Mike Andes bought five new trucks after 10 years in business. His advice: start with a used truck and spend money on marketing instead. New truck loans can bankrupt a young business if it fails in the first five years.
Five.
10 years.
This year I bought five brand new trucks. That's after being in business for 10 years. When you're first getting started, get a used truck, spend all the extra money on marketing and getting new customers. The vast majority of small businesses won't be in business for five years. So if you get a five year loan on a brand new truck and then the business doesn't work out, you could be in a world of hurt and not just go out of business, but go bankrupt.
