5 Year Contract in Exchange for a New Truck

Discussion in 'Experienced Truckers' Advice' started by Lohse, Jul 1, 2022.

  1. Lohse

    Lohse Bobtail Member

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    My boss recently proposed a deal where he would buy me whatever truck I wanted, in exchange for a 5 year contract and sign it over to me at the end of the contract. Now the contract has not been written yet, I told him I'd think about it, I would or wouldn't sign it ultimately depending on what was in that contract.

    I'm leaning towards it, because it'd be nice to have a fancy new truck and it suits my current plans to retire from trucking in 3-5 years anyway. But I'm new to this whole game, I have no idea where to even start specing a truck. I like the W990, since it's basically a more stylish T680 which I am fond of and I like the 18 speed manual, but other than that I feel pretty lost looking at complicated (for me) spec sheets.

    We run reefer in Idaho, Utah, New Mexico and northern Texas for the most part, but that could and probably will change, he's considering buying a tanker trailer for hazmat and who knows what else, 5 years is a long time. So need it have some versatility and power to get up mountains and I'm more concerned with reliability and resale than I am with fuel economy.

    So like, where the hell do I even get started with all this?
     
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  3. Another Canadian driver

    Another Canadian driver Road Train Member

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    Forget about it until there is an actual contract.
    The devil is in the details.
    With the current administration in power, is best to stay a company driver for hazmat tanker loads.
     
  4. Lohse

    Lohse Bobtail Member

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    Fair, I'll tell him I'm interested and he can work on getting that contract written up at least. He's smart enough to get a lawyer to write it but he's also kind of a DIYer so it could go either way.

    I should be more specific, that the deal was that I stayed on as a company driver for 5 years, I wouldn't own it until that 5 years ended, when he would then sign the title over to me. Theoretically anyway
     
  5. Eddiec

    Eddiec Road Train Member

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    Since this may involve a piece of equipment valued at well over $200K and having to work exclusively for your boss for the next 5 years, make sure you have a lawyer read and explain the contract to you as well.
     
    Speedy356, Badmon, aussiejosh and 8 others Thank this.
  6. Ridgeline

    Ridgeline Road Train Member

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    Well he may be smart enough to have a lawyer craft one but are you smart enough to have your lawyer go over it with you and tell you where the problems are so you can get one that is fair to both of you?
     
  7. haycarter

    haycarter Road Train Member

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    What's to stop Him Running you Ragged, & in 5 yrs time you're the proud owner of a Wornout Truck..as well as you being a Burnt out wreck..

    Just thinking out aloud..!!
     
  8. Ffx95

    Ffx95 Road Train Member

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    So I’m not understanding. Is it you run for him for 5 years on that truck and after that timespan he will give it to you? Assuming you’re doing about 100k miles a year that’s going to be a 500k mile truck by the time you own it. It’ll need some serious work done if he’s not the type to keep up on the maintenance. Still not bad tho assuming he’s paying you well and he’s paying for the upkeep while it’s still his truck.
     
  9. 4wayflashers

    4wayflashers Heavy Load Member

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    That’s the thing with all these lease deals too. By the time you own the truck its not a shiny new truck anymore. Also he knows you’ll take care of it like it was yours already. You’d be ahead of the game with a raise or an yearly bonus or something along those lines. 5 years is a long time. A five year old truck during an economic downturn is worth maybe 25K. That’s 5k a year with no raises or anything not in the contract, with you not idling and babying his truck. What if tires are getting worn at 4.5 years? He not gonna replace them. That’s what. 5 years a slave for 25K?
     
  10. JoeTruck

    JoeTruck Heavy Load Member

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    We're you planning to stay there for 5 years before this deal?
    A 500 thousand mile truck is worth 100 thousand today, that's a nice bonus.
    Most of all you know this man, will he try to pull a fast one?
    As long as you can walk if you want it sounds good.
     
  11. Cummins_444

    Cummins_444 Medium Load Member

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    Millis transfer did something like this in the early 2000s. They would basically give the driver one of their old t600s at the end of two years or something like that.
     
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