"I was very fortunate to find the deal I did", says owner-operator Ernest C, advising about how to buy a used semi-truck. "[Deals] are out there if you do the research."
Ernest found his outstanding deal on a used Volvo truck from TLG Peterbilt in Springfield MO. He got it for $16,950.
Ernest estimates his maintenance costs are less than $9,000 per year, including tires.
"Used yes, but it was originally a Dot Foods truck, I have all maintenance records for it."
How to Buy a Used Semi-Truck -- Buyer Beware!
On the one hand, buying a new semi-truck takes away the uncertainty of the truck's history. After all, you don't want to risk having a lot of downtime because you bought a clunker.
You’ll want to research the semi-truck's history. It may have had a hard life, which can cause a maintenance nightmare.
We'll talk about how to research a used truck's history later.
If you're just starting out as an owner-operator, you'll likely want to go with a used truck until you build up enough capital to invest in a new one.
Learn more about how to buy new vs a used semi-truck in this post.
Advantages of Buying a Used Semi-Truck
Buying a used late-model, well-maintained big rig keeps your monthly payments low compared to a new semi.
Plus used trucks get fewer recalls. "If your truck has an issue through a recall," says Ernest C, "the parts could be on backorder or not available and you could be without your new truck for months."
Keep in mind, the previous owner of a truck might not have corrected recall defects. Be sure to check for open recalls before you buy. We'll discuss how to find open recalls in a moment.
Damage insurance is based on the value of the truck. You'll have lower payments than with a new rig.
Know What You want from a Truck
Have an idea of what you want from a semi-truck. If you're planning to haul heavy loads, you'll want more horsepower and lower rear-end gears.
If you plan to lease with a carrier, make sure you get a truck that's compatible with electronic logging devices (ELDs). Although at this time trucks with engines of year-model 2000 or earlier are exempt from the ELD mandate, many carriers require ELD compatible semi trucks for insurance purposes. If you have your own authority, check with your insurance carrier. They might charge you higher rates if your truck’s not ELD compatible.
How To Buy a Reliable Used Semi-Truck
Dealerships
The advantage of buying from a dealer is that you're working with an established business. It's easy to check out their reputation. You can read the reviews on social media to get an idea of how they do business.
If you know any owner-operators who have bought from the dealership, ask them about what it's like to do business with them. Would they buy from them again? Would they recommend the dealer to other truckers?
Trucking Companies
Major carriers often sell their equipment when it's 3-5 years old. Some trucking companies have tractors in colors associated with their brand. These special colors lower the resale value. If you don't mind driving a rig in light blue or "Omaha Orange," you can get a bargain.
However, as we learned from our truck maintenance survey results, company drivers don't take care of their trucks as well as owner-operators do, which could result in more repairs and upgrades.
Private Sellers
Some owner-operators would rather sell their truck directly instead of trading it in at a dealer. They can get more for the sale of the truck because dealers will only pay the wholesale value. That is, dealers want to buy for a low price and make a profit selling it for the retail value.
The private market value is somewhere between wholesale and retail prices. That means you can get a lower price from a private seller.
Keep in mind that most private sellers expect buyers to haggle. If you know the semi truck's value ahead of time, you can negotiate a fair price. We'll talk about how to value a used truck in a little bit.
Beware of some of the risks of buying from a private seller:
- Giving personal info
- Hidden mechanical problems
- Risks in transferring funds
How To Buy a Used Semi-Truck — Protecting Your Interests
Get a Mechanical Inspection
Remember, you buy a used semi "as-is." You're responsible for any repairs once you close the deal.
A semi-truck can look good on the outside. But make sure it's mechanically sound. An inspection can uncover hidden problems and help avoid expensive repairs down the road.
Work with a mechanic that has the proper training and experience. Look for an ASE Certified mechanic. The National Institute for Automotive Service Excellence (ASE), a nonprofit organization, supports consumers in finding competent auto mechanics.
Research the Semi-Truck's History
A history report will give you a picture of some problems you might have with a used truck. It could reveal things like:
- Salvage/junk title
- Damage from flood, hail, storm, fire, and more
- Manufacturer buybacks or lemon titles
- Odometer discrepancies
- The number of owners
- Accidents and damage reports
- Lien information, ownership transfers
- Collision repair history
- Structural or frame damage
- Service, repair, and maintenance
- Total loss and the reason
- Reported stolen
- Open recalls
- Emissions records
A history report looks up the truck by vehicle identification number (VIN) and searches a database of reporting sources. Some of these could include:
- State Departments of Motor Vehicles (DMVs)
- Auto auctions
- Salvage auctions
- Collision repair shops
- Service and maintenance facilities
- Insurance companies
- OEM manufacturers
- Dealerships and extended warranty companies
- Leasing and fleet companies
- Inspection stations
Carfax and AutoCheck will show you accident reports and title info on a big truck, but a history report that specializes in big trucks might reveal more.
