My underthoughtout plan for the fall...

Lets do the Math and I will need the Owner Operators fill In the blanks as I do not know them.

Assets

$6000


Expenditures

Lets say you get a helluva deal and pay $30 000 for a truck

Downpayment $3000
Insurance $
Fuel $
Maintenance $
Tires $
Emergency Fund/Credit $$$$$$$$$$$$$$$$$$$$
Basic Living Expenses $


I am sure there are plenty that I am missing, but even by adding only the downpayment in there your are already down to $3000 to operate on for the month since a lot of places you will not see your first paycheck for a month.

I think you need a lot more then what you have to even entertain the idea of going O/O.

Why dont you just get your own job as a company driver without your husband, from your past posts it seems as though your relationship has more twists and turns then the Redwood Forest Highway.

If you cant make it alone without him in a company, what makes you think you can make it without him as an O/O.

Good Luck

 

i see nothing wrong (ok besides a few holes) in your plan
right now many o/o's are running with alot less than 6k in the bank....yup and they even know one breakdown and its bankruptcy time

pete? sure why not, but id go for an areo truck.....yup thier cool and all....but rates are way down and fuel is goin back up...why get 5.5mpg when you can get 6.5mpg and save some money?

as to the truck vs company thing........reminds me of the chicken or egg question....hard to have one without the other
so start looking at company's now, and keep browseing trucks....warner in SLC is tryin to sale all thiers cheap right now....but i digress

in the end it is up to YOU what you do, all we can do is give advice as to what we THINK you should do

 

Its one thing to be an owner operator thats already up and running with only $6000.00 in the bank, its another thing to have that same amount and try and get setup with a truck make sure its ready to roll and get it on the road.

And then she has to find a job for her truck, run usually at least a month before seeing her first pay check....

How much of that $6000 is going to be left even 2 weeks in if she is lucky and she is getting miles?

There is a difference between a dream and something attainable (Wish in one hand , Crap in the other ...see which one gets full first), with the money you think you could have available you would be better off letting it sit in the bank and running company until you had a minimum of $20 000.00 sitting there ready for whatever problem may arise.

And if you are lucky then no problems will arise and you will be secure in your occupation.

This is just my opinion, and likely the reason I will not be an O/O anytime soon!

JMHO

 

If you've never bought a commercial truck before, on 30k you're going to put down $7.5k

25% is pretty standard.

 

Would you stop talking about me behind my back!



if she wants it bad enough she could do do it.



And who the hell runs for a month without getting paid???? that's if your independant. the vast majority of cmpanies pay there owner ops at LEAST weekly, some even daily. drop the load, scan the bills, paid the next day. she can find something to fit her situation.


I agree with the fuel. its to volitile right now to handicap yourself right out the gate. later on if you know you have a gig good enugh to suport the big pete then by all means go fer it

 

Excellent advice...not just for her, but for anyone thinking of buying their first truck and becoming an owner/operator.

 

I am an owner operator, have been for many years now, and I am thinking of getting out of it to be honest, I am not happy with the trucking industry and these low rates nowdays. The money I have been making the last year has not been good, I would be better off driving someone else's truck, no more truck payments, no more big repairs. My trucks are probably going for sale soon.

Why does the truck need to be a Pete anyway? Keep in mind that a pete is going to cost you a lot more than say an International or Freightliner etc. Besides a pete won't make you any more money than any other brand of truck. Also, Pete's are not the most fuel efficient trucks out there, and with fuel prices the way they are you would want to get the best fuel mileage possible if you want to make any money.

And keep in mind that older trucks require a lot of repairs, trust me I know from experience. And it will always happen at the worst possible time. You blow the engine, you are out 15 - 20,000. How will you pay for these unexpected repairs?

Not telling anyone what to do, just giving advice from my own experiences, I would hate to see someone get into this without thinking it through.

 

Yes that is true, but when you start up is is not uncommon for companies to hold back a months pay, every company I have worked for held back a month, and believe me it is not easy going a month without pay.

 

If you give up your house or apartment and "live" in your truck then you will forfeit the per diem deduction come tax time. Do you really want to let Uncle Sam keep that $12,000.00 deduction?

Might be better to sublet your place to a friend or relative and keep the place as a physical address. As long as the rent/mortgage and utilities are in your name I believe you could make a case for claiming the per diem.

As for a specific truck I would suggest you find a truck you can "afford." Select trucks used to have that thousand dollar down deal and now Arrow Truck sales has a couple of programs where you can get a truck with no money down and pay $1000.00 per month or with a down payment can get a reduced payment for 1 year at $750.00 per month.

If it were me, I would try the Arrow Truck sales route and see what I qualify for. Then if I were approved I would look into leasing that truck onto a carrier with plenty of contacts and discounts on everything (parts, shop labor, fuel, tires, insurances, etc).

With truck payments of 750 to 1000 per MONTH you just might have a shot at making it. Get a decent running aerodynamic truck and you begin to stack the cards in your favor.

 

Haven't seen these other truck costs adressed yet:

Besides down payment on truck there's the tag, monthly truck payments, the yrly 2290, repairs and preventative maintenance, insurance and on and on. Seems trucks are viewed as "piggybanks". Sooo many things to research. Got to have some sort of financial cushion in the bank too. Just weigh ALL the factors, don't rush in to it. Good Luck!