Advice on Purchasing a truck or not.

If you're only taking home $800 per week working for Grammer then something's not adding up. What is your weekly gross? Are you having a lot of money taken out of your check for back taxes, child support, collections, or anything like that?

It sounds to me like you and your wife are under some financial stress (we've all been there), and I suspect we can improve your financial situation by getting to the bottom of where all your money is going instead of taking on way too much risk in an attempt to increase the top line.

 

I wish I could tell you that you have a great idea, but I can't. There's nothing wrong with your idea, but your timing is way off. As much as I dislike some of the other replies, they were right in what they were saying for the biggest part. If this is something you just have to, you were given Greatwide and there's a company in Montana that used to do lease purchase that had a little different setup than most, and a lot of guys made that work for them. They are a flatbed outfit and their name is DSV, I think. Good luck to you.

 

Just wanted to thank you for this post. I'm not a trucker but my son is a recent entry to this business (new CDL, driving for a mega). I had been toying with the idea of buying a truck and having him go the O/O route. Even with the knowledge that I could walk into a dealer and buy w/cash a brand new truck using cash the numbers don't jive (assuming I could get 5%+ on the cash in a money market which I currently doing). I have a econ/finance background so I know my way around money.

But to want to do a lease/purchase with no money (for the many things that might/will happen) and bad credit and a terrible freight market (rate wise)? That's crazy talk. My only remaining temptation is that maybe (or maybe not), used prices will drop so far (maybe from all of those lease/purchase turn ins) that used but in decent shape tractors make things economically viable (and the freight rates turn upward).

 

No money on hand and a used truck sounds like a "business venture" that might last a few weeks at most leading to more frustration and ruin. I use the term business loosely because when you're just getting spoonfed the company's freight basically just driving a truck for fun to see the world and get the paychecks but also making truck payments, buying fuel, paying for repairs, & paying quarterly taxes all the ordinary, routine stuff real businesses do in support of their core you're not really running a business.

 

Port/drayage is another option in that area.

 

And the 40K you have in the bank get's eaten when you you have one tow in chicago at 7K, plus 2 weeks wait for the dealership to fix your blown injector that took them 2 weeks to order and install.

 

Whenever I see posts about buying a truck, it always sounds like someone is thinking that all he has to do is buy a truck and SUDDENLY…

…money starts rolling in.

Read your post carefully. You are talking about buying a truck because of what? You are struggling, living paycheck to paycheck, tried owning before and got KTFO’ed.

Stop. Full stop. Your plan is unrealistic. You are a company driver that’s struggling, and DRIVING IS THE EASY PART! You are struggling at the easiest level. Fix this part first.

(I really don’t want to say this, but it sounds like an issue that’s only going to get worse. Don’t mean any disrespect and I really hope for your success, but…)

Your wife is losing confidence in you. That’s twice you talked a big game and failed to deliver. You have to come up with a successful strategy to turn things around. Let’s start at the company you’re at. What does the average driver at your company make? What do the top 3 drivers make? Ask your travel agent…he can tell you right off the top of his head. Are you average, below average or above? If you are above average, quit that job today. If you are average, what do you have to do to get to the top?

 

New lease-ops, being former W-2 drivers, may forget to set aside 25% of all revenue for taxes as he should. He may also fail to pay taxes quarterly earning an IRS penalty.

 

You're in Houston. You want to make more than $800 a week. Go over to the Pilot at Red Bluff and 225. The Supervisor is there early morning hours. With just a little overtime. You can easily make $100K per year. Or just under with no overtime. Easy job. Pays by the hour. Talk to the Supervisor. They're always hiring.
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With that said. Even if you were in a good situation to buy. I am. I could own a truck in a heartbeat. I wouldn't invest in a Taco Cart right now. Just look around you. We discuss this in politics ad nauseum.