Verify the Rig Isn't Stolen
If you're working with a reputable dealer or a carrier's truck sales, this might not be necessary. But if you're dealing with a private seller or a dealer without an established reputation, it's best to make sure it wasn't reported stolen. The Vehicle Identification Number (VIN) is the key to spotting a stolen semi-truck.
- Are all the characters in the VIN legible? Do any appear to be scratched or altered?
- Does the VIN plate on the driver's side dashboard (visible through the windshield) match the VIN on the driver doorjamb?
- Does the VIN on the title match?
A vehicle history report can show if the truck has been reported stolen. When you run the report, make sure the description matches the truck you’re buying.
Verify the Semi-Truck Hasn't Been Totaled
A vehicle history report will show if the truck has been declared a total loss.
If you think it might have been totaled, you can use the VINCheck tool on the National Insurance Crimes Bureau website for free before you pay for a history report.
Verify the Title Is Valid
A crafty counterfeiter can make a realistic-looking fake title, with the state seal, watermark, and all.
Some criminals will present a valid title for a different truck than the one you're buying. You'll need to look closely to make sure the titles match.
- Make sure the title is for the same make and model, color, year model, and trim type
- Make sure the truck's VIN matches the VIN on the title
Check For Liens
A semi-truck title may show one or more lienholders. On the title, you'll see "Lien Release" checkboxes next to signature spaces.
The lienholder checks the box, signs, and rubber-stamps "Lien Satisfied" to clear the title.
But it's too easy to forge a lien release. In most states, you can look up the VIN on the DMV website to check for title liens.
How To Buy a Used Semi-Truck — The Test Drive
You had it inspected for mechanical defects, you checked for liens, you made sure it's not stolen and it hasn't been totaled‚
The best way to tell if the big truck is right for you is to take it for a test drive.
The seller should let you take the rig onto an interstate or major highway so you can see how it handles at highway speed.
During the test drive, park the truck in a safe place and leave the engine running. Step out of the cab and listen for any noises from the engine and air compressor.
Negotiating the Price
A lot of sellers will inflate the asking price. In other words, they are willing to sell for less. That way there's room to haggle with a buyer. When the seller lets the big rig go for a lower price, the buyer feels that she got a good deal.
How can you tell if you're paying the right price? A lot of factors go into a big truck's market value:
- Location
- Price others paid for similar vehicles
- Vehicle condition
- Upgrades, extras
Unlike non-commercial vehicles, Kelley Blue Book and NADA Guides don't publish semi-truck values online for free. The printed J.D. Power Official Commercial Truck Guide is published monthly. It'll cost you $209 for a single copy.
If you're actively looking for a used semi-truck, it might be worth the investment. But if you're not ready to pay for a pricing guide, you can still get an idea of what a particular big rig model is worth.
Go to a marketplace that sells semi-trucks (such as truckpaper.com or eBay Motors) and search for the make and model of the truck. Be sure to add your zip code to the filters and search for a 100-mile radius or less. This will show you the asking price of big trucks near you.
The J.D. power guide takes into account how much buyers actually paid, rather than what sellers are asking. Thus, you'll get more accurate pricing with the guide. Still, a marketplace search is a good place to start.
Paying for Your Big Rig
If you're buying from a dealer or a carrier, they will probably accept a personal or business check.
But a private seller will most likely want secure funds. That is, he or she will want to make sure the money is in the bank before handing over the keys.
There are a few ways to make a secure payment.
- Pay with cash
- Cashier's check — since they are easy to fake, the seller might ask to meet you at your bank when you purchase the check
- Escrow
- Use escrow.com or another licensed escrow agent
- The agent holds your funds and hands them over to the seller when you authorize payment
Final Thoughts
You may have to shop around a bit to find the right semi-truck at the right price. Ernest tells us, "The biggest trick I feel is to look at comparisons between recalls and common problems when buying used."
"Be optimistic, weigh your options, and always make the choice that is best for you and your goals."
What are your tips for buying a used truck? Share them in the comments below.
You might also like: