Should I buy a truck!

Dude if every O/O could made 100k after all expenses every yeah, truck driving career would be a freaking golden miracle to everyone, #### spend 2 yeahs driving , BOOM you pretty much got yourself a house. If you company paying you decent I would just stay as company driver

 

Yea thats some weight but you also have to spec the truck properly to handle that day in n out. Heavy suspension, 4.XX rears/18sp. Your avg road truck will do it but how long is the question.

85% will fail in the 1st year

 

I agree with the 1st part, but not the 2nd. When I bought my truck, we didn't have the luxury of this site. It was jump in, and see what happens, often with dire results. I'd have killed for a site like this back then. But back then, failure wasn't so catastrophic, like today. A bad decision can ruin you for life. It's natural for a company driver to think about having their own, it's part of the American dream, and I'm glad I did it,,,then( 20 years ago) Today, unless you have some cut and dry account, like your wifes father's business, but to have a truck today is foolish. Repairs, regulations, insurance ( that's the killer, right there), let the boss worry about that and you take the family out to the beach on your day off, not having hot oil run down your arm while wifey stands there with her arms folded,,,been there, and ultimately, along with other issues, killed my marriage.

 

Op
If your not ready to marry a truck stay out of it..

 

Your likelihood of making more is pretty slim. The option to make zero or a little above that is substantial.

It sounds like you have capped out the reward side given a super low risk and should probably stay where you are.

 

Let me add a little to that.

Trucking is a business and all business runs in cycles. Ups and downs, dips and peaks. Business is all about timing. Blockbuster video for example had something great because of their timing. But the sun has set on that model. Timing can be everything.

Right now we are in a dip based on the past. This may be the bottom or just the start but none of us knows the future. Only that relative to the past, rates are down about 30% from last year. The longer they stay down the more equipment will be up for sale at lower and lower prices. So this may be a great time to buy a good cheap truck. But its a pretty hard time to make money in trucking. Running 150k annual miles at crap rates to match your current company driver pay will just use up your trucks life faster. Buy a great truck in the coming year and go thru it at your liesure.. Then when the rates rise.. Whenever they do.. Thatd be a better time to enter. When the rate is higher so that you make good money on less fuel and mileage and the truck lives longer. Also as an employee you have few tax deductions. Building a truck on 1040 schedule C can help lower your tax burden and get you some generous refunds.


My 2cents.

 

i Don’t see why not.

 

Last year I worked 260ish days and made about 72k as a company driver. This year as my first year as an O/O I'm on track to make about 45 to 52k. I'm way below what my expectations were plus the logging industry that I work in is slowing way down so I'll be looking for some new commodity to haul soon. I was able to pay cash for my truck and live on quite a bit less than what I made so I'm not to concerned about work being slow this winter.
They say money is the #1 reason of divorce, well it's also the #1 reason of a business failing. If you are able to manage your money to always have that emergency fund available and have your income fluctuate quite a bit than go for it. The freedom to be your own boss is worth it.
Many people are used to that steady pay check every week. Being an O/O is for the most part not going to be that way.

 

Hell No!!! Not now, if you absolutely want to do it, wait for prices to drop some more,it’s going to get worse before it gets better. Then survive till it gets better. You’ll be “ Poised for growth” as they say. But still broke!!! Lol

 

I am not saying ignore the internet, but I would hate to try and try to get all the info to make a decision like this from people you have no idea if they have even set foot in a truck or not, much less owned one.

I am just saying I would be more comfortable talking to OO's in real life, even then a guy has to take some with a grain of salt, but when you talk to one that has been in business for years and not whining about where he works, and is driving decent equipment, you can decide if the guy is somewhat up and up. talk to ten guys working the same place and only one of them has something bad to say, well you can get what I am talking about.