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Buying a Truck and Leasing it out ??

Discussion in 'Ask An Owner Operator' started by Tuckster, Dec 13, 2020.

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  1. Dec 13, 2020 #11
    Oscar the KW

    Oscar the KW Going Tarpless

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    Sure would be nice if people didn’t get butt hurt when they receive replies that don’t tell them what they want to hear.
     
    Oscar the KW, Dec 13, 2020
    Oscar the KW, Dec 13, 2020
    #11
    D.Tibbitt Thanks this.
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  3. Dec 13, 2020 #12
    Tuckster

    Tuckster Light Load Member

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    May 12, 2008
    Hanover, Va
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    Not butt hurt ... just looking for good info from people that know. Don't mind your humor but sometimes I see serious questions from folks looking for help and some of the replies are silly.
     
    Tuckster, Dec 13, 2020
    Tuckster, Dec 13, 2020
    #12
  4. Dec 14, 2020 #13
    feldsforever

    feldsforever Road Train Member

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    Nov 22, 2019
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    Lease onto land star. Run your six months. Then let it sit unless you go out and start it every couple weeks.
    Providing you don't have a truck payment, I wouldn't just rent my truck out to someone like my cousin. The condiction of your truck when you got it back would make you cry.
    And thats just from the crotch rott from all the hookers he gets.
    But just my opinion. Good luck with whatever you decide.
     
    feldsforever, Dec 14, 2020
    feldsforever, Dec 14, 2020
    #13
    bzinger Thanks this.
  5. Dec 14, 2020 #14
    Tuckster

    Tuckster Light Load Member

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    May 12, 2008
    Hanover, Va
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    Thanks for the reply. I agree on not renting it out to just anybody. I'm looking to run on average every other week. I don't need to make a ton of money but I'm not going to run for peanuts. I'd love a run to FL and back (I'm in Virginia) a couple of weeks per month but I know know I will have to take what I can find. The insurance will need to be paid weather it sits or is running and that's what's got me thinking of a "lease back" or something similar. I'm going to reach out to a couple of local brokers this week.Insurance will be high because I don't have a ton of verifiable recent experience. I ran my own truck several years ago but have been doing very little for the past 3 years.
     
    Tuckster, Dec 14, 2020
    Tuckster, Dec 14, 2020
    #14
    feldsforever Thanks this.
  7. Dec 14, 2020 #15
    Ridgeline

    Ridgeline Road Train Member

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    Read what I said, not many people here have leased out vehicles and it does take more than just what you think. Just the legal costs to set it all up right so you don’t lose everything is costly, it ain’t a legal zoom moment.
     
    Ridgeline, Dec 14, 2020
    Ridgeline, Dec 14, 2020
    #15
    Tuckster, feldsforever and roshea Thank this.
  8. Dec 16, 2020 #16
    Tuckster

    Tuckster Light Load Member

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    Hanover, Va
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    I think insurance is going to be my biggest roadblock. Running only 60,000/year means I'm paying all that for insurance while it's sitting.
     
    Tuckster, Dec 16, 2020
    Tuckster, Dec 16, 2020
    #16
  9. Dec 16, 2020 #17
    86scotty

    86scotty Road Train Member

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    Appalachia
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    I'll give you a no BS answer. Your plan sounds good and sounds like you have money, maturity and brains but are new to this game. The flaw I see in your plan is the leasing it out part. I would never do this. I don't know anyone it has worked out for, unless you want to get in to the business enough to basically be running a trucking company.

    You should be able to net a lot more than 30k in 30 weeks, like double and that's for average rates without working hard at it. Buy the truck, deal with the insurance for a year or two and it will go down A LOT! Mine cut in half by my 3rd year. Then just drive your truck when you want. It's not going to become a money pit if you fire it up and use it every couple weeks. Just don't let it sit for months.
     
    86scotty, Dec 16, 2020
    86scotty, Dec 16, 2020
    #17
    Vampire, RubyEagle and Tuckster Thank this.
  10. Dec 17, 2020 #18
    Tuckster

    Tuckster Light Load Member

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    May 12, 2008
    Hanover, Va
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    Appreciate your help ... I know leasing out is a bad Idea and won't do it based on the many suggestions not too. I just don't know if I can make it work paying so much for insurance and letting it sit. I really DO NOT want to end up running really hard just to make a little profit. I'm older and semi Retired and really just miss it (along with needing a little income). I'm surprised you think I'll make more than I estimated. Most suggest I won't make enough. I've looked at the load boards (@ least the ones I can access .. DOFT for example) and it looks like it will be tough. Can you offer anymore insight on what loads are paying ??
     
    Tuckster, Dec 17, 2020
    Tuckster, Dec 17, 2020
    #18
  11. Dec 17, 2020 #19
    86scotty

    86scotty Road Train Member

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    Aug 27, 2017
    Appalachia
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    That all depends on where you run and what you haul and who you haul it for. If you mean good old load board freight in a dry van I think the universal going rate is about $2/mile. It's been $3 or more for awhile but since I've been at it, not but a few years now, it's averaged that.

    Edit, I see you are in Virginia, which is a pretty good market. You might average closer to 3 or better on short haul stuff.
     
    86scotty, Dec 17, 2020
    86scotty, Dec 17, 2020
    #19
    Vampire Thanks this.
  12. Dec 17, 2020 #20
    Tuckster

    Tuckster Light Load Member

    256
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    May 12, 2008
    Hanover, Va
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    It does look like the short haul stuff is paying OK ... I kinda wanted to do longer runs but it is what it is. I like going to Florida but the stuff coming out is garbage from what I've seen. I should probably start slowly with the short haul stuff. Just need to be sure I don't spend hours waiting to be loaded and unloaded, but I could figure that out with time as well.
     
    Tuckster, Dec 17, 2020
    Tuckster, Dec 17, 2020
    #20
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