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Canadian company driver looking to go O/O

Discussion in 'Canadian Truckers Forum' started by sinistar, Mar 5, 2011.

Page 1 of 2
  1. Mar 5, 2011 #1
    sinistar

    sinistar Bobtail Member

    28
    4
    Feb 1, 2011
    vancouver bc
    0
    Hey guys, I'm looking for some advice. I have been a company driver pulling Super B tankers in the pacific north west for 3 years. I'm looking to become an owner operator for this company.

    The current rate including FSC is $2.30 per mile. The weight we haul is 140,000 lbs, and we are loaded only one way. The rate is the same loaded and empty. On a round trip the company trucks which are Kenworth w900's, and t800 average 5 mpg.

    Fuel here is expensive, todays price is $4.50 per gallon. So my fuel cost will be close to $1.00 per mile.

    The trailers and cargo insurance are covered by the company, but we are resposible for our own insurance which costs $1000.00 per month and of course fuel and maintance.

    I'm looking at purchasing a 2000 Peterbilt 379, 750,000 miles on it with Super 40's, a 6NZ cat engine 475, bumped up to 550 which was inframed by Finning 63000 miles ago. The transmission and other major parts are original.

    What do you guys think, am I setting myself up to make some $, or am I looking at a gongshow.

    Thanks in advance for your input
     
    sinistar, Mar 5, 2011
    sinistar, Mar 5, 2011
    #1
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  3. Mar 5, 2011 #2
    mgfg

    mgfg Road Train Member

    1,753
    626
    Mar 29, 2010
    0
    How many miles per month?

    Do you know the truck/owner? What caused the premature inframe?

    Why not buy US fuel, with the dollar it's cheaper OR when you say PNW you mean Vanc and north?

    US fsc for tandem tandem is 40 cpm right now.....

    Who buys the plates? What's the cost?
     
    mgfg, Mar 5, 2011
    mgfg, Mar 5, 2011
    #2
  4. Mar 5, 2011 #3
    sinistar

    sinistar Bobtail Member

    28
    4
    Feb 1, 2011
    vancouver bc
    0
    Yes I mean Vancouver BC. We don't travel to the USA, all loads are all over BC. Plates, insurance, fuel on the tractor will be my responsibility, everything to do with the trailers is up to the company to pay for.

    I dont know the owner of the Peterbilt, he says the head gasket blew and that it why he had the engine inframed. I have the bills which he paid $18,000 for the work.

    Is a 2000 with that type of mileage for $35g a poor decision even with the inframe done?
     
    sinistar, Mar 5, 2011
    sinistar, Mar 5, 2011
    #3
  5. Mar 5, 2011 #4
    mgfg

    mgfg Road Train Member

    1,753
    626
    Mar 29, 2010
    0
    I looked @ www.truckpaper.com and can not find a comparable truck. While I think that $35,000 is large $$$ for the truck it does come with an inframe and hopefully some warranty.

    Again, how many miles minimum can you expect to see? Without getting too personal are your financial ducks in a row @ home or are you stretched financially? Will you have to source benefits or do you have a spouse that has them? What about workman's comp? What are the premiums in BC?
     
    mgfg, Mar 5, 2011
    mgfg, Mar 5, 2011
    #4
    sinistar Thanks this.
  7. Mar 6, 2011 #5
    cliochannel

    cliochannel Light Load Member

    160
    41
    Feb 23, 2007
    0
    OK, butting in here as the long suffering wife of a thirty year trucker. The best thing I could have done when my idiot husband said he wanted to be an O/O was to buy a big shovel, a gun, a few low-cost lilies, and find an isolated plot of land. And then buried him deep. At the end of the day, given fuel costs, and all the cutting of rates in BC by every Tom, Dick and Harry, there is no more money in being an O/O. Truly, financially, the O/O is as outmoded as a dinosaur.
     
    cliochannel, Mar 6, 2011
    cliochannel, Mar 6, 2011
    #5
  8. Mar 6, 2011 #6
    mgfg

    mgfg Road Train Member

    1,753
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    Mar 29, 2010
    0
    No disrespect but I doubt you "idiot husband" was working for the rates that sinistar has posted.
     
    mgfg, Mar 6, 2011
    mgfg, Mar 6, 2011
    #6
  9. Mar 6, 2011 #7
    sinistar

    sinistar Bobtail Member

    28
    4
    Feb 1, 2011
    vancouver bc
    0
    I expect in the range of 10,000 miles per month. My wife and I are doing this as a team. She picked up her class 1 six months ago and has been practising in the company truck.

    WCB in BC is not too bad, about $150.00 per month.
    Insurance per month is $1000.00
    MPG should be 5.

    I do have a savings so if things don't work out I'll still be o.k. I can always return as a company driver.

    A few of the old timer o/o at this company say these rates are the "best" in the industry. After doing the math I'm not so sure. lol
     
    sinistar, Mar 6, 2011
    sinistar, Mar 6, 2011
    #7
  10. Mar 6, 2011 #8
    mgfg

    mgfg Road Train Member

    1,753
    626
    Mar 29, 2010
    0
    I think the truck is over priced. even with the inframe (how much warranty on it/ask Finning if you can buy more). I like 30 alot better. Of course the asking price is just a negotiating point. That being said there is a move to older (pre 2004) trucks due to the emissions/egr crap that isn't lasting and terribly expensive. I fear that financing this truck will be terribly expensive due to it's age. If you can find financing below 15% you are doing well. Ensure it is proper financing and not some creative lease/finance. The ownership MUST go in your name and NOT the finance companies. The revenue numbers are OK, I am guessing that you are running loaded both ways. I'd like to see more than that for a team unless you are doubling what the single trucks are doing. I am guessing that will come as your wife gains more experience maybe.
     
    mgfg, Mar 6, 2011
    mgfg, Mar 6, 2011
    #8
  11. Mar 6, 2011 #9
    sinistar

    sinistar Bobtail Member

    28
    4
    Feb 1, 2011
    vancouver bc
    0
    We are only loaded for half way but paid full miles for both ways. We will be doing basically what a single person would be doing until my wife gains more experience.

    Thanks for your input
     
    sinistar, Mar 6, 2011
    sinistar, Mar 6, 2011
    #9
  12. Mar 7, 2011 #10
    meadowline

    meadowline Bobtail Member

    14
    4
    Sep 2, 2010
    Alberta
    0
    IMO Finance your truck through your Bank . If your credit is decent you can get money at 7-8 % even on older trucks. I pull same weights with older iron (2004) and my maintance cost can be high some months.
     
    meadowline, Mar 7, 2011
    meadowline, Mar 7, 2011
    #10
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