No, seriously, I want to buy my own truck

AS A CO. DRIVER ur being paid by the mile, most likely more than your going to make going / being a lease operator.

if your not making enough to cover your bills than get paid more any way you can figure that out w/out going L/O

or-reduce your bills # home to cover what you make~

 

You need lots of $$ to even register a truck. Let alone you have to worry about fuel and maintenance. If the truck breaks down? $$

 

Don't know who you currently haul for, but I will assume the 0-1 years experience puts you somewhere below $.30pm. Exp. is your biggest killer on your company pay I would assume. If its due to them not giving you miles or poor dispatch then look for someone else to haul for.

I posted my business plan on here and you will see that with the gig I am planning with a set $3.30pm/loaded, I am only going to be paying myself $30k/yr.

It would seem that you may have fallen prey to the recuiters promises of making it $big$ driving a truck. Just my assumption based on what little information you have given. More info would be helpful.

 

the only big money i see in trucking, is the money i leave at the pump!

 

I started driving about 5 yrs ago with Swift. The money I was making as a new driver was not enough for the amount of time I was spending away from home. I started to talk with o/o's, with Swift and other companies, about being an o/o. The dozen or so driver's said about the same thing..

They wish they had done it sooner,
and don't do a company lease,
buy a used truck.

I talked with my DM about the requirements and got one set of numbers for experience and truck age, then talked to another and got a different set, then contacted the owner op department at Swift and got the real set. The real requirements at the time were 8 months driving experience, a tractor less than 8 years old, and approval by the safety department.

Each company is going to have different requirements, so make sure that you are talking with the correct department in the company. There are some requirements that came as a surprise to me when I did become an o/o like having to post a $1500 bond (taken out of my settlement check at $100 a week) and buying a QualComm unit for $4000 (taken out of my settlement check for three years at 26 a week).

Truck financing is going to be the difficult part. You can have the credit to go out and buy a 45K car and still get turned down for a 30K truck. I was finally able to find a leasing company to handle the financing (with 20% down!)

I am doing well as an o/o, but I have a few advantages..

My truck is now completely paid for, so there is no payment there.
My wife has excellent health care coverage for both of us, so I don't have that expense.
I am in a dedicated fleet that gives me reliable miles each week, with light loads, so my per mile net is about $.75. (My avg mpg for the fall of 07 was 8.6)

This is a difficult time for the industry. When I started the quantity of miles driven each week was the measure of profitability, now it's the quality of miles (meaning mpg) that determines the size of the paycheck.

Frenzy

 

After reading your posts, I am going to give you my 2 cents.

First of all NEVER LEASE, if you are having a hard time getting loads now, it will get worse as a lease guy. Trust me no matter what they say, they will always load their trucks first!

If you are having problems paying bills now, you will have a harder time being a o/o, as it takes ALOT of money to start up.

here are some examples

Base plate $1800 (varies from state to state)

Insurance and down payment ($2000 rough estimate down payment depending on who you go with and what your record is)

MC# $300

Enough money to support yourself why you wait to get your first pay check

Enough money to pay for fuel until you make some money

Money for repairs

There is MUCH more that you have to pay for up front before you start working that adds up!

Right now is a great time to get in, if you can afford to PAY CASH for a truck/trailer, and have enough money to support yourself for at least 6 months.

Also if you are buying a 5 year or older truck, the maintence and repairs will be more.

Just think that the grass is not always greener on the other side.

 

• Add IFTA and remember you have to file quarterly.
• Add the UCR
• Add 2290 Heavy Highway Vehicle Use Tax $$$$
• Running in New York add more $$$$ for permits
• New Mexico, add more $$$$ for permit
• Oregon add for permits and post a $2000 bond $$$$$$
• You need to file your BOC3 $$$

Learn to do what you can do on your own.
Get your own authority, you can do everything on your own except file your BOC3. That requires an authorized agency. Turn your own wrenches if possible and don't be afraid of getting dirty and greasy. That rig is your meal ticket, treat it like you would treat your own mother or better.

 

Yeah I didn't feel like writing everything down!

 

Ah, the life of an O/O. Imagine if we got paid to do our paperwork

 

We would be rich!

Oh yeah don't forget your DOT compalince and all the paperwork that comes with that! You will be audited by the DOT within your first year so you have to make sure your ducks are in order!