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Let’s say you buy a $50,000 truck for cash....

Discussion in 'Ask An Owner Operator' started by Lennythedriver, Jul 7, 2020.

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  1. Jul 7, 2020 #1
    Lennythedriver

    Lennythedriver Road Train Member

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    OTR driver here with 27 months experience. Always thought about being an O/O.

    1. let’s say I buy a used truck for $50,000 cash. No payments....from my research I can get a good truck with maybe 350,000 miles on it or so for that price range.

    2. and let’s say from there I want to drive when I want to drive. Like maybe three weeks out of the month. And let’s say every once in a while I take a month off. How does insurance work on that and what approximately might my insurance run? If I decided to take a month off and let the truck sit but I still need to pay full insurance premium?

    3. So let’s say I have this truck, what do I do next? What type of loads can I get if I have no trailer?

    4. How do I get all qualifications for running? Like MC numbers etc?

    My thoughts are to get set up to basically be an owner operator part time. I don’t wanna bunch of monthly expenses and I would save the money to pay cash for my truck. That way if the truck sits for a few weeks here and they are out of the year I’m not paying some extreme payment on it.

    What type of reserve accounts and amounts do you digest I have saved up? Like a maintenance account amount, etc?

    Is your only option with no owned trailer, to get setup through an existing trucking company?
     
    Lennythedriver, Jul 7, 2020
    Lennythedriver, Jul 7, 2020
    #1
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  3. Jul 7, 2020 #2
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Might not apply to commercial. As I'm licensed in personal auto. But on thst side you can place a car in "storage" for a month. It then only carries comp. No liability or collision. So you get a reduction in your premium for that month of lower coversge.
     
    Wasted Thyme, Jul 7, 2020
    Wasted Thyme, Jul 7, 2020
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  4. Jul 7, 2020 #3
    Chinatown

    Chinatown Road Train Member

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    Henderson, NV & Orient
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    Chinatown, Jul 7, 2020
    Chinatown, Jul 7, 2020
    #3
    nredfor88, rachi and Lennythedriver Thank this.
  5. Jul 7, 2020 #4
    Wasted Thyme

    Wasted Thyme Road Train Member

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    Wasted Thyme, Jul 7, 2020
    Wasted Thyme, Jul 7, 2020
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    rachi Thanks this.
  7. Jul 7, 2020 #5
    Mid-May Trucker

    Mid-May Trucker Road Train Member

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    Buy the truck today and worry about all the other junk another day owner operator is the easiest way to make a living.
     
    Mid-May Trucker, Jul 7, 2020
    Mid-May Trucker, Jul 7, 2020
    #5
    feldsforever, Kyle G. and rachi Thank this.
  8. Jul 7, 2020 #6
    Old Man

    Old Man Road Train Member

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    This should be good.
     
    Old Man, Jul 7, 2020
    Old Man, Jul 7, 2020
    #6
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  9. Jul 7, 2020 #7
    Chinatown

    Chinatown Road Train Member

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    Chinatown, Jul 7, 2020
    Chinatown, Jul 7, 2020
    #7
  10. Jul 7, 2020 #8
    Long FLD

    Long FLD Road Train Member

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    So you’re basically paying someone to find you loads from a load board instead of doing it yourself?
     
    Long FLD, Jul 7, 2020
    Long FLD, Jul 7, 2020
    #8
  11. Jul 7, 2020 #8
    Chinatown

    Chinatown Road Train Member

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    Not me! That outfit helps new entrants that most brokers won't give loads to; new 0/0's with no experience, that don't want to lease on to a company.
     
    Chinatown, Jul 7, 2020
    Chinatown, Jul 7, 2020
    #8
  12. Jul 7, 2020 #9
    abyliks

    abyliks Road Train Member

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    Whose got popcorn?

    it costs me just shy of $100 per day just to have the truck registered/insured to be ready to put the key in the ignition.

    put 15k of that 50 in the bank, buy a 15-20k truck and rebuild it while you keep your company job, or take that 50k to a dealer and put it down on a brand new truck to throw away in 5-6 years like the larger companies do.

    dont forget a trailer....
     
    abyliks, Jul 7, 2020
    abyliks, Jul 7, 2020
    #9
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  13. Jul 7, 2020 #10
    201

    201 Road Train Member

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    high plains colorado
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    Oh, Lenny, not you too,,,every driver out there dreams of having their own and a giant middle finger to the boss, but it doesn't work that way. I was no different. You could do what I did, bought a truck and leased it to a "power only" outfit, I did okay, but I never knew what the loads really paid and was forbidden to haul anything myself. It was my plate, but his trailers and loads. I was a company driver for 20 years, and decided, on a good friends advice, to "go for it". I was totally unprepared for O/O life, and it cost me plenty. $50g's doesn't buy much today, and repairs, insurance, taxes and all those "hidden charges" I never knew about. $500 road use tax,, IN JUNE? WTF is that? will kill you, not to mention any family relationships, kiss those goodbye too. My advice? Stay a company driver. One (big) screwup, and it will take years to dissolve.
     
    201, Jul 7, 2020
    201, Jul 7, 2020
    #10
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