US Express Lease-Purchase; Anyone?

If you dont have enough credit or cash to buy a truck, you should probably wait until you can instead of leasing.

 

Like I said, I paid my truck off.
Made 92K last year from usx after expenses.
Also get full wack per diem on schedule c which company drivers don't get.It's only above standard deductions for company drivers which is a massive loss for them.
Also work as an llc for tax advantage.Another massive loss for a company driver.
SEP 401k anyone? Another massive loss for a company driver.
Did I mention I paid my truck off in only two years.Sitting in a house on Longboat Key Florida right now.Apparently it's snowing elsewhere.

He who dares.Wins.

 

Thinking about doing the L/P myself! Can someone tell me how often I can get home realistically? I live in Nth Ga! Also can L/P drivers stick to regional or dedicated?

 

You can get home as often as you can afford to. Just remember you have a weekly payment to make.

 

I actually I talked to a guy recently on a dock in Queens, NY who leased on with somebody...not sure who but they all work roughly the same with the mega carriers. Turns out he was one of the 10-15% who actually makes it through and took the keys and title to the truck, bought a trailer and started his own business. Now he's got a 379 and a spread axle reefer and said he was getting $2k to haul that load like 400 miles out of PA into Queens, NY.

So I guess it does work out for some.

 

Jwp1 has some fuzzy math. If you cleared $1088 after expenses that doesn't add up to $92,000 running 2600 miles a week. Also, you also have to pay self employment tax. 12.9% for social security and 2.9% medicare on your net income.

 

Here is a link from OOIDA that will give an excellent break down on what it cost to operate a truck. You can plug in your fixed expenses like truck payments and insurance and plug in your rate per mile and it will give you all the particulars. US xpress pays a flat rate I am guessing so it's easy to figure. Fuel will be largest and most fluctuating expense.

http://www.ooida.com/EducationTools/Tools/costpermile.asp

 

So im assuming that USX has made changes because now you own a truvk

 

Chubby.
The numbers I posted are for a solo guy getting into the lease plan.
My math is not fuzzy for what I made.
I am also a trainer and have a bunch of bonuses kicking in.
Plus I stay out forever.
It makes no difference to me whether someone does it or not.
The reason I leased 'cause thru US it's no risk.
Screw up owing the bank and see what happens.
I do need to make the next step to a percentage paying co catching my own loads for more cash.
Will do it my own time.

 

Also chubby I have set up an llc with s corp structure.
I only pay both sides of ss taxes on my salary.