4 Factors to Consider about a Towing Truck for Sale
The tow truck industry is a highly specialized one, and has grown exponentially in the last 20 years. It can also be quite a profitable business, and many individuals have chosen to open their own two truck companies as a result. The initial start-up expenses can be high, and as vehicle purchases are one of the primary expenses, there are some factors that every potential owner should consider before buying a towing truck for sale.
One of the major factors when considering a towing truck for sale is the vehicle’s price. These trucks can be quite expensive, particularly when purchased new, and the potential buyer must also factor in the cost of insurance, as well as the finance charges, as most buyers cannot afford a cash outlay for such a large amount of money. Many owners find that used tow trucks are often the best way to save as much as several thousand dollars. Additionally the potential buyer can consider the savings over the immediate depreciation of a new truck.
There are many places, both online and offline, to find a towing truck for sale, and comparison shopping is made simple on many of the selling companies’ websites. However, these trucks have a wide range of variety when it comes to features and types. The first thing a potential buyer must consider is the actual purpose they have in mind for the vehicle. Recovery scenarios may require heavier trucks with more equipment than those trucks that will be performing basic road service and repair shop tows. The buyer must consider the type of truck for their individual needs.
Another serious issue to consider, the financing of these trucks can require several choices. Potential buyers usually have the option to purchase or lease their tow trucks, and the terms for both of these choices can vary according to the sales facility and the financial institution. Some sales facilities will finance the vehicle on-site, but the terms for this may mean the buyer will end up paying more for the truck than if it was financed through a bank or other more traditional means of financing. Leases are often done on-site as well, but the buyer should remember to carefully review all the terms and conditions of any lease or financing agreements.
Warranties and Service
Many selling companies will offer warranties, and even extended warranties on both new and used tow trucks. These can vary widely throughout the industry, although some standards do apply, such as a tow truck chassis manufacturer’s warranty, and a one-year body manufacturer’s warranty. Many sellers also offer service plans for repair and maintenance on new trucks, and some offer limited service and repair options on used trucks as well. These plans may be included with the cost of the vehicle, or there may be an extra fee for them. Some are free in the beginning, but charges may apply after a certain specified period of time.
Overall, buying a towing truck can be expensive, but are an essential investment in equipment for a towing company owner. When purchasing one of these vehicles, a buyer should be proactive in exploring different types of financing. They should also make sure that vehicles will be covered if repairs are needed, so that their livelihoods are not sitting idle in case of breakdowns.