Simple Question, is it worth it?

I'm still trying to figure it out. Can't say yes or no yet, and I have owned my own truck since August 2005.

 

You can get a used 02-04 truck with a 3 year 300,000 mile warranty. Just look up some used trucks from dealers on the internet. Used is definitely the way to go unless you got the money to buy a new one outright. I was just doing some searching today (I am in the same boat as you, considering o/o.) Also, these days a lot of new trucks end up in the shop too much getting the bugs worked out and faulty parts changed for about the first year.

 

I'd say yes but I wouldnt be a trucker if it wernt for the nitch job I have. I wrk 6 days and am home and off 8. my yearly groses are about 200k. I probly have 110k expenses a year. It only works for me because of the job. I couldn't o/o for 1.00 a mile woulnt make sence I would rather work retail!

 

I started driving a truck in 1987 and decided to become an o/o in 1994, have owned my own truck since then and wouln not go back to driving a company truck for anything, work when I want, take as much time off as I want and always have the money to...My dad drove all his life and was in the teamsters union for aprox. 30 years then decided to buy his own truck and for the next 10 years, and I quote him "I would never have been able to retire as comfortably as I did without taking a chance and becoming an owner operator". I have even started selling trucks on a buy here pay here basis to help drivers who want to become owner ops. Have plenty of experience and have several drivers very happy with the help that I gave them to get started.

 

Now that is very interesting. I have often thought about the same thing, but have been afraid of someone not paying and running away with the truck. How would you ever find them? Have you made a profit doing this?

 

Do your research and keep track of the numbers, you will do fine. Don't listen to the guys who told you how they failed, listen to the ones who have and are doing it. For every driver telling you that you can't, you will find 10 more who will tell you that you can. A good solid financial base is a must, because times will get tough from time to time and if you don't have money to sustain your business and your lifestyle you will be forced to borrow the money putting you further in debt and once that cycle starts the end is near. Get your own authority, you will have more responsibility and you'll also have less hands in your pocket, eliminate the middle man(company). The optimal set up for any truck owner is to have a contract inked hauling directly for the shipper(bokering your own loads). This eliminates the 12 to 15% that brokers take off the top of everyload. Don't buy new unless you can afford to pay cash upfront for the truck and trailer. Luxury taxes will eat you up on new purchases. Look for newer used models that still have a few years of warranty left on them. A very good accountant and a good attorney are worth there weight in gold in this business. Be very thorough and detail oriented with your paperwork, this part will save you alot of headaches. I read that you are thinking of pulling a reefer which can be very profitable, above all else you will need a trustworthy mentor( someone who you trust that has been running a successful trucking business for several years) that will advise you and help you in making business decisions. I've been a truck owner for over 10 yrs and thers no way I could ever go back to driving for some company or lease on to one. I'm in business to prosper and get ahead, not just to stay one week out of the red. I pull reefer and sometimes stepdeck and never take loads that pay less than 2.00 per mile, most of the time much more. I only work with 3 brokers and I'm paid as soon as they receive a BOL. Run with the same brokers and establish a relationship with them and they will work with you if theres a problem with a load or a shipper. I see alot of guys make the mistake of running with numerous brokers and never getting paid or having other problems. Stay away from companies like landstar. They are only brokers and will rob you blind. I control when and where I go and how much money I make. For me it's the only way to fly. Some men are okay working for someone else and making them wealthy, others need more than just a paycheck and a pat on the back. Good luck

 

Yes. No brainer.

