Every day, companies in every sector rely on commercial fleet vehicles to transfer employees, customers, and products from one location to another. This service ranges from your local oil and gas supplier to cross-country shipping services.
A company’s collection of business automobiles is known as its fleet, and they are frequently counted among the most expensive of its assets. Because of this, there is a demand for semi-trucks, which cooperate to control the entire lifespan of business vehicles.
Why Your Fleet Might Need A Semi-Truck?
The transportation of commodities across long ranges is the responsibility of the trucking sector, which is an essential component of the American economy. Transportation companies employ more than 3.5 million Americans, bringing about more than $700.0 billion annually. Semi-trucks employment is prevalent in the logistics of many companies because of their ability to move goods throughout the country.
When purchasing this asset, the cost is undeniably a key factor. But in any case, what does it cost to acquire a semi-truck? When you consider the expenses, benefits, and drawbacks of purchasing a new or used semi truck, you could discover that your dream is definitely within your reach.
Cost Of A Semi-Truck
A brand-new, shining semi-truck should generally fall between $100,000 and $200,000. Again, the pricing of these items changes based on your selected features.
The price of a brand-new semi-truck can vary widely depending on the model. A basic model of the fresh semi-truck can price anything between $40,000 to $120,000.
While you can purchase high-end versions for more than $200,000, Low-end models can cost around $99,000, while mid-market vehicles have an average price of about $150,000.
One other thing to take into consideration is the down payment.
When purchasing a vehicle with an average price of $150,000, most financial institutions need a down payment of 15%.
A used semi would run you about $180,000 on average during its lifetime. Older versions sell for far less than half of what brand-new trucks do.
High: $180,000 and up
The price of a basic setup might increase by $50,000 due to the addition of a brand-new trailer. For instance, the cost of custom-made trailers for eighteen-wheelers or lengthy combos is significantly higher than regular trailers.
Buying vs. Leasing vs. Renting: A Payment Guide
After researching and finding the perfect semi-truck, the next step is how you acquire ownership, depending on your payment type. But worry not; we’ve got you covered; here’s the payment guide.
Using this method of financing, the buyer will eventually become the vehicle’s owner. Most financial institutions require a down payment before giving a loan. Truck drivers who cannot pay in cash for the semi-truck can obtain funds for their purchase. Businesses interested in purchasing a semi-truck frequently look into available funding sources. When you loan a car, you take a loan from a financial institution or another lender to reimburse the automobile.
The repayment period for the loan is usually between 3 and 7 years, and the monthly installments are typically cheaper than those associated with leasing a truck.
TIP- The disadvantage of the available financing choices is that the interest rates may be pretty hefty. In addition, the amount of the purchase cost not covered by the financing you obtain may necessitate a significant down payment from you.
You don’t take ownership of the vehicle, just like with renting. Leasing is a good choice for demands that will persist for a long time. The length of the contract can range from 3 to 5 years, and the installments are more affordable than conventional financing.
There is never a need for a down payment while renting. The rental business is responsible for all necessary maintenance and repairs. When considering options for a period that is less than a year, renting can be a good choice.
Everything You Should Know Before Buying A Semi-Truck
We’ve compiled a list to help you with your investment. Here are a few things you should consider before buying a semi-truck.
- Know Your Needs
The first thing you as a buyer needs to do becomes familiar with their requirements. Think about the many kinds of cargo you wish to transport, and determine what the very minimum requirements are for your business. If this is the case, you shouldn’t even bother looking for trucks that don’t satisfy those requirements.
After ensuring that you have satisfied the minimum requirements for your haul, it is essential to be realistic with yourself. Do you have any particular preferences? You must be aware of the features that are “must-haves” for you personally, even though there is a possibility that you will have to give up some parts to save money.
- New Or Used
When you are in the market for your first semi-truck, one of the most critical choices you will have to make is whether you want to purchase a new or a used truck. When deciding whether to buy new or used, some factors to consider are how much money you already have saved, how much finances you can manage to pay every month and the amount of risk you are prepared to take on with future repairs.
