Considering buying my first truck

Discussion in 'Ask An Owner Operator' started by Mr. EastCoast, Dec 9, 2021.

  1. Mr. EastCoast

    Mr. EastCoast Light Load Member

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    Hey guys,


    I’m interested in buying my first truck. What should I be expecting when owning a truck, besides it breaking down. What are things I should be ready for? How much does insurance go for? My fear is that I will buy a truck and not be able to afford the things that come with owning a truck.
     
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  3. feldsforever

    feldsforever Road Train Member

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    Hi. Glad your interested. How long have you been driving?
     
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  4. OldeSkool

    OldeSkool Road Train Member

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    Either expect fairly high payments or quite a few expensive breakdowns. Personally I’ve done better with buying fairly new equipment, (as in not more than a few years old with not much more than 300,000 miles), than I did with older cheaper equipment. It also will make a difference if you have access to a shop and are at all mechanically inclined.

    Currently trucks are really high priced. Unless you have access to some good paying work I’d say give it a bit of time to see what happens. Barely used trucks are selling for more than they used to brand new at times right now.
     
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  5. Lennythedriver

    Lennythedriver Road Train Member

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    I talked to a guy that’s been driving for himself for 26 years, been through it all. He said he was on his last truck that he had just purchased two years earlier. He told me his formula is to always purchase new with an extended warranty lasting to 800,000 miles. Yes, much higher payments, but less worry. Whatever truck you get, whether it’s new or used will break down on you. It will spend time in the shop. And even if you have an extended warranty that is time you’re not gonna be making any money and still having to pay the bills.
    It was kind of funny when we were sitting in the yard waiting to get loaded, we were both picking up the same load driving to the same location. 600 miles. He told me, he’s getting $3400 for this load. Me? Roughly $300. Lol
    Of course he’s going to have all the expenses taken out of that but he still gonna pocket about $2400 at least.
     
  6. abyliks

    abyliks Road Train Member

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    First year my insurance was just over $23,000, which was a couple grand more then I actually paid for the truck
     
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  7. ronnieray

    ronnieray Bobtail Member

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    Oct 12, 2021
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    how much experience did you have?
     
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  8. Dino soar

    Dino soar Road Train Member

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    The answer is that you need enough money for whatever happens.. That means for whatever happens.

    Just because a truck is new does not mean it will not break down.. Right now if that truck It is brand new and needs a sensor that truck may sit for 3 months or more. Probably could even be 4 or 5 or 6 months.

    And they will require you to continue making your payments on it and continue making your insurance payments and continue paying all of your household bills and if you don't make the truck payment they will repossess it while you're waiting for the sensor.

    You need enough money to cover anything that can happen and then have more than that because it is a total unknown.

    Also there are guys that have bought trucks for $30,000 or $40,000 or $50,000 they have put another $50000 into it. Maybe more in some cases.

    Not trying to dissuade you but you need to see the reality of what is possible.

    Now there are also guys that like to go to the casino with their mortgage money and play craps.. Some of those guys have bought a truck for $10,000 used it for a couple years without anything major happening.

    Some part of this is luck of having a good truck but your business plan cannot be based on luck.
     
  9. Wespipes

    Wespipes Road Train Member

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    1st year insurance is rough. We'll the 1st 3-5 years really. That's when it starts to really drop. You're looking at anywhere from 12-35k and up for your own authority. That's why many lease on to other companies. At least for a year or 2 so you can get the hang of all the other o/o responsibilities
    As far as the warrenty. I had one. NEVER used it. Paid cash out of pocket instead. Warrenty work takes a long time. So option 1 pay 3k cash let's say be done and on the road in 2-3 days max. Or option 2 pay nothing and wait a week maybe even 2. I'd come out on top going with option 1.
    Also I tell every o/o I can. What's the most expensive repair you can have on your truck? Imo it's the overhaul. Top price for this is 30k. Have that set aside at all times and this is your repair fund. As you use it, replenish it. I also used it as a new truck fund. So I just kept adding to it.
     
  10. Wespipes

    Wespipes Road Train Member

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    Well said! Every truck you buy is a gamble. Heck even a brand new one is!
     
  11. goga

    goga Light Load Member

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    If you do decide to buy, find a cheap one with older engine, no DEF, forget the "better fuel mileage" on new. They are more reliable and rebuildable. Utube and forums are your help in case of fixing and/or replacing small things. Just for the heads up, I had AC pump pulley went into smoke, belt could not spin, so no alternator power. Went to dealer, 4 hrs and $600 to replace just AC unit labor without recharging. Bought AC pump, replaced it withing 20 minutes, went on. So, if you can work on your equipment, do buy, if you depend on shop work, don't.
     
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