Posted on June 12th, 2023.
The transportation industry is seeing an unprecedented shortage in drivers, trucks and truck maintenance parts all stemming from pandemic-related closures, delays, raw material shortages and staffing issues. These shortages are causing severe delays and high prices in the truck-buying market, both new and used, which makes the decision to repair or replace your truck even more important. If you’re wondering whether you should continue to make repairs to your aging truck, or upgrade to a newer or better one, there are a lot of things to consider before you make your final decision.
If you’re starting with this question, there are a few additional questions you’ll need to ask yourself:
If you’re interested in keeping your current truck and just repairing as needed, you should first calculate how much your truck is costing you, per mile. If it is costing you more than 13-14 cents per mile, you’re likely spending too much; new trucks can cost as little as 5 cents per mile.
You should also consider any other big repairs you may have coming in the next several weeks, months and years. Will you need an engine rebuild, new brakes, updated emissions equipment, etc.? These costs can add up quickly, making it more beneficial to consider buying a newer truck. Additionally, if these maintenance issues are keeping you from delivering on your deadlines, or creating safety problems for you or others, it might make more sense to upgrade.
Lastly, outsourcing labor-intensive repairs can cost a lot of time and money that you may not be prepared for. If you know how to do most of your repairs and maintenance work yourself, you can save a lot of money on labor costs, which means you could justify repairing your current truck for a longer time. You can always join a maintenance savings program to get discounts on repairs you might need.
NOTE: Always prioritize safety and inspection requirements when considering whether to make repairs yourself versus outsourcing to experts.
The decision to buy (or lease) a new truck is never an easy one; there are a lot of components that go into purchasing and/or financing a new vehicle, especially with many OEMs on a 14-month lead time due to pandemic-related delays. As you begin your search, ask yourself the following:
Used trucks provide an opportunity to upgrade from your current tractor without the financial burden of purchasing a new one. However, used truck rates have skyrocketed due to current truck shortages so you want to ensure you’re making a smart decision by considering the following:
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