Have you been considering buying a 4×4 truck? Buying a truck can be a huge investment. Not only are big trucks expensive, but so is the upkeep of the durable vehicle.
Some prospective truck owners look for something that will help them at work, while others just want to enjoy all the benefits a truck has to offer such as helping people move, commuting easily in snow or other hazardous road conditions, and towing equipment.
Whatever your reasoning for buying a new truck, you probably have a lot of questions about the financial aspects of the process.
Believe it or not, some people buy trucks that have a higher monthly payment than the mortgage on their house, so you can see why there’s a lot that goes into it.
Can you afford the insurance?
You might be worried that your new truck’s insurance will have a high premium due to its size and four-wheel-drive system.
While this is a legitimate concern as a vehicle owner, you should keep in mind there are several ways to get a low monthly premium for your 4×4 truck.
There are several factors involved when insurance agents come up with a monthly premium, and each truck will be different on the scale.
Some things that will increase the premium are having a bad driving record, the safety rating of the vehicle, and the value of the truck.
If you plan on taking your truck off-road for excursions, your monthly premium will automatically be higher due to the risk of injury involved.
Also, if you plan on adding optional equipment to the vehicle, you can expect to pay a little more as well.
The only way to get an accurate premium for truck insurance is by getting an estimate through an insurance company for your specific truck and situation.
Another factor raising the rates for truck insurance that might be surprising is the fact that 4×4 trucks are more prone to theft. An annual report released in 2018 by the National Insurance Crime Bureau found that full-size Ford pickup trucks ranked third on the top 10 stolen vehicles in the United States.
Are you prepared for the gas mileage and maintenance?
It’s no surprise that filling your truck’s tank is going to cost a lot more than filling your family’s Ford Focus.
Not only is the gas tank much larger, but the fuel burns much more quickly due to the size of the vehicle. You also might want to consider the fluctuation of gas prices in recent years.
While many parts of the country we’re seeing gas for less than two dollars a gallon before 2020, those prices are nearing four dollars on the west coast of the U.S. in 2021.
If you are on a tight budget right now, you might not be in the market for a truck that requires so much fuel to operate.
On top of gas prices, these full-size trucks require extensive maintenance, especially if you plan on taking the truck off-roading.
Whether it’s an automatic or manual transmission, the upkeep of a truck can be overwhelming for some people if they aren’t sure of what to expect.
Not only are new tires hundreds of dollars each, but new features like remote start, vehicle user interface, and phone compatibility can require regular software maintenance for full system functionality.
What will you be using the vehicle for primarily?
At the end of the day, it’s probably best to make the decision based on what you will be using your truck for.
If you plan on using it to its fullest potential off-road, you are making a great decision by buying a four-wheel-drive vehicle.
Not only are trucks much safer than other vehicles when going off-road, but they are useful in many ways whether you are hauling things or getting people out of ditches in the winter.