New truck prices seem to get higher with each model year. When auto manufacturers introduce new or updated versions of their truck line-ups, consumers typically experience a corresponding price increase. This price increase could be a result of enhanced packaging options, upgraded available standard features, higher costs associated with developing and manufacturing the truck, or simply inflation. Whatever the reason, it's a fact that higher prices exist on new trucks. Unless the dealer or manufacturer is offering incredibly discounted prices, a new truck may be out of reach for many potential truck buyers. Shopping for a used truck may provide an affordable, reliable alternative to a new truck.
Besides a reduced price, many benefits exist to buying a used truck. The following are points to consider when comparing the price of a new truck to that of a used truck:
- With a used truck, a buyer doesn't experience the high price tag and drastic depreciation in value that occurs within the first 2 to 3 years of a new truck's life. Due to this, buyers who finance a used truck are less likely to become upside-down in the loan (this means that the owner owes more on the truck than the truck is actually worth).
- The used truck market tends to be a relatively robust market. Especially with the recent surges in gas prices, many used trucks are available at any given time. Following the basic laws of economics, higher supply and lower demand equals lower prices and better selection.
- Nowadays, many trucks are not driven like trucks historically have been. In the 1990s and into the 2000s, trucks have become more of a fashion statement for many people than an actual work vehicle. When these trucks are sold or traded in, they provide quality, oftentimes very slightly used options for used truck buyers.
- Used trucks that are 5 to 6 years old have much of the advanced technology and safety features that new trucks offer. Many of them are also just as reliable.
Of course, buying a new truck has its advantages, too.
- New trucks are just that: new. Nobody else has driven them, they haven't been in any accidents, and they still have that famous new car smell. With a new truck, buyers typically know exactly what they're getting, and shouldn't have any concerns about the truck's past usage.
- While used trucks are often just as reliable as new trucks, a new truck offers the buyer a factory warranty should anything go wrong. A third-party warranty can be purchased for a used truck, but it may not offer the same coverage or dealer network of a new car warranty. Plus, the warranty is included in the price of a new truck, while it may cost a used truck buyer a couple thousand dollars more.
- With auto manufacturers desperate for buyers, financing on a new truck may be easier to obtain and provide a lower interest rate than with a used truck.
Certainly, the decision to purchase a new truck or a used truck is a very personal one. Depending on the buyer, either option can provide a quality, reliable truck for many years to come. Research the prices of new and used trucks at .