How Much Does a Semi-Truck Cost?
The trucking industry is a vital part of the American economy, responsible for transporting goods over long distances. The trucking companies employ more than 3.5 million Americans and generate over $700 billion in revenue.
Semi-trucks are often used to transport goods across the country and are essential for many companies. However, they can also be dangerous resulting in thousands of accidents each year.
Rosenfeld Injury Lawyers LLC has successfully represented many people who have been injured in accidents involving semi-trucks. We understand the unique challenges of these cases, and we have the experience and resources to get you the compensation you deserve. Call our truck accident lawyers at (888) 424-5757 for a free consultation.
What Is the Average Price Range of a Semi-Truck?
Semi-trucks used to transport large loads or freight are also known as "big rig," "18-wheelers", or "tractor-trailers." Semi-trucks consume more fuel than smaller commercial vehicles and can be expensive to operate.
New semi-trucks cost varies depending on the make and model. A basic model of a new semi-truck can cost anywhere from $40,000 to $120,000. However, many additional features and options can be added to the truck, increasing the price.
For example, a sleeper cab can add $5,000 to $10,000 to the cost of a new semi. If your routes are strictly local, you'll want to buy a day cab to save on upfront costs and additional fuel needed to haul the weight of the sleeper.
In addition to the semi-trucks purchase costs, there are other expenses associated with owning and operating a used semi-truck.
For example, semi-trucks require more maintenance than smaller trucks and have higher fuel costs. New semi-trucks also need a commercial driver's license (CDL) to operate than driving passenger vehicles to conduct business. The CDL costs between $200 to $500.
Buying New or Used?
When shopping for a semi-truck, two options are buying a new semi-truck or a used semi-truck. Purchasing a new semi-truck may be the best option if you need a specific track configuration not available in the used market.
New semis also come with a warranty, which can be helpful if there are any problems with the car. However, buying a new semi-truck can be expensive. The new semi-truck cost is around $120,000 or higher if it has additional high-end features.
In addition, dealer financing for a new truck can be challenging to obtain, and the interest rates are usually high.
A used semi-truck can be a good option if you have a tight budget. The average cost is around $70,000. However, a used semi may require more maintenance than a new truck.
New rigs come with a warranty, which can be helpful if there are any problems with the truck.
Dealerships sell new trucks with a warranty, which covers all major and minor issues for a set time or mileage. A semi truck's powertrain warranty is generally comprehensive, covering any issues with the
- Other components.
Semi-Truck Cost: Payment Options and Alternatives
Semi-trucks can be expensive, and the semi-truck cost can be prohibitive for some businesses. Fortunately, there are several monthly payment options and alternatives available to help you finance the purchase of a semi-truck.
Leasing a Truck
Leasing a semi is a popular option for businesses that want to get a new truck but don't expect to pay the total purchase price upfront. When you lease a truck, you make monthly payments to the leasing company to use the truck that they own.
You can either return the dumper to the leasing company or buy it outright at the end of the lease term. However, there are some downsides to leasing. Leases are typically for terms of 36 months or more, and the monthly payments are generally lower than financing a purchase.
For example, you may be required to make a sizeable down payment, and you may expect to pay fees if you exceed the mileage allowance.
Financing a Truck
Financing options are popular for businesses that want to purchase a semi-dumper. When you finance a truck, you borrow money from a bank or other lender expect to pay for the car.
The loan is typically repaid over 3 to 7 years, and the monthly payments are usually lower than leasing a truck.
One downside to financing options is that the interest rates can be high. Additionally, you may be required to make a sizeable down payment on the portion of the purchase price not covered by financing.
If you only need a semi on a short-term basis, renting may be the best option. Commercial vehicle rental companies offer daily, weekly, and monthly rates. The daily down payment rate is usually the most expensive, but it can be more cost-effective if you only need the semi for a short period.
Owner-operator earns significantly more money than company drivers leased to a carrier. The weekly and monthly rates are generally cheaper, but you may have to commit to a more extended rental company period.
Additionally, a semi-truck rental company requires a refundable deposit.
Costs to Consider When Buying New or Used
Whether you are buying new or used, there are several costs that you need to consider. The highest additional cost is the purchase price of the truck. In addition, you need to factor in the cost of insurance, registration, and maintenance.
The following are some additional considerations:
Semi-truck fuel efficiency costs vary widely depending on the engine type. The most fuel-efficient trucks are typically diesel-powered, and they can get up to 30 miles per gallon. Less fuel-efficient new trucks may only get 10 to 20 miles per gallon.
Fuel costs regular oil changes and tune-ups can drive up monthly costs. Fuel efficiency is also affected by the truck's weight and its load. You can minimize fuel costs by keeping your semi well-maintained and using the correct fuel type for your new vehicle.
Truck Maintenance Plan and Repair Costs
All used trucks require regular maintenance, and the maintenance costs can vary depending on the make and model of the truck. Some of the common repairs include:
- Engine overhauls
- Brake replacements
- Transmission repairs
Truck repairs can be a major expense, so it is essential to budget the cost in advance. You can reduce your repair costs by performing regular maintenance yourself or using qualified mechanics.
