For those of you O/Os out there.....how much funding did you start out with to hit the road?
This is just a pure shot in the dark from my research:
Truck: $25,000 to 45,000
Heavy Highway use tax: $500
IFTA: $1700
Truck Ins: $900
TWIC: $100
Passport: $135
LLC: $500
Cash or credit on hand for unexpected repairs: $15,000
So approximately: $60,000
Average startup cost?
Discussion in 'Ask An Owner Operator' started by cvnorton, Feb 20, 2018.
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You have the right thought process
I would say 75 to 100 is more comfortable. And be prepared to flush it all down the crapper if the shtf real bad.cvnorton, nightgunner and Oldironfan Thank this. -
Add some extra zeros it never hurts.
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Yeah I was originally thinking $100 - $150k so you could get a better truck and have more operating capital for those unexpected breakdowns. But I also thought some of the other things I listed were more expensive then they actually are.
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money to pay off corrupt DOT officers lol
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After drivers pay their down payment $5k-$15k for their truck I guarantee you most have less than $10k in operating expenses and probably less than $5k for a lot more drivers
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Truck Ins $900?
You can finance part of the truck.
Ifta pay per quarter. I think you meant plate. -
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Insurance for a startup probably 12k a year for low valued equipment and 18-22 for high dollar equipment. Plates 3000 a year or so. Ifta and road taxes are peanuts. 2290 is 550/year and ucr about 75/year.
Just don't be one of these guys that gives his business a big interest free loan to buy a truck and gets himself a job for company driver wages and never repays the lender for the equipment purchase. Then you're actually going backwards. Lots of folks do it and don't realize it til they need to replace the truck and uhoh the lender has no money. Or you save up your company driver earnings and buy the next one..........lol.... happens every day..cvnorton Thanks this.
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