Understanding the used commercial vehicle market
The impact of the pandemic on the logistics industry resulted in a production gap. The International Organisation of Motor Vehicle Manufacturers (OICA) released data in 2020 that showed a decrease in global automotive production by 16%. This significant drop resulted in fewer than 78 million vehicles being sold, marking the lowest sales levels since 2010. Therefore, one of the existing trends in the logistics sector is to buy used commercial trucks. There is a steady rise in the number of used commercial truck buyers owing to several advantages of buying pre-owned trucks used for commercial purposes.
Why should you buy used commercial trucks?
- Reduce Cost: Used commercial truck dealers in the market offer cheap commercial trucks for sale. Buying a used commercial truck helps to save a huge amount of money that can be used for other operational expenses. Also, it reduces the cost of paying a high insurance premium which is normally the case with purchasing a new commercial vehicle.
- Gain value: There is a disadvantage in buying a new commercial vehicle as the value drops significantly after the first year of use and doesn’t fetch a profit during resale. However, pre-owned trucks used for commercial purposes will not depreciate much in value compared to a new vehicle and also gets a considerable amount of money during resale, which might be close enough to what the vehicle was purchased for by the new owner.
- Claim warranty: Used commercial truck dealers don’t just merely sell the vehicle but also offer warranties and special services that can be claimed in case of any issue after the purchase of the vehicle. This is one of the major reasons why logistics owners and fleet managers prefer to buy used commercial trucks.
What to look for when you buy used commercial trucks?
- Vehicle history: It is important to know the vehicle history in terms of mileage, maintenance, condition of the vehicle components like the braking system, engine performance and similar metrics to avoid additional costs in the future.
- Purchase documents: Finding trustworthy used commercial truck dealers is key to buying a reliable truck with all the required information. Moreover, documenting the purchase with relevant paperwork is needed to avoid discrepancies in the future.
- After-sale services: Since buying pre-owned trucks used for commercial purposes might require regular maintenance because of wear and tear of vehicle components, finding a dealer who offers after-sale services like warranties, maintenance schedules and other benefits is an advantage.
How to buy used commercial trucks?
In order to buy used commercial trucks, you can do your own research on the used commercial truck dealers available near you or even dealers miles away from you with a good reputation of selling used commercial vehicles. You may also use the help of a middleman or an agency that offers services related to connecting truck dealers and buyers. However, the best solution to buy used commercial trucks is to use an escrow service.
Escrow services act as a middleman between the buyer and the seller to ensure timely payments and the delivery of goods. Therefore, using an escrow service to buy used commercial trucks will prevent any discrepancies in the future.
Let’s wrap up!
The logistics industry is seeing a steady increase in the number of used commercial truck buyers compared to those who prefer new vehicles. Pre-owned trucks used for commercial purposes have advantages including reduced costs, less depreciation and warranty. Cheap commercial trucks for sale are available and all you have to do is check the vehicle history, compile purchase documents and ask for after-sale services. Using an escrow service will be the ideal solution to buy and sell used commercial vehicles as it ensures timely payments and delivery of goods.
Axlerate is a unified platform for Logistics and transport management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.