Update on Swift Lease Purchase

Like I said, I'd have to dig up the plan which is at home on an excel spreadsheet somewhere, my partner had to teach me how to do that. I figured in a few good average numbers and that had everything in nice and pretty detail. With a spread of disaster to exccelent numbers.

But the rate is 1.12 for long runs. Tolls are paid etc. Just round up the fixed cost to about 900 and go from there if you wanna play with it.

But pre at 3000 miles a week 4 weeks down time 161k 2000 miles a week 107k.

 

Nahh not even close to nearly the same and the trucks are brand new with full warranty the most you spend on maintenance is bservice and inspection at $300 every 3 months you just take out 5cpm for a maintenance account nd its covered. You can toss extra to make urself feel better but my mentor been doing it for 6 years. We still talk every week the biggest mistake fools make is going 68mph everywhere burning all the profit. Set cruise to 64 and kick back, only speed up to make a safe pass and you still average 8-9mpg on the isx12.

Fuel surcharge varies every week but last week was 17cpm for evey mile drive . It gets higher the more the fuel costs.

There's easily more profit to be made doing lease it just means being smarter than the average turd who wants to go home weekly.

 

I'll bite, what is you weekley fixed cost if you don't mind? Talked to a guy with a new T680 today thats running about 900 a week fixed.

Do you use the brokers they have by chance? I've known a few drivers who do, my old mentor included.

 

Not sure of tax rate at $84/yr income. You stated 25%. You forgot the 15.3% fica tax, and in my state 6% tax. Adds up to over 46% rate.

 

Very good point,,, as I said that was very quick and dirty. My apologies, I'm glad you brought that up.

I live in NV (no state tax) But a problem for those else where. Which brings that optimistic 85k down to
50775 Nevada anyway.

As I said, those numbers didn't account for maintence either, take some out for that. Non deductible expenses, and I forgot how swift does IFTA, it's been over a year since I looked at this at all.

But it also doesn't account for what I refer to as "Tax shenanigans." Some legal, some not. Two big things with being in an owner or lease op, saving on fuel and saving on taxes.


Either way I decided against it for a reason, you helped me remember why.

 

Don't confuse marginal rate with effective rate ... not to mention the 25% is already inclusive of the FICA tax.

 

You reminded me why I need to shut up, my partner does all my taxes.

 

I am on my 2nd truck here, a 2016 T680 and my total fixed costs are about $720. When it is your first truck then you have 2 extra deductions, Security deposit and one other. That will take your fixed costs up to about $870, and once those are paid, payment will drop. Also has far as the pay per mile, I might be wrong, but 1st time lease, they have to go on the new pay plan. If your old mentor is still getting the FSC, then like me, he is still on the old plan. Mystic can help better. He opted for the new one.

 

Thank you, that sounds more like what I had discussed with him a few months ago. He left and went independent. And what I was told at Phoenix, and given on the recruiting literature. Think I'm going to switch to flatbed though so I'm going to drop the idea for awhile, tried to pick up my mentors truck but they put it in the loaner fleet. 30k miles on the engine, new tranny and a year left on the lease. Called a few people sent emails, no one was really helpful on getting it pulled out.