How much experience do you think is needed before becoming an O/O?

When interest rates were rock bottom it seemed a better deal to finance things and make more money investing the extra cash. Now that they've gone way up I'm wondering if it would be better to just pay cash up front.

 

The current price of an average Pete is almost double what I paid for my Western Star 5700 I bought new (custom order) 3 years ago.

 

Talked with my agent. Insurance for reefer is goin up. Higher than ever claims. Is it form guys that jumped in and not versed in the extra care, receivers being picky, or both? Well, whatever, still not good!

 

If that was the case, they would adjust rates according to new entry vs established no claims customers. Its more of an insurance cashgrab for all that money you obviously have because you arent out of buisness yet

 

So, a bunch of rookies got started with reefer and had screw ups that now you as the guy without any claims are now paying more to cover? Thats just disgusting.

 

The best advice I can give is don't invest what you can't lose.

The next best advise is to have 6 months of 'house expenses' PLUS 6 months of 'operating expenses' saved up. As a truck owner you never want to be in the position of NEEDING to work - at that point it's just a matter of time before you fail. Having 6 months of living AND operating expenses gives you time to make smart choices.

My last piece of advice - if you've gotten anywhere close to bending your cab extenders in the last 12 months, you're not ready.

 

The economy is so frickin fragile right now I would just continue to save, maybe even fine another field, for 50k some places will let you open a franchise store.
If you really want in I would try a walk away lease at first and one that gives you options to chose your freight and work with ya. And continue to save. But honestly being a company driver is just fine as well.

 

2+

 

I would recommend waiting atleast 5 years; I would have overhaul money and maintenance saved atleast $20,000.......
You would be able to learn the ins and outs of the truck, learning the rules and regulations of becoming an O/O... you'll learn which truck drive better, haul better, pull better...... you'll learn pay rates and how far to drive on these rates..... it's alot to learn, but the more you drive the better experience you'll have.