This is going to sound crazy ... but ... here goes.

I bought a truck (2006 Volvo) from by brother. The long and short, my brothers got some health issues and financial problems. I helped him out because it's the right thing to do, AND ...

I've ALWAYS wanted to do the "trucker thing." The investment I made in the truck is around $35k (paid his loan balance). It's currently sitting while I make a decision...

Option 1: Sell the thing. I have no idea what it is acutally worth on a cash-basis. Is there such a thing as a Kelley Blue Book for trucks? Is there a market for a three year old truck with 300K miles?

Option 2: Get my CDL and try to have some fun with it? I can totally imagine driving this big-###-machine across the country for a few months/years/decades?

Option 3: Hire a driver to operate it to try to realize a return on my investment.

Option 4: Push it off a cliff - kidding.

More info: I'm 39, have no real need to make "more" money but I'm anal about finances and refuse to let the thing gather dust. I'm a business owner already and my living is not dependent on my time. I'm willing and able to get a CDL but NOT willing to pay a school to teach me how to drive (let alone waste the $5k?). It's more a matter of the possibility of turning the investment into a profit. Is this possible these days? I've read tons of posts that would scare nearly anyone OUT of this biz! Can a guy get a license, hook onto somebody's stuff and drag it across the country for a few bucks? I'm insurable and don't have any "baggage" - just got a fricken' fancy truck in my front yard that all the neighbors are asking about - too funny.

Please weigh in with your thoughts on Options 1,2 and 3

Cheers

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daytripin
Central Coast, CA
Happy Highways!

Well, having a truck you are sitting in a very good postion. To practice and take the test all you need is insurance, fuel and a Class A CDL holder while you hold a permit for practicing. Find you a trailer and lett'er rip.
As for the option's

Option 1. I'm pretty sure it does have a blue book value and as long as it is still road worthy it would sell. *Problem is fuel is really high now so paying for that alone would if nothing else break you just have a LOT of money to handle it because you have to include tire's, road tax, insurance (usally bobtail and combination) maintenance, living cost's.* Oh yes, it does get expensive and can run you into the ground if you don't know how to efficently.

Option 2. Refer to the *-* section of option one.

Option 3. Sound's like you might be on to something but in the long run you still have to do everything in the *-* of option 1 except you have one more cost coming out and that's paying the driver.

Option 4. Ehhhh, a lot of us would hate to see someone do that to a truck.

Skunk, thanks for the input. I'm guessing insurance is going to be the biggest hurdle. I'm really hoping to make a go of this but won't if the numbers don't add up. Does a rig need to be insured if it's not operating? Is it reasonable to try to use it "on-n-off" like doing some work every few weeks, then sitting for a few weeks then working a few weeks - get it? If the insurance is based on miles travelled this could make sense. But, If I have to get insurance that costs X regardless of how many miles it's operated then I would be trying to pay a 12 month insurance rate for 6 months work. Hope this makes sense.

Also, do I need to buy a trailer or do I use somebody else's? I'm soooooo stoked to even be considering this

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daytripin
Central Coast, CA
Happy Highways!

[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.

This website will give you an idea of what it's worth, if you decide to sell.

Being an Owner/Operator is a tough row to hoe, especially these days with $4.00+ diesel fuel. Add to that you really have no clue as to what to expect.
Talk to your brother first, let him tell you some of the pitfalls, and things to watch out for. I had my own truck about 10 years ago, and found out quickly it's much easier to drive someone else's. At least in my world.

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Go, and beat your crazy head against the sky.....

Truck insurance rates are based on several factors, annual miles isn't normally one of them.

Primary Factors:

1. Truck Value and Liability Limits required, cargo insurance if required
2. Driver record, age, and experience.
3. Radius of operation (Generally local is under 50 miles, intermediate up to 200 miles, and long haul.)
4. Weight and type of cargo being hauled. (Fuel tanker being more expensive than truck load of twinkies or heavy truck like a coal truck with extended weights being more expensive than a highway truck)
5. Do you just need Bobtail only (Someone else insures truck when you are pulling their trailer you insure it when not hooked to their trailer) or do you have to insure the truck and trailer both.

Other things also make differences:

1. States traveled in
2. Cities Traveled in
3. Crossing border (Canada, Mexico)
4. Length of CDL Experience (Some types and cargos require more experience than others.)
5. Where you are based out of. Example, Kentucky charges 1.5% state insurance tax and there are cities in Kentucky that charge an additional 10 to 14% (that's a lot of money on $6,000 to $7,000 or more)

The first questions an agent is going to ask are

Who owns it?
Who's Driving it?
What's it Hauling?
What's it's Gross Wt?
Where's it hauling to and from?

If you can't answer those questions, it's not going to be easy to get insurance on it, and you'll end up through some state's fair plan pool. There's a lot of money riding on a truck insurance wise. Most of the time $750,000 to $1,000,000 in liability alone plus the truck itself, trailer, cargo etc. Companies want to know exactly what they are risking.

Skip

Look up your truck's value by VIN, cost $4.


http://www.trucks.com/truck_valuations.asp

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I just pulled mine. According to it my truck is worth $37,000. According to truck paper they are still bringing $45,000.

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Thanks folks for the great info. I'll mull this over, review more posts and get back if needed....

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daytripin
Central Coast, CA
Happy Highways!

Daytripin..........I can't send you a pm as I have less than 50 posts, so I sent a message to a Moderator to see if they would send you my e-mail address or clarify if I am allowed to post it here..........I have'nt heard back.........

So, I don't know if I'm breaking any rules by putting it here.........Mods...please delete if this is not allowed.....thanks.

Anyway.........daytripin.........me e-mail is Please send me a message so I can get in contact with you.

Many thanks,

........

You're a good brother and in a tough situation. Not sure what I would do if I were in your shoes. I'll get back to ya on it.

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