All of your questions have been answered in this forum 100 times over. I suggest you spend the next year reading through this site heavily before spending a dime.
30K saved and needing advice on becoming Owner operator by 2024
Discussion in 'Ask An Owner Operator' started by Brandonva804, Aug 10, 2022.
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As far as purchasing a truck - buy the one that meets your needs for the job you want it to do. New or used it's got wheels and its going to break at some point. If new - stick to the maintenance schedule! It is cheaper to maintain a truck than it is to repair it, especially with parts being difficult to get. Pay a mechanic to inspect any truck you're interested in. Get a rig dig report and demand the maintenance and repair history. If used - I would suggest a truck that has less than 300K miles on it that is not a repo. I would also look for a truck with a manual transmission and at least one year of remaining OEM warranty - and the option to buy extended oem or dealer warranty. Not a fan of third party warranties.
Be wary of people who are very negative or too positive. Do your own homework and confirm everything. Own your mistakes and learn from them. Enjoy the fruits of your labor and share them.
Remember - Calm seas do not make us good sailors. Godspeed!Another Canadian driver and Coffey Thank this. -
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Cash in the bank is losing value everyday. Need to park it somewhere safe and readily available. i bonds seem to be best. So I’ve heard. Only tied up for 1 yr. Limits on how much you can invest. Able to exceed the limit, when filing taxes. Buying more bonds through the tax filing. Worth looking into.
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Currently going through the process as I type this and believe me it is not easy as I figured it wouldn't be. I have $30k plus another $15k because with the shortage of trailers I plan on renting I haven't a choice should buying one makes sense. Since your looking at 2024 & inflation I would add another $20k and call it $50k needed.
Another Canadian driver Thanks this. -
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Put that money down on a four plex, rent three of it out while you stay in the 4th. Go get a another job.
30k is a starting maintenance fund. Then you need another 30k to pay bills, while your using your maintenance fund to wait for parts and someone to work on your truck, because everyone is currently booked out for 2 weeks. -
Is it recommended to always get a sleeper truck? No day cabs
Also if I buy a truck and there is down time I should be fine still being able to pay my bills as I can go back to working for Fedex Ground. I stay in the system for three months before they kick me out and I can work for multiple contractors. So work is plentiful.
My mortgage is 384.50 a month. All my bills for the month is $942. I have a $96,000 dollar house
Someone above recommend I still don’t have enough I was looking at Detroit, Cummins, and trying to understand what would be the best truck to purchase. It’s a bit overwhelming I feel like I will need a year of researchLast edited: Aug 12, 2022
Big Road Skateboard and Rideandrepair Thank this.
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