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$40,000

Discussion in 'Ask An Owner Operator' started by Jeck, Mar 8, 2017.

Page 1 of 4
  1. Mar 8, 2017 #1
    Jeck

    Jeck Light Load Member

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    I would like to buy a used semi. I have about 40k. What should I use for a down payment and other expenses, plus save for a problem later? Only looking to buy one for around 50kish.
     
    Jeck, Mar 8, 2017
    Jeck, Mar 8, 2017
    #1
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  3. Mar 8, 2017 #2
    Gunner75

    Gunner75 Road Train Member

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    Jackson Center Ohio
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    Check out some of the offerings that are on some of the Facebook group in in called truckers, buy, sell, trade... They got some really decent selections on there for trucks, several guys on there selling load securement if you want to do flatbed, refer and dry van trailers, even several combination set ups that are being sold together for nominal prices
     
    Gunner75, Mar 8, 2017
    Gunner75, Mar 8, 2017
    #2
    ramblingman Thanks this.
  4. Mar 8, 2017 #3
    CSDixon

    CSDixon Light Load Member

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    Feb 7, 2017
    Denver CO
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    50k truck? 40K cash? I would find a buyer to sell the 50 for 40 then take out a secured loan, against the insured truck, for business expenses.
     
    CSDixon, Mar 8, 2017
    CSDixon, Mar 8, 2017
    #3
    Jeck and Dye Guardian Thank this.
  5. Mar 8, 2017 #4
    HopeOverMope

    HopeOverMope Road Train Member

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    I-20 LOUISIANA
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    HopeOverMope, Mar 8, 2017
    HopeOverMope, Mar 8, 2017
    #4
    Jeck Thanks this.
  7. Mar 8, 2017 #5
    loudtom

    loudtom Road Train Member

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    I wouldn't spend all of my cash buying the truck unless I could also pay an entire year's insurance up front. You can always make minimum payments on everything in case you break down or have a slow income period. If that doesn't occur, you can also pay off your debts early instead. Calculate what it would cost you to sit without income for a month or two, and keep at least that much cash available is my advice. A 1 day job in the shop can become 5 days in the shop. Next week something else can happen to the same effect. Just make sure there are no penalties for paying things off early.
     
    loudtom, Mar 8, 2017
    loudtom, Mar 8, 2017
    #5
    Jeck Thanks this.
  8. Mar 8, 2017 #6
    Dryver

    Dryver Road Train Member

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    Nov 30, 2008
    Sioux Falls, SD
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    Finance the 50K truck with minimum down. Bank the cash for everything else.
     
    Dryver, Mar 8, 2017
    Dryver, Mar 8, 2017
    #6
    Jeck Thanks this.
  9. Mar 8, 2017 #7
    DUNE-T

    DUNE-T Road Train Member

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    Detroit, MI
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    If you got 40k cash, get a 98-03 truck for 15k, put another 25k in it and you gonna be golden
     
    DUNE-T, Mar 8, 2017
    DUNE-T, Mar 8, 2017
    #7
    Jeck Thanks this.
  10. Mar 8, 2017 #8
    aussiejosh

    aussiejosh Road Train Member

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    Airlie Beach QLd
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    Keep in mind you always always get what you pay for sometimes your better off paying more and having fewer problems in the long run, then again you may get something cheap and have a good run its kind like buying a lottery ticket really.
     
    aussiejosh, Mar 8, 2017
    aussiejosh, Mar 8, 2017
    #8
    Jeck Thanks this.
  11. Mar 8, 2017 #9
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    What about a trailer?
     
    Dave_in_AZ, Mar 8, 2017
    Dave_in_AZ, Mar 8, 2017
    #9
    Jeck Thanks this.
  12. Mar 8, 2017 #10
    Jeck

    Jeck Light Load Member

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    Feb 22, 2017
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    I want to buy my own truck and will probably lease a flatbed. I am starting CDL training next week. I have another income to support my normal bills. I don't need more than $2000 a month for a wage. Basically the $2000 a month will pay for health insurance and $200/week in food supplies etc. everything else will go into savings. Even though I have a dispatcher lined up I don't expect or need to make alot of money, but I want to make money. I want to pick and choose my schedule. I really don't want to work for a company. If I don't feel comfortable and confident going on my own I will ride with a friend and get my experience that way. I have everything to learn and I am not afraid to ask. I am 47years old and starting my career over. I just need to know how much cash should I keep on hand for in case of a major expense.
     
    Jeck, Mar 8, 2017
    Jeck, Mar 8, 2017
    #10
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