Company Driver Becoming Owner Operator

I drove company trucks for 16 years before I got this one.
What was I thinking?! Paid $36,500 for this thing, did great for six months, then Breakdown after breakdown, some I fixed some had to be dealer (new computer plus programming for Isx Cummins $3500.)
Woukd have been $2500 if not out on the road, that costs extra, they know they got you.
Moral a year later I had almost $20,000 in repairs.
3.5 years later, this $36,500 Pete has cost me $76,500.

“Its not all about the money, look how much fun we had!” Said Noone.

Oh, and I still have to pay myself back another $14k to be square. So really $90,500 for a $36,500 13’ Peterbilt that I have had 3.5 years to fix.

 

It depends on what he’s wanting to do with the truck. If it’s general freight, probably not a good time. If you have the chance to get your foot in the door doing something halfway specialized then you’ll probably do fine.

If I were in the op’s shoes I would try to move into a company job at a tanker outfit that also takes owner operators on. Work there, learn the system, then buy a truck. As a generalization, the more expensive and specialized a trailer is the better the revenue.

 

You are 1 year old baby who wants to play games with old guys.
There is no room for you. Stay put with that Swift, Werner or with whoever else you are learning the trade. Drive your million miles first, earn your ranks, put aside 40 grand and then make a humble inquiry of whether you are ready or not.
This is the right sequence of steps to follow.

 

Just giving some numbers, I’d suggest if his mind is set, not to go all in and get numbers, lease to a company, one to pick freight, your fixed cost will be much lower with insurance and everything.
Tags, insurance, occupational etc be around $350/week plus truck payment.
Say $1000/month so another $250/week.
So you gotta clear at least $700/week before any profit. So need at least $1100. @.65 you part is $715. (Not counting fuel useon this one)
Then fuel.Need a $2000 one (2000x.65 $1300)
So first load of week needs to be great, pays all truck and insurance.
2nd needs to buy fuel for the week (around $1000-$1400)
Next is your money to pay your house bills/pickup/etc.
Just be sure everything is prepared and preplanned, load rates are all messed up right now.

So running that way, not much time for home.
You will live to serve the truck, until it’s paid..

 

Just curious, If it's so bad, and most of the replies by O/Os seem to shout NO dont do it? Why do you still do it? Why not cut your losses, and do the responsible thing, and go back to being a company driver? Not trying to offend anyone but, it seems like " do as I say not as I do". Maybe I am not completely understanding. Since I am setting myself up to be ripped apart, one more thing. I always thought truck drivers stuck together, We only have each other out here. Lots of hate and naysayers on here. No. dont say you are only trying to help by telling him the truth. BS... Telling him he is a baby or not smart? Take it easy super trucker. He is doing the smartest thing possible.. Asking questions. Its not like he bought a cheap pos money pit and spends more on repairs and poor fuel milage than if he would have leased a newer truck still under warranty. Just something I saw on another thread. Most drivers are strong willed people. So why not actually try to help and support a brother? If I see you on the road I will always wave or give you a hey on the radio. Speak up if I notice a problem or potential problem with your trailer or load, pull and roll your tarps.

 

They are trying to discourage competition.

 

If you think that, you should really rethink your words, if he is a company driver isn’t that a truck on the road?
If he is in another truck he owns is that ANOTHER truck?
The answer is NO, same amount of trucks, same ammoint of people.
Some people throw out bad remarks with name calling, while others just try to get you informed and say”You are not ready.”

 

There's the voice of reason, right here. I don't know if "sassytrucker" is a man or woman these days, I hope the latter, and just by them coming here might have prevented someone, like me, to go willy nilly into this, only to fail miserably. I think we've presented enough evidence for them to make a better decision.

 

You may want to wake up and smell the coffe . Do you live in USA?

 

You need more seasoning. Call it 5 to 10 years slowly building savings to the tune of half a million or better clear ready to go at that time period 10 years from now.

One year is simply not enough. You will be sunk by details you did not get to consider in advance. What you don't know as facts will come back to bite you very badly. And if you gambled a cost on you being right and you were proven wrong? Oh boy... pay up. And be nice. Don't do that again. =)