Thinking of buying my own truck.

The OOIDA website will answer all those questions. It's a website for the owner-operator and small fleet owner.

Farm2Fleet just posted they have a new program to help drivers become owner-operators and you're not obligated to stay with them, but they hope you do. Check their website also.

 

Scroll down to the "Trucking Jobs" thread for more info on that.

Thread: Farm2Fleet/Covenant Fleet - O/O's


Cardinal Logistics also has a good program for those wanting to become 0/0's.

 

A lot of it depends on how much money you plan on going into this with. Flatbed loads are a little on the light side as far as dollars and cents go coming out of Mass but you can occasionally pick a decent one up. All those lumber loads coming out of Mass and VT arent even worth picking up the phone for. Your almost better off deadheading say to PA for a better paying load going down south or somewhere and you can get a much better rate coming back up. Honestly I think you would be better off with a dry van in that area but thats my opinion. Another concern you might have is you say your in an apartment. Is it a complex or someplace that will allow you to work on your truck on the weekends doing oil changed, greasing, tire rotation etc. This stuff adds up quick if your paying someone to do it. If you plan it right you shouldnt have to give up anything except for some free time taking care of your equipment but in turn it will take care of you.

 

One thing to do is take one paycheck every month and put it into a separate bank account for your taxes. This is what I did for the past 22 years as an o/o. This may sound like a lot but taxes are high. However, all that money put away does not go for taxes. I always get a couple thousand back from doing that and it is like an extra bonus or return. You don't need 3 a mile to make money. You need to know what your minimum to run your business is and cover all expenses on the home front and then go from there. There is a lot of information on here and people willing to help.
People may say don't lease, but Schneider's lease is a good one. You lease a truck for one year and have the opportunity to buy it after or not. Their lease and running the choice program is a good way to break into operating to own and owning to operate. YOU pick YOUR loads and dictate how much YOU want to earn. There are many threads on the choice program here and the o/os on it are happy.

 

The only point in buying your truck will be so you can more effectively use your time and take home more money than you do now. You need to figure out just how you are going to make that happen. There is no point in taking on more risk if you would end up making the same or less than you make now. So, how do you plan to do that? If flatbed interests you, (I would get experience on someone else's truck to learn the flatbed world) - then research what times of year and where your operating areas will be. Who your customers will be. Or if you want to lease on to a company and they find the loads for you, check that option out also. Owning a truck to say you are a business man will lose its lustre very quickly if you realize you were making more money before while driving someone else's truck and they took care of all the headaches.

Start with a business plan ... put something together put it up here and we can help you tweak it/give you advice ...

 

Step 1: Move out of MA. NH would be better for tax reasons.
Step 2: Start out as an O/O leased with a carrier, like Landstar as an example.

 

The grass is not greener on the other side. I am sure you get tired of the same old crap. However, with what I know there is no way I would give that job up for being an o/o. I was 20 years getting to where I am now and there is no way in heII I would be welling to do it again. My 4 cents