April 13, 2020
Is Buying a Used Truck Right for You?
While PacLease is known for premium Kenworth and Peterbilt commercial truck rentals and full-service leasing, we also know a thing or two about the secondary market, trucks for used truck buyers. After all, when trucks come off a lease, or are ready to come off the rental row, we are responsible for selling those trucks to buyers – many of whom prefer used trucks.
So, when does it make the most sense to buy used? Historically, owner-operators often start their careers behind the wheel of a used truck. Outside of the owner-operator market, used trucks typically work best for regional operations, such as port work, agriculture, or low mileage construction jobs. The key is having the trucks close by, running lower miles.
We asked Olen Hunter, PacLease’s Director of Operations, for a few items to consider when it comes to used trucks and how to get the best value. Here is what he had to say:
“If you’re going to finance your used truck, and most do, then find out in advance if your bank or other money source has a stipulation on mileage or vehicle age. Some may only want to finance a truck that is less than five or six years old, with less than 600,000 miles for example. Don’t get your heart set on a truck, then find out you can’t get financing.”
Where to Buy:
“There are many options – you can buy direct from a fleet, from a truck dealership, or through an auction. If there is a fleet you admire, and they run trucks that have specs similar to what you’d like to run, why not introduce yourself to the fleet manager? While most fleets trade in their trucks, some are open to selling direct to others in their community. I’ve heard of some fleets that have a waiting list for those wanting to buy their used trucks. It can benefit both parties.”
“But, most buy used trucks from a truck dealership or leasing company, or from a standalone used truck center. They will have the biggest inventory, and specs that could match up with your operation. Plus, many will offer you financing on the spot.”
“Another place to consider is an auction house. The deals can be great, but how the auction house got the truck is something to consider. It may have been through a bankruptcy or repossession, or a dealer was having a hard time selling the truck – or wanted to reduce inventory. Or, maybe a fleet had a hard time disposing of their trucks and an auction house offered a solution. Maintenance records typically are sparse, sometimes non-existent, so there is some inherent risk, especially since you are bidding on the truck, and can’t take the truck you are interested in ‘outside’ for a mechanical inspection. If you want to inspect the truck, you’ll have to see if the auction house will allow you to bring in your own mechanic for a thorough inspection.”
“I always encourage buyers to purchase from a trusted source – where the trucks have gone through inspections before being offered for sale. Be sure to ask the salesperson if the truck has any maintenance records. If the truck does not have them, think twice. If you are serious about the truck, you may wish to take the truck off-site for an independent mechanical evaluation.”
“The best option is to buy a used truck coming off a full-service lease, or from a leasing company’s rental pool. Not that I’m biased, but I truly believe those are the best used trucks. Everyone wants a premium, quality used truck, and a leasing company keeps meticulous records, plus it’s in their best interest to have top maintenance practices in place, along with maintenance records. These trucks are also often eligible for extended warranties – another safeguard. They are cream of the crop.”
“As a used truck buyer, you’ll buy more parts than those buying new trucks. Buying quality parts at a good price can help you get the best value out of the truck. I’m a big believer in TRP Parts, which has stores throughout the country, plus you can order online for convenience. They offer all-makes parts – everything from lighting and wiring to brakes and after treatment to engine parts. They’re very complete in their offerings, so you should check them out. Plus, they offer tips on different components to help you along the way.”
Want more information about PacLease Used Trucks?
The PacLease Peterbilt and Kenworth networks understand your business needs. To find your nearest PacLease location, visit www.PacLease.com/locations and ask about PacLease used inventory or contact PacLease.UsedTrucks@PACCAR.com to receive a full listing of used trucks.
To learn more about the benefits of purchasing used trucks, read our blog post “PacLease Used Trucks offer Advantages to Used Truck Buyers”.
PacLease Redesigns Used Truck Website!
PacLease is excited to announce the launch of its updated Used Truck website at https://www.paclease.com/our-trucks/used-equipment/. The easy-to-use and intuitive site has a responsive design that optimizes its pages for all browsers and devices. Its redesigned layout highlights the benefits of PacLease Used Trucks and includes monthly featured trucks and a sample list of available inventory. Be sure to explore the new site today!