Question for all

Wait. Your first instinct is usually the best answer in these situations. Start planning, ask other O/O's, check out other companies, look at different trucks,save some money, and certainly think about what you think would be better when you are your own boss. Grand a week, fewer head-aches, you must enjoy your job if that you want to stay with your current company. That ain't too shabby.

 

What would you gross/week if you leased on ? What kind of work ? How many miles/week ? What area of the country ? need all this information and more to even start to answer your question, are you sure you've been doing the figuring ?

 

Hors, I would just stick to driving their equip. You are with a good company that has very nice equipment and takes care of you guys. If I ever sell my truck, that's the first place I will most likely apply to.

 

Okay, so paycheck would be $2500 compared to the $1000 you get now. or +$1500.

First thing, as a company driver you are starting even Steven, if you buy a truck you are starting out in the hole. Even if you pay cash for it, you really can't say you are successful until you pay yourself back that money, right ? So if you spend $48k, you wanna pay that back in 2 years. That's $500/wk. the good news is when you get that initial investment back the money will be easier, but the first couple years you gotta pay to play.

So now you are at +1000

In addition to paying yourself or the bank back, you need to start chucking away money for depreciation, at 2100 miles per week, if you bought a truck with 300k-400k miles, you better plan on being prepared to trade or spend some $$$ in about 5 years, especially if you are planning on doing heavy hauling, maybe sooner. prolly gonna want to bank at least $10,000/100,000 miles for depreciation. So that's $210/wk

down to +$790 already.

gonna need money for tires and pm's. gotta be 3-4 cents per mile for tires, and 2 cpm for pm's. that's $105/wk

+$685

I don't know all the in's and out's of these lease agreements, I don't know what bobtail ins. costs, do you have a drug consortium or does the lessor provide it ?. I assume you have to pay for plates, UCR, highway tax though. that's another $50 / week

+$635

Haven't mentioned repairs yet. That's a real joker card when you have only one truck. I loosely figure 0.10 per mile, but you really never know when that big repair is gonna come. Some guys get lucky and run for five years with little or none too though. I guess you figure $210/wk and hope it comes up extra and not short !

+$425

I guess taxes would be another thing, I can't really say much other than keep reciepts. Owning the truck you can deduct stuff like cell phone, computer, clothes, meals, tools. so that's a plus, but you have to do it right or Uncle Sam will take any extra you might have left !

I'm sure there will be other stuff I'm not thinking of, you'll need chains, binders, straps, headache rack, boxes, etc.. if your company doesn't provide it. Looks to me like if you can get that truck paid for in a couple years and put away at the same time you might be able to start making a little extra over company. But the first couple years you wouldn't see much extra I don't think. And that's the only way to do it right. get the thing paid for or replace the money you spent on it first. then you've proved you can make money.

 

As an O/O, there will no vacation. That payment will have to paid every month. If you get sick and cannot drive, payment must still be paid, economy slows down and fewer miles, payment must still be made.If you lost your job as a driver, you just find another one. Taking home a grand a week,and like it, stay there for a while longer.

 

glad if I could help you make an informed decision. I bought my first truck back in March and I can tell you every single time I refigure my expenses it seems like they are more, more per mile, more per week, etc.... And the amount of miles I thought I could run and the amount I thought I could gross/week keeps going down ! lol. it's just so much fun though, I think if I make it through next year I'll be on the right track...