Truck Insurance Costs
Truck insurance costs vary depending on the truck, the truck's age, and your coverage. The most common types of trucker insurance are liability insurance, comprehensive insurance, and collision insurance.
Long-term commitment insurance company policies are typically cheaper than short-term policies. You can get a quote for truck insurance from various sources, including online insurers, independent agents, and captive agents.
The down payment and the monthly premiums will vary depending on your coverage.
Features That Will Make a Difference in the Semi-Truck's Price
Like cars, semi-trucks come in a variety of new or older models. The custom features that are included in the commercial vehicle will affect the price. Semi-truck purchase prices will be cheaper on used trucks that do not have all the features. When you consider buying a new semi-truck, be sure to consider the following features:
The truck's horsepower is one of the most important factors to consider. The higher the horsepower, the more expensive the vehicle will be. However, the more increased horsepower also means that the truck will be able to haul more weight and will be faster.
Commercial truck buyers should consider what loads they will be hauling and select a semi with the appropriate horsepower. You can purchase a sleeper cab with lots of cargo capacity and extra horsepower.
Transmission is an important consideration. The most common transmissions are manual and automatic. Automatic transmissions are more expensive but easier to use.
Number of Axles
The number of axles on the vehicle also affects the price. The more axles the truck has, the more expensive it will be. However, the extra axle provides stability and allows the semi to haul more weight.
Commercial vehicle buyers should consider how much weight they will be hauling and select a truck with the appropriate number of axles.
A used truck with a day cab is also an important consideration before making a purchase. The larger the cab, the more expensive the semi will be. However, the larger day cab will provide more comfort and space.
The day cabs are less costly than the sleeper cabs, but they do not have a bed or a refrigerator. The sleeper cab has a bed and a refrigerator and more cargo capacity, but it is more expensive.
Type of Truck
The type of truck you choose will also affect the price. The most common semis are single-axle, tandem-axle, and tri-axle trucks. The single-axle trucks are the least expensive, while the tri-axle vehicles are the most costly.
Highway trucks are designed for long-distance hauling, while local semis are designed for shorter trips. These trucks are less expensive than highway trucks, but they cannot haul as much weight.
Whether you're a single owner-operator or own a large fleet of semis, it's an investment that will pay for itself many times over. Owner-operators earn significantly more than company drivers, so it is essential to consider all costs before deciding.
By considering all of these factors, you can be sure to get the best price on your semi-truck. When you are ready to purchase a semi-truck, shop around and compare prices from different dealers.
TESLA Semi-Truck Cost
The Tesla semi-truck is a new semi-truck unveiled by Tesla in November 2017. The Tesla Semi Truck is electric, which means that it does not require diesel fuel efficiency.
The Tesla Truck ranges 500 miles and can go from 0 to 60 mph in 5 seconds. The Tesla Truck cost is expected to be released in 2023 and will have a total price of $200,000.
Although the Tesla semi-truck is not yet available, it is already generating much interest from truck drivers and businesses. In the years ahead, the Tesla used semi-truck will have the potential to revolutionize the trucking industry and could eventually replace traditional diesel trucks.
Things to Keep in Mind When Buying a New Semi-Truck
When you are ready to buy a new semi-truck, there are a few things to keep in mind.
- First, you need to decide what type of semi you need.
- Second, you need to decide how much you are willing to spend.
- Third, you need to research the different options available.
- Finally, be sure to have a good credit score before applying for a loan or leasing plans for a truck.
Tips to Consider While Buying a Used Truck
Buying used is always a great option when looking for a quality semi-truck at a lower price when shopping for a used truck.
There are a few things to keep in mind.
- First, be sure to inspect the truck’s components and test drive it.
- Second, get a vehicle history report, whether owner-operators drive in harsh weather or not.
- Third, negotiate the price.
- Fourth, ensure you can get financing when necessary with your good credit score.
Potential lenders will look at your credit score to determine if you are a responsible borrower.
How Much Does It Cost to Lease a Semi-Truck?
The lease payments on a new semi-truck will depend on the type of truck, the lease length, and the mileage allowance. Typical semi-truck prices are for 48 months with a mileage allowance of 100,000 miles.
Trucks make up most of the country's ground transportation of consumer goods and raw materials. The monthly payments on a 48-month lease with a mileage allowance of 100,000 miles would be approximately $2,000.00.
Additional charges may apply, such as:
- Delivery fees
- Lease termination fees
Before leasing a semi-truck, read the lease agreement carefully provided by the lender and ask questions about any additional charges that may apply. Be your own boss by leasing a semi-truck.
Lease payments are often less than the monthly major investment on a vehicle purchase loan so that you can save money each month.
Work with Worthy Injury Lawyers in Case of an Accident
In the case of an accident, it is essential to have an experienced truck accident lawyer on your side. Our lawyers have represented many clients who have been involved in truck accidents.
The reputable legal team at Rosenfeld Injury Lawyers will fight to get you the compensation you deserve. If you or a loved one has been involved in a semi-truck accident, contact us today to schedule a free consultation.