Save Money on Cross Country Move.
October 1, 2008
This much less a "sure thing" than when I did it 8 months ago.
We purchased a used moving van from U-Haul to perform our cross country move.
The basics were that to move our stuff via rental would have cost us around $2500 and would have been a very rushed an chaotic affair.
I didn't consider fuel costs because they the same if you rent or buy.
We purchased a 27' U-Haul for $4100. We spent $400 in repairs. We moved our household goods in 2 shipments by ourselves.
After the move we sold the U-Haul for $4000. The loss on the vehicle and new parts was $500. Looking at what renting would have cost, we in fact, reduced the cost of the move by $2000.
Here's the extra benefits. A rental gives you 5 days to get where you are going and unload. We were able to pace ourselves driving and had infinite wiggle room for inclement weather. When we arrived, the U-Haul acted as if it were free mobile storage. We could unload at a very leisurely pace.
Warnings.
If you have never moved yourself before, it's a lot of work.
Make sure you are buying a diesel with an International engine. Regular fuel vehicles and non-Internationals may depreciate further in value once you buy them. International diesels typically have reached maximum depreciation.
Know the vehicle market where you are moving. I moved to an economically depressed area and did okay, but it took several months to sell.
Insurance on a truck can be pricey. Shop around. Don't tell your insurance agent that you intend to sell it when you get there (unless they ask).
Make sure your projected rental costs and worst case sell scenario at least cause you to break even.
Used trucks off the U-Haul lots may need some repairs. In my case we needed to replace 2 tires with retreads and put in a new battery. Price these things well.
Don't just assume this will work well, do your research.