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Sunday, October 30, 2011

Buying Used Can Work for You!

Many people do not like the idea of buying something used. Buyers want, as much as possible, to purchase something that is brand new. There is one particular item that a buyer may consider purchasing previously owned and that is a bucket truck. While this vehicle is best when obtained brand new, its high price tag is a major reason why buyers consider purchasing it used.

As the name implies, a pre-owned or used bucket truck is a vehicle that has been owned and used by someone else. This type of heavy-duty equipment is often resold for a variety of reasons. Owners who want to avoid high maintenance and repair costs in the future often sell these vehicles while they still have some resale value. Fleet vehicles, such as those used by electric companies, are sold when they reach a certain mileage in order to avoid the expensive costs involved with maintaining older trucks with higher mileage. Used bucket trucks are also resold by finance companies who have repossessed them from borrowers who were unable to make payments.

Advantages

While the idea of procuring a used bucket truck that has lost some of its useful life may not appeal to some, there are actually many reasons why buyers choose to purchase this type of vehicle.

Low Overall Cost - The biggest benefit of purchasing pre-owned is the lower cost, which is a benefit that every buyer wants. A used bucket truck has a lower value due to depreciation. As any vehicle ages, it gradually loses value. The higher accumulation of mileage that pre-owned vehicles have is another reason for its lower cost.Fast Financing Approval - When financing previously owned equipment, lending institutions are more lenient and approval for a loan to secure these vehicles is much faster than it would be for an application to purchase a brand new one. The reason for this is that this type of pre-owned vehicle costs less and therefore is much less risky to finance.Short Installment Term - The number of payments required to pay off this type of equipment will be much less, since the principal amount is smaller. Additionally, buyers will not necessarily need a large down payment; typically, the financial institution will only ask for a down payment of 20 to 25 percent of the principal amount.Low Risk - One big fear any borrower has is the possibility of defaulting on their loan. Thankfully, purchasing a previously owned vehicle is less risky since the borrower will have an affordable loan rate as compared to financing a brand new vehicle.

Debunking the Misconception

One of the biggest misconceptions that a buyer may have about purchasing a used bucket truck is that it will break down more easily and require constant maintenance. While it is true that some of the service life of the vehicle has been consumed by the previous owner, these pieces of utility equipment have a considerably long service life; therefore, the price of these pre-owned vehicles is a good investment.

Although there are some used bucket trucks being sold that are no longer really useable, there are many others with decent prices that are worth the investment. The technique to learn before purchasing this type of vehicle is how to sort the good from the bad. Once a buyer learns how to do this, then finding a good deal at a reputable dealership is fairly easy. Choose a truck that came from a large fleet. These trucks are well-maintained and are resold while they are still in good shape. It also helps to have a mechanic perform an inspection on the vehicle before finalizing the purchase to ensure that it is a high quality machine in good working condition.

Unlike the misconceptions that many buyers have about used bucket trucks, this pre-owned equipment can actually turn out to be a good investment. As long as the consumer has the proper knowledge and knows the right approach to take when acquiring such a vehicle, buying a pre-owned bucket truck may be an even better choice than buying one that is brand new!

Christopher M. Hunter is an expert in commercial specialty trucks. Click here to find out more about Used Bucket Trucks.


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