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?
Let’s say you buy a $50,000 truck for cash....
Discussion in 'Ask An Owner Operator' started by Lennythedriver, Jul 7, 2020.
Page 1 of 8
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
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.
Lennythedriver Thanks this. -
www.OOIDA.com will answer all those questions.
nredfor88, rachi and Lennythedriver Thank this. -
I was right. Here you go.
How To Save on Commercial Auto Insurancerachi Thanks this. -
Buy the truck today and worry about all the other junk another day owner operator is the easiest way to make a living.
feldsforever, Kyle G. and rachi Thank this. -
This should be good.
Studebaker Hawk, Big_D409, larry2903 and 7 others Thank this. -
~
www.dispatchamericausa.com -
-
-
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....tommymonza, D.Tibbitt and wis bang Thank this. -
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.
Studebaker Hawk, larry2903, tommymonza and 3 others Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 8