Buying, Selling and Leasing Trucks - Under Construction
Buying
Where to buy a truck?
You can buy trucks from many different locations all over the USA. You can buy them brand new or second hand. Some companies offer a lease to own option with in house financing while other companies require a public loan from a financial institution.
Here are some options:
Here are some options:
- Success Leasing
- Lone Mountain Trucking
- Freightliner
- Larger Carriers (Swift, Warner, CRST, etc.)
- Truck Magazines
Which truck?
Semi trucks come in different shapes and sizes and also vary depending on which freight they are hauling.
Semi trucks come in different shapes and sizes and also vary depending on which freight they are hauling.
Freight:
|
Truck Height/Size:
|
IMPORTANT TIP: Measure the exact height of your truck when you purchase it!
How to buy a truck?
When to buy a truck?
What do I need to consider when buying a truck?
Leasing
Coming Soon
Selling
Everything has a beginning and end and so does a semi truck - or at the very least a semi trucks service to a company. And if a semi-truck makes it through the grueling work load, the possible accidents and the major repairs it is either sold or laid to rest and scrapped for parts.
Please note: This article does not include lease trucks.
Where do you sell a semi-truck and what are the options?
- Many dealerships do trade-ins with trucks and will often help find buyers;
- Many trucking magazines offer truck sales;
- Online;
What paperwork needs to be considered before the sale?
- Copies of the title
- Depreciation Schedule (Inconsidering the sale price)
- Cancellation of toll tags and prepasses
- Removal from Insurance
Are the apportioned plates transferable between vehicles?
Yes! Contact the DOT office for the State the vehicle is registered in to find out how. Otherwise, if the truck is not being replaced, the plates will need to be turned in.
If the truck is sold and the new truck is bought soon after - at least 3-4 months before the apportioned registration is due on the vehicles, then transferring the plates is the best option. The plates and the apportioned cab card need to be held on to and then turned in with all the necessary truck information to the local department of licensing and registration.
Note: If the transfer is set to happen after two months has passed then a 2290 will need to be turned in too.
If registration is coming up within a couple of months of the sale of the vehicle then it is more beneficial to turn the plates in and get a refund, however this will need to be applied for in each state separately.
How do you prep the truck for sale?
- Qualcomm (if it has one) and its antenna is removed;
- Apportioned plates removed;
- After market parts removed (if possible);
- Inside is cleaned and swept;
- All trash is removed;
- Any loose parts separate from the truck should be shrink wrapped on the back (a better price can be got from a truck in one piece than in pieces);
What needs to be done within the sale process?
1) The two parties will meet;
2) The previous owner will sign the back of the title and hand it to the new owner;
3) The new owner will pass over the check and sign a receipt of some sort verifying the sale of the truck.
4) The previous owner will also sign the receipt;
5) A photo copy of the title, sales receipt and check should be made so that both parties have a copy.
Note: Some sales may require more paperwork, it depends largely on the parties.
When should you consider selling a semi-truck?
- Retirement
Many drivers and companies talk of the magic 1 million mile mark that most semi trucks never actually reach, but all the same it is a nice thought. The grand old semi-truck having had a great life of love (maintenance) and work (miles) is retired and sent to the scrap yard to be broken down into parts. - Repair vs Down payment Truck repairs can be pretty costly and if the repair on an older and/or troublesome semi-truck is more costly than the down payment on a brand new semi-truck with better fuel mileage; the trade off is sometimes more beneficial. This is particularly important if the cost of the down payment can be found in the sale of the truck in its current condition. - Truck doesn't make money If the cost of running the truck is above the ability of that truck to make money, it should be sold as soon as possible. - Trade Up Buying a new truck and using the money from the sale of an old truck is a great way to trade up and get a better truck. -Owner leaves the industry If the owner of the truck is leaving the industry then they will want to sell the truck. |
Update 6.10.14
Here some of the new changes affected by the health care laws in 2014:
W9: The sale of a semi-truck now requires the seller to provide the buyer with a w-9 form for tax purposes.
Next Article: Insurance