Considering buying my own truck

not to bash
my plan under same circumstances would be learn enough about what you want to do
so you dont have to ask questions of us
leasing from a company is no way to buy a truck

 

Get 2yr plus experience before you make a jump to being OO to know what you're actually doing/learn the business more. Owning a truck isn't a joke and definitely lease purchasing is not the way to go.

 

8 months into this and a Wife, kid, home? Divorce in your future?

Seriously, you are still wet behind the ears. You have NO knowledge, and you have bills now you're trying to pay. You will need at the very least 20% down payment for new, maybe 25-30% down payment for used. No matter what you choose, you will need at the very least, 6 months of money in the bank. This will be for breakdowns, or lack of work when things are slow, and they will be slow.

You are an unknown quantity right now. Not too many customers will take a chance on you, so you might have to go to brokers for loads. Nd they will "fee you to death". Then what will you do for a trailer? Rent one? Lease one?

Get your experience. Pay your bills. By this time in 1-2 years, you'll be working someplace else other than trucking.

Buy or lease a truck now, get yourself a good divorce lawyer ready.


PS, you may never see your kid again, if you buy or lease now. You want to take home "some money"? Then you'll be busting your hump, or you WILL FAIL.

 

I use to make a descent living back in the 90's owning my own rig doing construction dump in the Chicagoland area but with the price of fuel, tires,ins. etc going up a lot higher than the cartage rates and all the cut throats out there I sold my truck and got a company job.If I were you and really wanted to be an o/o I would buy one instead of doing a lease purchase.

 

First thingj Lease purchase from a trucking company is always bad. Always. If you don't qualify for a traditional loan with a low interest rate you may want to look into a leasing company like lone mountain.

Second thing, what to do with the truck. Many first truck owners want to run out and get their operating authority and work off of public load boards. Almost every one of them ends up making less money than they would have leasing the truck to a quality carrier. This leads in to problem number three, no company worth working for as an owner operator will hire you with your limited experience.

Fourth: driving the truck is the basic easy stuff. Running a successful, profitable business is much more difficult. If you want to succeed unlike the vast majority of first time buyers, I highly suggest you stack the deck in your favor any way you can. For example, A few business management classes will pay for themselves a hundred times over.

 

That is a great idea, I usually always advocate additional education. If the o/p stays a company driver for say 2 -3 years, he can take online classes at an accredited online school, and get his BA in business management, which I do believe includes accounting? Truly a great benefit tom have that additional education, can also turn into a full time job, if he leaves the industry.

 

With a dump body, I see here where many contractors take that dump truck, slap a plow blade on it, and drop in a salt shaker, and contract with the state for/during storms. This year, with all the snow we got here in New England, I can only surmise contractors made out very well!

 

Stay company for a while yet, stack up the experience and knowledge. Always always always ask questions! Talk to O/O's whenever you get the chance. Ask about their cost of operation, what kind of rates they are seeing, what trailers are they pulling, what lanes they are running and so on and so forth. ANY knowledge you can stick in your bank will help, whether as an O/O or remaining as a company driver. Keep an eye on the freight markets! How many loads are running your lane in your preferred trailer? What are the rates? What is the fuel surcharge? How many shippers or brokers are offering a flat rate vs. how many are offering a freight rate+fuel surcharge?

I've been involved in the industry for more than 17 years as a driver. It wasn't until I moved into the office that I got to see the other side of how trucking works. It's an eye opening experience for sure! And it makes me glad as heck that I never jumped over to being an O/O. I do not have the financial discipline to operate in today's freight market. I'd probably fail within the first six months on my own. But fortunately for me, I have spent plenty of time talking to successful O/O's, and have seen the financial side of their operations and the financial discipline they have to remain successful, so I figured out my chances of success without spending the money.

Can you be successful as an O/O? Only you can make that decision. Just make sure you have all the information you can dig up before you start spending money. After all, asking questions and learning is free.