I own and operate a small business where I essentially make money off my truck and myself. I do various thing including junk removal, moving, handyman type jobs, small landscaping jobs, etc. I've been doing these types of jobs as a side gig for a few years, and at the beginning of 2022 I started into it full time and put real effort into my business. Unfortunately, my truck just blew it's transmission, so I've started into a journey of a really tough decision. My current truck has just shy of 300,000km. The engine ticks, the coolant leaks or burns, it's covered in rust, and it's tired. The transmission would cost $3500 tax to have it rebuilt. I could potentially get a junk yard tranny for less, but we're still into the issue of repairing a truck that just isn't worth much anymore.

I want something reliable to replace it, so my options (as I see it) are another used ~5-10 year old truck, a used ~1-3 year old truck, or a new truck. Of course there are pros and cons to all three options.

I've been bouncing between all the options, asking my family / friends their opinions, but I don't know anybody who is / has been in the same situation. Everyone I know works for someone else, is at a different stage in their life, whatever else.

Some financial info, since starting my business, I've grossed on average $5000cdn monthly. Some months $6000, one month $10,000. My current monthly expenses (my share of mortgage, utilities, cell phone, insurance, everything else) is roughly $1700. During the winter, for this year at least, I'll be working for a company doing snow removal (shoveling) because I'm not 100% sure how busy I'll be through my own business. This snow removal gig is good because he pays me roughly $20,000/season ($4000/month) and I only work when it snows (the past few years have been ~15 days per season). So my plan is to work snow, and still take on as many jobs as I can through my business.

My thoughts: a 5-10 year old truck could pose more problems. It's a gamble. I could buy one and the transmission blows a year later. Buying a 1-3 year old truck may have a slightly lower price than brand new, but as I understand it, used trucks have higher interest rates on loans. A new truck would be slightly more expensive, but seem to have lower interest rates (for example, Ford dealership near me has a 0.99% financing deal right now). Over the span of 5-6 years of paying it off, it might end up costing roughly the same (citation needed). I do have good credit, so I don't believe I'll have an issue getting a low interest rate.

I need a truck for my business, there's no way around it. In this case, the truck is an investment (I think?), despite vehicles usually being assets. Essentially, my gut is telling me to get brand new and not worry about anything, but I'm terrified of making a mistake and regretting it. I've seen people say "your salary should be at least double the cost of a vehicle". I expect to make $60-80k gross this year. Ideally more next year, but I suppose there's never a guarantee.

Now, if I get brand new, I was originally planning to get base model 1500 or F-150, which is the same style truck as I have now. It works for what I do, but I also plan on growing my business and doing more and bigger jobs. I'd like to be able to future proof myself which would require a 2500 or F-250 so that I can pull a large dump trailer, haul more weight, etc. Issue is, 2500/F-250 starts at like $60k, whereas a 1500/F-150 starts at $30k. I feel more comfortable with a $30k loan (of course), but feel dumb spending THAT much on something that technically can't do anything more than my current truck (aside from being able to shift into 2nd gear).

I'm hoping someone else has fought with themselves over this in the past and can provide some insight. I'm in Ontario, Canada. I appreciate it.