Are you thinking about investing in a new semi-truck for your business? Do you have questions like “How much does a semi-truck cost?” or “what is the average semi-truck insurance cost?”
If you’ve been wondering about any of these things, keep reading. Everything you need to know is outlined below.
Why Do You Need a Semi-Truck?
Are you unsure of how buying a semi-truck or box truck will help your business? If so, consider these benefits that they have to offer:
- Free advertising for your business
- No need to hook up and pull a trailer
- Safely store products and materials
- Speed up transportation and deliver products and materials faster
If you plan on using your semi-truck semi-regularly (no pun intended), you’ll likely find that it’s more cost-effective to buy it rather than leasing it on an as-needed basis. It may seem like a large cost upfront, but it could save you money in the long-run. As a bonus, your payments will also be going toward you eventually owning the truck outright.
How Much Does a Semi-Truck Cost?
Speaking of money, how much does it cost to buy a semi-truck? Truck prices vary depending on a lot of factors, including your location, the condition of the truck, the size of the truck, and whether it’s new or used.
On average, though, the price of a new semi-truck will range from around $130,000 on the low end to closer to $200,000 on the high end. As for used semi-trucks, they can go for as low as $30,000 or as high as $165,000.
If you’re buying a used model, though, it’s important to make sure it’s been thoroughly inspected. Otherwise, you could end up spending more money on repairs than you would if you had bought a new model, to begin with.
What Does Insurance for a Semi-Truck Cost?
If you’re thinking about buying a semi-truck, it’s important to remember that there’s more to it than just the initial cost of the truck. For example, you need to factor in maintenance costs, the price of fuel, and insurance premiums.
Like the price of the truck itself, the cost of insurance for a semi-truck will vary based on several factors. For example, insurance for a new truck will likely be more expensive than insurance for an older model. Your experience and track record as a driver matter, too.
On average, most owner-operators pay somewhere between $8,000 and $12,500 each year for their semi-truck insurance. Premiums might be higher or lower depending on where you live, though. This is why it pays to work with an insurance agent who can help you find affordable semi truck insurance rates.
Is the Cost of Owning a Semi-Truck Worth It?
Now that you know more about the average cost of a semi-truck, do you think it’s a good investment for your business? Keep this information on semi-truck cost in mind as you meet with your business partners to figure out the best decision for you and your team.
Want to learn more about smart business investments? Head to the Business section of our site today for other tips and useful resources.