Should I buy this 387 Pete or wait?

Hi guys,

I have an oppurtunity to buy an '06 387 with 342k miles. It is from a buy here pay here style dealer and is selling for $56,500 at 10% for 3 years.

This is going to be my first truck and I really want to move forward to become an owner op, hopefully being able to secure my own loads in the near future. My problem is that right now I'm having a very tough time getting financing for a 1st truck. Thus far this is my only approval, and I've been searching since Oct.

I currently run for Werner and plan to continue running for them for the time being. Werners pay for O/O is about .90 per mile + fuel surcharge.

I'm a bit torn about what to do here. I'm sure this is a bit high of a price for this truck, but on the other hand what else can I do? My general feeling is that until I jump in and do it I'm just wasting time, and how much money will I ultimately lose by waiting.

Any feedback would be appreciated.

 

Thanks Walleye,

The fuel surcharge brings the price per gallon to about $1.10 per gallon. Its at about .26 now. The company pays all permits, tolls, scales etc. If that makes any differance.

Though I'm more concerned about the truck purchase for now. I can always change carriers or try and position myself so I can secure my own loads which I'm hoping to do.

What do you considder a fair milage rate to be?

 

I figure the BEP will be about 3800 miles. Including projected maintenance and all insurance. I didn't include any equity payments. I'd like to structure it to be paid off in 2 years. I'm assuming the minimum truck payment of $1840 per month

Again, the carrier can change. But I have to keep it moving out of the gate with someone.

 

What does that mean BigRay?