Does it make sense to become an O/O?

You are doing well for yourself. And if your happy, then stick with it. I became an O/O because I wanted the ability to go where I wanted to and do whatever I wanted. It's worked for me so far.

Not everybody is the same either. You are running 3,000 miles a week while I try to run that in 2 weeks. I want to run LESS miles, and being an O/O I can do that. As a company driver, your paid by the mile and need those miles. It all just depends on what you want to do.

On a dedicated lane I had ran, I put in 2,500 miles a week and cleared $2,000 a week after all my costs and bills were paid. So I was making .80cpm as a driver. But it doesn't always work out like that.

 

I certainly understand. I have driven like that over the years but not lately nor do I plan on ever doing it again. But there are other alternatives besides going from the frying pan into the fire. Like looking for another job, for instance, where you can run legal and still have good pay and benefits, You have enough experience to start shopping around.

 

Looking at the numbers you crunched, I wouldn't become an 0/0. You're making more than me; my wife never had to work outside the home unless she wanted to. My 401K got really fat. Of course there are very successful 0/0's, it's just that I never knew any. All the one's I have known usually had to struggle & if their wife didn't work, would have really had a difficult time. Most lived in homes that really needed upkeep or run down trailers. Some 0/0's are astute business people and do very well and someday retire and live the dream life, but I doubt if they are in the majority. You really answered your own question.

 

If you get your endorsements, you can make the same money you're making now, and run perfectly legal. I avg. $65K annually running legally because of hazmat/tanker endorsements. You can do the same. If you lose your health & live long long enough to retire, it may not be a pleasant retirement. Look at the big picture. My neighbor drives for A&R Transport, drives legally, and makes $72K per year.

 

Number 1 rule to owning a truck- Have a wife with a job with medical insurance. I had a heart attack in '01 that would have wiped me out financially if not for wife's insurance. Doesn't matter how young you are. Expect the unexpected.

I don't worry so much about that stuff now with good coverage and short and long term disability. The price of those things is astronomical for a self employed person.

And my 401k is also growing fat. Before I worried about keeping a cash reserve for tires or the unexpected major breakdown. Wreckers are expensive. So are engines and transmissions.

 

Exactly. We make 60-70 on the LTL side running five nights per week with elog. Weekends, holidays off and paid vacations.

 

I've seen you post this several other places, and I have to wonder why you are not with A&R??? not trying to be critical or anything, just wondering.

 

I made $80k last year in the ltl world. Don't own a map. Don't open/close doors. Don't sit on forklifts. Don't sleep in a truck. Don't deal with shippers/receivers. Don't touch freight. Seldom back to a dock.

 

Yea, but isn't hauling hazmat trading a bit of money for greatly increased danger? If a gasoline tanker crashes, it could explode.

Unless I'm missing something? I know not all hazmat is very dangerous, but still.

 

I'm not sure but I think A&R just pulls pneumatic trailers. I think they have to drag a couple hoses though.