 

I am a independent owner op, one of the most important things to know is you truck, inside and out, top to bottom. every chance you get be on the look out for any possible failures.
I do all of my greasing, oil changes and maintenance, you cant trust some minimum wage kid greasing at a truck stop to tell you about loose, worn or broken parts.
If your not mechanically inclined, learn it first. (hang out around your company's truck shop if allowed)
Second is understand the business your getting into, a leased owner op pays the leasing company (to much) to do the work.. Authority, licensing, insurance, finding loads, collecting invoices etc etc.. if your thinking independent single truck, then your going to get to know a lot of brokers, they will be your bread and butter. most broker rates are negotiable, its just like dealing with a used car salesman.. but it gets better as they get to know you. most brokers and shippers pay within 30 days, in the trucking world that is a looong time. find a good factoring company for your slower paying invoices.
haul directly for the shipper/receiver whenever possible, it pays quicker and better.
Then theres the paperwork... theres plenty of it, have a trustworthy wife or accountant handle it for you. KEEP GOOD PAPERWORK!! you will be audited!
Personally, I dont like new trucks, the warranties are a joke and getting worse all the time and the new engines are crap. find an older low mileage truck with good records so you know whats been done.. hopefully.. then check that. I prefer freightliners, they work just as hard as any KW or pete and you dont pay for a silly emblem.
I like Detroit engines and 10 speed trannys, the fuel mileage is better with the Detroit and a good 10 speed will last forever.
Do listens to those that have failed and learn from their mistakes.
If you have lots of bills, ex wife payments etc.. crunch the numbers a looong time before jumping, I've seen many O/O go broke due to big home, car, credit card, and wife/kid payments.

 

Is it worth it? Yea it's worth it but you better have BIG BRASS ONES!
I just had the worst year in trucking I have ever had, my house is in forclosure,my wife's car got repoed, I am presently a financial nightmare.
But after all this that is going on in my life finacially I still think it's worth it.Becuase I know I will never have another year like the last one.
For me I am cursed I know nothing esle but trucking,NO way could I drive someone else's truck. Although I am leased to a company, I own the truck,and I am presantly looking to get my own Authortiy to cut loose the company. "Outlaw Trucking" is the only way. I am also looking to diversify a little bit,not put all my egg's in one basket so to speak. I plan on starting to go to action's and by truck's wholesale and sell them. I also plan on getting my own Broker Autority as well as Carrier Authority, to better control the frieght my trucks haul. To me this is a business nothing less I will do what it take's to succeed becuase I simply refuse to fail!
You say I have already failed becuase I lost a house and a car, well I say good riden's to $300,000.00 worth of debt! know I can concentrate on building my business and not worry about that debt, My truck getting wrecked last year was a God send it taught me alot about what was really important. and it sure wasn't the stupid house I had, or the $30,000.00 car my wife drove.
So is it worth it, first you must define Worth!
and remember Sucessful people do the thing's unsucessful people refuse to do!

 

Very well put, It's not about the moneys. For some people that is about all that they know and about all they want to amount to in life. BUT, It's a good life if you do it the correct way.

I've got friends who see my wife and I ( keeping ) a secure life for ourselves and they are getting layed off or fired, or pissed off at their boss's and end up quiting GREAT jobs!

Brickman I think has done it the correct way....He lives a STABLE life on a ( SET ) ammount per week and does not take more than that out of the company.

If one does JUST this, s/he can life a great life take vacations and just life stable and in comfort. The ones who loose their butts are the greenhorns like many i have seen here, who see the $2,000 paychecks and drip slime outta their mouths thinking about it.

They go out and buy a fat ### largecar with a payment as big as the truck!

Great way to start out a nice business...... In the hole.....

If you cant take in a $2000 - $2500 week and limit yourself to a skimpy $450 to $500 per week to live on then your not cut out to be a O/O.

I as a 2 , now 3 truck fleet owner will make $45K this year.... Thats not alot if you see how many hours I put in per week..... And my weekends are also shot... Weekends are always accounted for by the company....

Would I do it again? Do I like it?
Yes,.... And I know BRICKMAN and the others would too....

Its in their Blood to do it... If they ever quit, It wouldnt be long till they started watching truck on the bigroad and wanting that feeling again.

My Opinion and 2 cents on the topic,
All the best,
Matthew