Is it worth having your own truck anymore?

Before doing so, do us all a favor and get a game plan going and educate yourself in the best possible ways. When you get a game plan going, post it here and ask around so you know if it sounds reasonable or not. Make sure to use my link to the majic 8 ball! LOL

 

And never overlook the passive income

 

Not related to trucking, but work ethic in general.......

My father in law is a really successful guy. He's in the business of building power plants all over the world. He retired a few years ago the CEO of one of the largest companies that build gas turbine power plants. He never went to college. He started out helping welders by cutting and carrying pipe for them.

Before he retired, a young guy from the company I'm leased to did a college paper about CEO's in todays economy, and I hooked them up. During the interview, he asked him how he became so successful with only a high school diploma.

He said, "Come by my office this Friday night around 7PM, after everybody else has gone home and I'll begin to show you. If you haven't grasped it all when we're done, and you won't, I'll meet you back in my office Monday morning at about 5:45." :smt079:smt079

In other words, when everybody else was partying, he was working is hind end off. He had to work harder than any of the college kids were willing to, but it paid off huge in the long run.

I guess the same applies to trucking. Of course you have to work legally, but there are ways to work hard to maximize your productivity and profitability. Hopefully, one day, I'll figure them out.:smt003

 

I've thought about it before, Does this look about right or what am I missing ??

Lets say I can get 1.45 a mile (I saw some add advertising this)
and I average 2600 a week..

1.45 x 2600 = 3770.00
6.0 MPG = 433 gallons
x 4.00 a gallon = 1732.00

3700.00 Gross
1732.00 Fuel
500.00 Pay for myself
500.00 Maintenance fund
500.00 Truck Payment / taxes
100.00 insurance (5000.00 yr)

368.00 Profit ??

What am I missing ??

 

About 10% unpaid miles for starters. Murphy's Law? Hopefully you're in good health. You'll be lucky if it's paying you $1.15 a mile on odometer miles, and likely it will be less, which will either be a quick way to the poorhouse or a slow one depending on your skill and luck. It looks so simple and easy. Then you buy the truck and find out differently. I had the title in hand when I started working at an outfit paying like that and never had anything to show for it when I left 2 years later. There's no money in that. None at all. Some guys will tell you differently. I guess they drive wonder trucks that never break. If you want to believe in that pipe dream then go buy a truck and find out for yourself.

 

I think you're missing about another 500 bucks (at least) for yourself. Why would you want to make 500 a week owning a truck? You can drive someone else's and do way better than that.

 

Exactly my thoughts. Why bother with the headaches for $500 a week. If that's all I could make I'd go find a job working for someone and not have to deal with all the BS. Trucks break - even new ones and never when you expect. Tires blow out or get a bolt in the sidewall. Some dumb... will hit your truck when you are legally parked. Everything cost more than you plan because when it happens it's alot of times in the worst place possible.

Not trying to discourage you - just keeping it real. All of the above happened to me last year - bolt in brand new drive tire, hit by Stevens truck, etc etc etc. Stuff happens - try and plan for it by having cash on hand to deal with it.

 

No way in hell I'd run a truck for .19 cpm, much less own one. And that is your BEST CASE SCENARIO??? That doesn't even take account for self employment taxes, occ/acc or worker comp if required, and on and on. That sounds like a great way to meet a bankruptcy attorney.

 

No you all see why I've never bought a truck,
All the posting I've read from people the thing I noticed the most
is to save up and either buy the truck outright, or have one Hell of a down payment...

Need to do lots of research, I never figured the CPM to myself, that poster is right its .19 mile, I can make nearly double that as a company driver and have NO Headaches !!!