. A quality 4 to 5 year old truck will typically cost 40 to 60 percent less than when it was new.

When buying a used truck, reviewing its mileage is a great way to evaluate wear and tear and understand how much its previous owners drove it. This can give you an idea of how many miles it has left before requiring serious maintenance and repairs and can help you make an informed purchase.

It's not only about saving money on initial costs and features when it comes to buying a pre-owned truck. You will be making a smarter investment. Depreciation happens no matter if you buy old or new. However, when you buy a brand-new truck, that depreciation is going to hit a lot harder than if you buy used.

How many years is a truck good for? ›

This means that when you purchase a modern truck, you can expect it to last for at least 10 years and 100,000 miles. With proper maintenance, you can extend those marks significantly, with the average truck being nearly twice as likely to last for 200,000 miles as the average vehicle.

The most reliable full-size truck is the Toyota Tundra with a 8.6 out of 10 reliability score. The Ford F-150 is the second most reliable full-size truck with a rating of 8.5 out of 10. The average reliability score for the full-size truck category is 8.1, with 5 models scoring above average for reliability.

Higher Reliability Ratings

Why are used trucks so expensive? The biggest factor comes down to reliability. Many people wonder - do trucks last longer than cars, and the answer is typically yes.

In general, a good rule of thumb is to aim for 10% down for used cars and 20% for new vehicles. For example, if the new car you've settled on costs $25,000 and you want to make a 20% down payment, you'll need to save $5,000.

That said, while most gas engines are intended to last at least 200,000 miles on average, a diesel truck that is well-maintained can potentially last 350,000 to 500,000 miles.

Although it may have been well maintained, the purchase of a vehicle with over 200,000 miles on the odometer might lead to significant maintenance costs. At this point, the car is likely nearing the end of its useful life, and you may soon need to either invest a significant sum in repairs or replace it entirely.

You can expect to pay between $70,000 and $150,000 for a new semi truck. Prices can get above $160,000 for a truck with all the upgrades. Here's the general price range for what drivers can expect to pay for a new 2020 or 2021 International truck for the following models: New 2020 International HV607 SBA 6X4- $155,000.

Power and Towing Capacity

The powerful engines of trucks generate horsepower and torque incomparably higher than cars. Such numbers would also reflect the vehicle's overall performance and towing capacity. Accelerating the truck would be easier when hauling heavier loads.

1. Trucks are desirable is a reason why used trucks are so expensive. When there is increased consumer demand for any product, and it becomes highly desirable, the price goes up and remains high. Forbes says as of January this year; new trucks are actually outselling new cars at a rate of three to one.

Average Lifespan of Semi Trucks

A typical semi truck can last up to around 750,000 miles or more. There have even been trucks to hit the one million mile mark! On average, a semi truck drives about 45,000 miles per year. This means that you can probably expect to get about 15 years of use out of your truck.

What trucks will last 250 000 miles? ›

Most of the above-average trucks are heavy-duty models, but the Toyota Tundra, Toyota Tacoma, Chevrolet Silverado 1500, and Chevrolet Avalanche also have a better-than-average chance of reaching 250,000 miles.