Buying truck and trailer cash

$2,200 on 1099 or W2?

 

Just stay where you are.

 

If there is a certain truck you have your heart set on, get the truck for cash. Forget the trailer for now. Put the truck in storage, hopefully an enclosed shed. Do a complete pm, prep for long term storage, fog the motor, get the weight off the tires, etc. Keep working your current gig. When you have piled up enough cash, pay off your personal house, have all vehicles paid for, to when you know you can work when you want, then make the jump.

 

There’s no difference in “paying cash” or financing. My first truck was bought outright with corporate funds however it was still a loan. I paid the corp back with interest so essentially it’s still a loan.

What you should probably do is setup the legal end of your business before you buy anything. That’s after consulting a business accountant.

In other words, you will be loaning the business money and will get paid back with interest..I forget how much interest you can charge.

Seems like you already got it made in life..why ruin it.

 

In past years I'd have agreed with you, but with mortgage rates around 7% I'm sure Truck notes will be at least 8% and there's no CD's paying 8% (or 7% for that matter). A guaranteed 8% is tough to beat right now

 

@Ridgeline, truer words were rarely spoken

 

I'm fighting a similar situation right now. I have it really good here as a company driver, even with the work being a bit slow.
My unicorn truck, the very truck I have wanted for so long, is for sale right now. I have the cash to buy it. But for what? I've called around about leasing it on to various carriers, and from what I'm seeing, it makes no financial sense for me to do anything.
Getting my own authority would be pointless, as I've spent the last 15 years doing niche work, with almost zero chance of getting in on what I'm doing now with my own truck. And starting with a new authority in another segment of the industry that I haven't been part of for over 15 years? I'd likely be just another statistic.

If you're making 2200 a week and are happy there, I'd stay there for the time being. Stack your cash in the meantime. And when you're really sick of being a company driver, put the pencil to the paper, and if it makes sense, buy a truck

 

It’s not all about money at the end of the day. Do what you think will make you happier if you don’t you will always have that thought in the back of you’re mind of what would, could’ve been if you went out and did you’re own thing.

 

I honestly haven’t looked at rates, you might not break even but you can still make some back to try and cover costs, all it takes is one bad week and cash goes quick, the interest is also a write off along with the depreciation

a 24-36 month note would obviously be less internet then a 60 if you could swing that