Do any of you live 100% out of your truck?

I'm considering the possibility of returning to the industry (a big shocker there for the old-timers, I know), and my current plan is to basically live in the truck for two to three years to build up the necessary capital to buy my own darned truck. Use the parent's address for license and what not, pinch every penny until it screams and bleeds, and get a decent used truck that I can straight up pay for in cashey money.....then stick it out until the truck is all fixed up to mechanical reliability and safety before I take it out on the road as an income earner. I'm hoping that way I can get away with at least two to three years of reliable service before anything major (read: super freaking expensive) breaks.....

Plus, once I get rolling in my own darned truck, I get the joys of suffering ALL the headaches that go along with keeping a truck profitable rather than the headaches of trying to figure out what the heck load planners/dispatchers/fleet managers are thinking....that is if they are even capable of thought...

 

I don't know how much you plan on paying for a used truck, but there are many around that you can buy for a decent rate that aren't in need of repairs. I could have bought a 2001 Freightliner with a newer engine for $10,000, just a few months ago. The truck was in good condition and I would have been able to put the truck to work immediately. There are deals around if you are patient and have the cash in hand to seal the deal, as they say.

 

G/Man, I've been keeping an eye on used truck prices and am figuring on around $20,000 for the truck itself. The rest of the savings plan is to make sure the truck is safe and reliable (double check everything, replace if it even looks questionable), and having the operating capital and "oh crap" funds to keep rolling until the truck is profitable. I'd prefer to go all in with cash in hand, rather than floating a loan and having to pay interest on a monthly basis. Plus, I'm figuring a paid off used rig will be better than jumping into new truck payments right out the door.

 

Cash is always the preferred way to get started in this business, as far as I am concerned. That is the way that I started. I paid cash for my first truck and trailer. The $10,000 truck that I mentioned was from someone who works on my trucks. He bought it from someone put a newer engine in the truck. I have seen decent trucks in that price range. You do have to be careful. There is some junk around. You can find a good truck for $20,000 or less. It is smart to keep your borrowing to a minimum. It isn't that you could not afford to make truck payments, but it does take off a lot of stress to begin a new business with little or no debt. I have known some owners who don't seem to be happy unless they have a big truck or trailer payment. They justify it based upon taxes. While there are some tax benefits to financing and updating equipment on a continuing basis, I think that they are mostly trying to justify buying a new truck to themselves.

If you do change your mind about having truck payments, I would keep them as low as possible. You definitely want to keep them under $1,000/month. Less is good.

 

Some of the best deals I have ever seen are at the truck auctions. An associate bought a Peterbuilt with 2 years left on the manufactures warranty (less than 200k miles) for $ 28,000.00. Taylor & Martin is a good place to start.

 

Auctions can be a great place to find good deals on trucks, if you have the cash. I recall a driver who lived in California and bought a truck at an auction in North Carolina a few years ago. He got a really good deal where he could afford to travel several thousand miles to buy the truck. I know another guy who has had good luck buying equipment at auctions. He bought a yard dog for next to nothing in Fort Worth. Richie Brothers and Taylor and Martin are the two larger auctions for equipment. Both have auctions all over the U.S. and Canada.

 

Well the only way I can see my current business plan succeeding over the long term is by keeping my first year expenses as low as possible, and that means NO PAYMENTS on equipment. Pay cash up front, get it as reliable as possible before I put it to work, and hope for no major breakdowns for the first two years (even if I have the absolutely required breakdown, or "oh crap", account set aside as a just in case safety net). Besides, every new or newer truck I have driven as a company guy generally had any number of bugs and quirks that had to be worked out before the truck was actually reliable. Maybe I can get one that has had all the apparently required shakedown work already taken care of.

I do know that I want a decent Detroit motor, since I have never had any problems with previous Detroits I have personally I have dealt with. And I think I would rather stay with a Freightliner Columbia just because I found those to be the more comfortable cabs for long-term outings. Not a condo sleeper, though.

This rig is gonna be set up for flatbedding, so I'll need to either find one that has or install a header board/chain rack. And I'll eventually need a trailer, probably a 48'/102" spread axle, unless the 53' trailers become required like they did for drybox. Haven't checked the prices on those yet, cause I don't want to cry today.

 

If you're single and free like me it can be an excellent way to bank a lot of dough in a short period of time. I'm getting ready to do just that. No house no apartmt. Parking my car at friends house and have a p.o box. I will try to avoid truck stops except for fuel and shower. Probably get a motel a few times a month to unwind.

 

See a lot of talk about single. I'm married my wife rides with me. We agreed having a house was pointless. We use her parents for mail an address for license. When we go home we rent a room for few days. Working our way towards a custom sleeper in few years then won't need the room on home time will have a mobile house on the truck lol

 

I know a guy that drives for USA Truck that lives in his tractor. He takes it to the terminal where he parks his POV. He gets around the proof of residence requirement at DMV for his CDL by helping his sister. Her electrical service is in his name. He uses her residence as his. But he hardly ever stays there when on home time.