- First Hand
First Hand However, the truck’s price will likely be more upfront, and its worth will drop significantly after regular use. You are the vehicle’s original owner. Hence you are familiar with its preceding owners. Before you decide whether to buy the truck, the vendor will provide you with in-depth information about the car. Additionally, newer trucks won’t need significant replacements or maintenance for quite some time after purchase.
- Second Hand
Compared to the cost of a brand-new truck, the initial investment for a used semi-truck will be lower, and the subsequent monthly payments will likely be lower. On the other hand, a used vehicle may need some repairs sooner, and the warranty typically runs out sooner and doesn’t cover as many of the vehicle’s components. If you are planning to purchase a used item, you should ensure that you get an extended warranty from your seller so that there are no surprises later on. In addition, we suggest going with a pre-owned vehicle that has been through the certification process.
Which of these two options is better for your driving demands and personal preferences will significantly affect your decision.
Matrack- Your Semi-Truck Fleet Manager
How to Make the Most of your Semi Truck with Matrack Truck Tracking Solutions?
After buying your semi-truck, you can accessorize it to make it the most efficient. Here, Matrack comes into play by bringing you an overall fleet solution from dashcams to ELD.
Matrack Fleet Management offers GPS fleet management systems to the trucking industry. The company’s mission is to give customers cutting-edge technology at the most affordable price possible, supported by world-class customer service.
Matrack can assist you in maintaining the functionality of your fleet, providing accurate ETAs, and monitoring your workers and assets. It boosts fleet visibility while also giving you access to the real-time tracking information.
Real-time tow alerts, ignition on/off warnings, low battery alerts, speed alerts, and other alerts allow you to maintain continual contact with your vehicle or asset at all times. In the case of theft, make a speedy recovery.
- MA-OBD Plug-In
This device is an excellent method for tracking any car made after 1996, as this device requires no installation. It starts in less than ten seconds just by plugging it in.
A hardwired gadget is undetectable, impervious to water and tampering, and powered by the battery of the vehicle or asset.
Some of the trailer trackers include-
-MA-Asset Classic GPS Trailer Tracker.
-MA-Hardwire Classic GPS Trailer Tracker.
-MA-Hardwire Silver G.P.S. Trailer Tracker
The Matrack Dashcam is a camera with artificial intelligence that can help you enhance your driving safety and avoid potential collisions. The camera is a dual-facing lens that can record videos inside the cab and while the vehicle is moving. It provides high-definition footage at a resolution of 1080p, allowing you to record every aspect without missing anything that could be vital evidence.
In addition to those capabilities, Matrack also comes equipped with a frontal collision warning, lane departure warning, and DUI. Alerts.
Most factoring providers make payments in two installments: the first payment covers most of the receivables and satisfies your need for immediate cash flow; the second payment is when your client pays their bill.
After assessing whether or not the applicant is eligible, the factoring company will buy the unpaid invoices for a percentage of their total value and then handle the debt collection process. After successfully collecting the total amount of the invoices from your customers, the factoring service provider will pay back the remaining balance owed to your company for the invoices.
With Matrack’s Fuel card, you are eligible for a 1.5% discount on early payments and a 60-day grace period with no interest. You will also receive assistance locating credits, refunds, waivers for your fleet, and many other benefits. The tracker will also notify you in real time about potential scams.
Were you looking for an ELD solution that won’t break the bank on the market? You are taken care of by Matrack ELD. You can receive free gear if you pay a small monthly subscription fee (currently $14.95). You will not be required to pay any initial costs associated with the gadget. That way, you can put your worries about how this might influence your finances to rest because it won’t.
There is no additional cost for having a co-driver, which is another practical aspect of this service. You can use the same one to alter the driver profile and settings.
Because it is a plug-and-play installation that requires no configuration, you may set up the device on your own in less than five minutes using this method. It is suitable for light, heavy, and medium-sized trucks and buses.
Just download the mobile app from either the Play Store or the App Store. It can assist you in automating various processes, including HoS, eDVIR, IFTA, and many others.
The drivers can begin or end their day, modify their duty status, amend, review, or submit their working logs using the same system. The easy dashboard provides all fleet managers with access to the same information.
Get the whole experience by booking a Demo TODAY!
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