Now for the finer points of selecting equipment
By Timothy Brady 

In the last post I discussed the importance of knowing your numbers, lining up your financing and understanding the tax ramifications of how you plan on purchasing or leasing your equipment. Now we’re ready to get down to the nitty-gritty of selecting the equipment you’re going to buy or lease, with those promised ten valuable determining points.

Here are the key facts you’ll need on each used truck you’re considering for purchase or lease:

1. Get the complete maintenance and repair records for the life of the truck, including all warranty and recall records. (Incomplete records—off the list.)
2. Get an engine history from the OEM. This tells you the frequency of repairs or problems. (Too many repairs or problems—off the list.)
3. How much time on the engine hour meter? How many odometer miles? Has either of these gauges ever been replaced? Divide the total miles by the total hours to determine the idling time, and compare this to the ECM readout. (Too many discrepancies—off the list.)
4. On the ECM Report, check that the serial number on the engine and the report’s engine serial number match. (Possible non-OEM engine swap or ECM replacement—off the list.)
5. Will the seller allow you to take the tractor on a twenty-mile test drive? Under a loaded trailer? This is where you see how the truck shakes, rattles and rolls. (The more shakes, rattles, and less rolling—off the list.)
6. Will the seller allow you to have the tractor placed on a dynamometer to see how the truck will perform under different loads and situations? (No dynamometer, who’s hiding what? —off the list.)
7. Do all the tires on the same axle match in size and manufacturer? If the previous owner couldn’t afford matching tires, what other maintenance or repairs were short-changed? (Lack of maintenance knowledge—off the list.)
8. Has the truck ever been in an accident? What repairs were required? Who did them? (Serious accident—off the list.)
9. The general cosmetic appearance of the truck is another telltale mark of maintenance. But don’t just look at the surface. Look under that truck’s skin at the details. (Spliced wiring; repaired but not replaced air lines; excessive corrosion and rust; loose parts—off the list.)
10. Are there any transferable warranties? (No warranties—off the list.)

Keep in mind that as you’re selecting a truck, it’s imperative you do the research. Know the real value of the truck, and find out the selling price of similar trucks with the same specs. Have a comparison list of values of the same make and model in hand as you negotiate. Remember; it’s not just the repairs that will financially destroy your business. It’s the loss of revenue during those repair downtimes and the lack of reliability to your customers that will cost you the most. You can do your research before you purchase or you can pay for not doing your homework at a staggering cost later. A truck will never be denied its maintenance. Moreover, Murphy’s Law dictates a breakdown will always happen at the most inconvenient time, both financially and geographically. Don’t allow it to deny your financial peace of mind by failing to do your research before you sign on the dotted line.

Good loads and good roads, everyone.  

Timothy Brady © 2010
www.timothybrady.com 
731.749.8567