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Some advise bout leasing on & $$

Discussion in 'Ask An Owner Operator' started by Tim_1326, Dec 21, 2015.

Page 1 of 6
  1. Dec 21, 2015 #1
    Tim_1326

    Tim_1326 Light Load Member

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    Sep 29, 2015
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    Hi have 9+ years driving.. Been @ current LTL company 5 1/2 yrs. did line haul for first almost 5 & city/P&D driver since March. Same company. Left line haul to get off nights. Gave up bout 6 k a year in pay but much better hours. 9am M-F. 26/hr. Question is been doing a lot of research reading blogs & just searching net bout buying a truck & putting a driver in it & leasing on a company. Prolly the owner op truckload division of company I'm at. It's 100% OO .. It's ur typical around 1/Mile + FSC No trailer fees baseplate deal & other discounts .. My company has a used truck they sell used company trucks & id get a discount off price & know "real" service records cause I can walk right in tractor shop & get them ..looking at a 2007 International 9400. Bout 780k miles. Asking price b4 any discounts in 17,500....someone tell me around about cost of insurance I'll need will run me?& can I make $ with a driver in the truck? Reason I'd go used even tho mateince is slot brought deal is just the initial risk factor. Risking less than 20K instead of 100k for a newer truck ...they have term to term runs & line haul lames so it's got a lot of home time. Possibly everyday ...but I wouldn't leave my 70k year job to risk all myself until I see how it runs & potential $$ ... Thx 4 all info!!!division
     
    Tim_1326, Dec 21, 2015
    Tim_1326, Dec 21, 2015
    #1
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  3. Dec 21, 2015 #2
    mountaingote

    mountaingote Road Train Member

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    Best way to find out insurance cost is call an agent and get a quote
     
    mountaingote, Dec 21, 2015
    mountaingote, Dec 21, 2015
    #2
    Tim_1326 Thanks this.
  4. Dec 21, 2015 #3
    thelushlarry

    thelushlarry Road Train Member

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    Your insurance cost will have alot to do with the driver you plan on hiring. What kind of record he has. Just give the lizard a call.
     
    thelushlarry, Dec 21, 2015
    thelushlarry, Dec 21, 2015
    #3
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  5. Dec 21, 2015 #4
    DirtyDog808

    DirtyDog808 Bobtail Member

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    Dec 5, 2015
    Abilene,Tx
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    There are alit of variables with that question...What state do you live in.Call about insurance fron OOIDA.They have the cheapest insurance around.

    Putting a driver in 1st without knowing how the business is gonna go is a rusk also.

    A risk.Sorry bout the spelling
     
    DirtyDog808, Dec 21, 2015
    DirtyDog808, Dec 21, 2015
    #4
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  7. Dec 21, 2015 #5
    Oscar the KW

    Oscar the KW Going Tarpless

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    At a $1 a mile plus FSC it would be awfully nice of you to give some driver a job, with no benefits, and nothing left over for yourself.

    Figure out what it costs for a truck to go down the road per mile and hopefully you'll see the light.
     
    Oscar the KW, Dec 21, 2015
    Oscar the KW, Dec 21, 2015
    #5
    BruceF, Canned Spam, 123456 and 7 others Thank this.
  8. Dec 21, 2015 #6
    Tim_1326

    Tim_1326 Light Load Member

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    Doesn't most carriers offer insurance with savings?...with a fuel discount & paying driver I've ran all kinds of #'s. 2500 miles week ...on average after paying driver a decent wage & truck loan of estimate 600/month. I would see bout 900/week b4 any mateince of course. If I could profit even 500 week after all expenses that's 2K month. Me & my wife make bout 110 year now. Just looking to gain more income. Feasible ?
     
    Tim_1326, Dec 21, 2015
    Tim_1326, Dec 21, 2015
    #6
  9. Dec 21, 2015 #7
    passingthru69

    passingthru69 Road Train Member

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    What are you going to do when the driver goes rouge and quits out on a run??? Who's gonna go get the trk?
    Are you planning on paying them a fair wage or are you going to 1099 the poor sap...
     
    passingthru69, Dec 21, 2015
    passingthru69, Dec 21, 2015
    #7
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  10. Dec 21, 2015 #8
    CJndaTruck

    CJndaTruck Road Train Member

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    I'm not sure what expense you are omitting. But your figures are wrong. $600 a month truck? Is it 15 yrs old? You have been a company driver for a long time. Do you understand real fuel cost and repair cost? Unless you plan on paying .15 cents a mile then you better not think of making more then .15 cents a mile. I'm not trying to say you can't do it. I just think you have very unrealistic expectations.
     
    CJndaTruck, Dec 21, 2015
    CJndaTruck, Dec 21, 2015
    #8
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  11. Dec 21, 2015 #9
    Tim_1326

    Tim_1326 Light Load Member

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    Well I certainly couldn't afford benefits .... Don't alotta small operations do the 1099? I guess that's risk ya take a driver leaving truck somewhere ... Rekin I'd have to go get it. Take a personal day off & take a road trip. It would only be so far away. Most of its term to terminal or line haul. So no more than 6 hrs away ... Guess that's why I'm asking questions. U can read all ya want but need input from people thx
     
    Tim_1326, Dec 21, 2015
    Tim_1326, Dec 21, 2015
    #9
  12. Dec 21, 2015 #10
    spyder7723

    spyder7723 Road Train Member

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    Tim, the point oscar was making that you entirely missed, is that the rate you are taking about is little more than break even.

    Edit to add: and operating by1099 is completely against tax law. Lots of guys do it, and have no problem till they get audited and get a nice six figure fine from the irs.
     
    Last edited: Dec 21, 2015
    spyder7723, Dec 21, 2015
    spyder7723, Dec 21, 2015
    #10
    blairandgretchen Thanks this.
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