Manufacturers can't get the parts they need to make new trucks. Supply chains are crumbling. Computer chips, steel and other key components are getting hard to find. A shortage of new trucks creates a run on the used truck inventory.
In need of some solid advice from experienced O/O
Discussion in 'Ask An Owner Operator' started by visionarygvp, Sep 25, 2021.
Page 3 of 7
-
Vampire, D.Tibbitt and visionarygvp Thank this.
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
I'd need to see the truck to make an honest call.
What you could do is payback the ten large, thus bolstering your credit rating. That's never a bad thing.
I would not even recommend getting a brand new or like new truck. Way too much money.
You work your way towards that.Brettj3876, Speed_Drums, D.Tibbitt and 3 others Thank this. -
Hold tight until next year and see what the company is planning.
Keep the $10K in the bank for now.visionarygvp Thanks this. -
- Truck Manufacturer Raiding Finished Vehicles for Parts
https://www.businessinsider.com/volkswagen-chip...
2 days ago · The latest weirdness: a Volkswagen trucking subsidiary is stealing parts from finished but unsold vehicles and sticking them in trucks with waiting customers.
visionarygvp Thanks this. - Truck Manufacturer Raiding Finished Vehicles for Parts
-
To original poster.. Listen I mean you greatness in every way. Before you get to moving forward on a truck you should write your self a business plan.
Yes your current company put you put 16-24 months but, take this time and review a few things as well continue to bank cash.
Before you consider what truck, price, age. Look at where do you do most of your running? Are you going to lease on with some one or get your own authority.? What are you going to haul?
What are you going to pay your self.?
Emotionally I know you just took a hit. So back up and regroup..
If it where me, I would give the money back to the bank before the next payment is do. You already know they will lend it to you, so why keep making payments. Instead of making that payment save that money.
Being a owner operator of any type of business is a numbers game. And all number games need to be treated like poker. You came on here and showed you have no back up plan. If that motor would have blown you would be out of business. Regroup -rethink- let every one eles foot the bill Untill your back up plan has a back up plan.
I was a company driver when I first started hanging out here. And now ive up graded from that do to all the wisdom here. You will too if you slow it down and do it right.visionarygvp Thanks this. -
Just don't ask them to take payments. Also if you do this make sure you have trip registration and insurance.visionarygvp Thanks this. -
I can show pictures but that doesn’t help much.Speed_Drums and Dave_in_AZ Thank this. -
I know the feeling people get when they have a dream
But dreams can and do occasionally turn into nightmares
Having a backup plan of a $10,000 loan is not a plan at all
You really should have $20,000 in the bank. Free and clear after any truck purchase and the ability to add to that at a rate of no less than $1000 a month
That’s a truck account not new home or grocery money account
At the end of a year or two Max you should have $35-40,000 for a rainy day
Being a new owner will still make you a new owner
No bank will look at repayment of that $10k loan as business as you still haven’t been there done that
Pay that back
Beans and rice it and work until you have the funds to fail
That way you have less chance of failingLoneRanger and visionarygvp Thank this. -
-
I didn’t take the loan from a traditional bank, and they would charge me an early pay off fee.feldsforever and Big Road Skateboard Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 3 of 7