Speaker: Stephanie Richards, Business Development Consultant
Stephanie Richards: With all the different types of tow trucks that are out there for sale, how do you know which is right for you? And for that, I would recommend that you take a look at the clientele that you intend to service. Will you be towing Ford Fusions and Dodge Caravans? If so, a light-duty truck would be perfect. If you're looking at targeting maybe a light commercial fleet of plumbing vans or duly trucks, then you're gonna wanna go with something a little bit bigger and in the medium-duty class. If you're looking to tow the big stuff, your semis and large construction equipment, you're gonna wanna look at heavy-duty trucks.
Stephanie Richards: Tow truck pricing varies because of the different types of tow trucks that are out there for sale. You can get a brand new light-duty tow truck in the $90,000 range. However, if you add a bunch of bells and whistles, that can quickly add thousands of dollars to that same truck purchase. Heavy-duty trucks can start well over a million dollars. So it just really depends on what you're needing as to where that pricing is gonna fall. Of course, you can always look at used trucks will help to save you on some of that pricing cost, but you do want to be careful not to buy somebody else's headache and get into a bunch of maintenance costs on top of the cost of the truck itself.
Stephanie Richards: Tow truck financing allows you to get a newer nicer truck. now. Instead of having to wait until you save up or spending only what you have in the bank, you are able to get the truck that you want today so that you can start earning with it tomorrow. You will have a low monthly payment, so you don't have to spend all of your capital, and you can use that capital on other things like marketing, payroll, insurance, et cetera.
Stephanie Richards: If you have an old or worn out truck that you're constantly dumping money into with repairs, and maintenance, and downtime, I would encourage you to look at truck financing as an option. As sometimes those costs are more than a monthly payment would be on a new one.
Stephanie Richards: Would you rather spend your money reinvesting in your business or paying taxes? That's not a trick question. Truck financing allows different tax benefits. So if you are looking to pay less taxes, talk to your financing consultant and your accountant to see how you can go about doing that.
Stephanie Richards: Buying a tow truck is a big decision. Whether you're buying your first truck or your 100th truck, there's a lot to consider and you wanna make sure that you're doing your research, that you're talking to industry professionals, and you're making the decision that works best for you and your business.
Stephanie Richards: I started in towing 21 years ago. 12 years ago, I joined Beacon Funding as a business development consultant to finance tow trucks. So I wanted to just share a little bit of my knowledge with you.
Stephanie Richards: Thanks everyone for spending some time with me today and watching my video. If you have questions or comments, I'd be happy to speak with you. You can call or text me on my cell anytime at (847) 627-1614. In the meantime, stay safe out there. Bye.
