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

Here is an idea. Since your a company driver now get a notebook and do your math. I know you wont know exact amounts for the freight bills but you will know how much you use in fuel, tires repairs etc. Log your miles and figure out what it cost you to run. Remember other fixed costs like insurance workmans comp etc. You will get an idea of what it really cost to run the truck. Then think of how much you want to make. Now think about what kind of trucking you wish to do. If it's just general Freight it's tough. Think of something specialized like OD or special commodities art or cars for example. Owning a business and running a business are two different things. Anyone can own not all can run. Do your homework

 

Was just browsing through this thread, and of all the posts, this one stood out the most to me.

I mean this with all due respect, and I'm certainly not trying to incite any arguments. So don't take this the wrong way.

I've been driving 20+ years, 24 to be exact. I know by some standards, I'm still a rookie. That's fine, I certainly don't have all the answers in life. But, I've been hearing for 24 years that it's not a good time to buy a truck.

First time I entertained the idea, fuel was through the roof. Everyone I asked said wait until fuel comes down. Think that was around 2007 or so. So I waited. Then the housing bubble popped and everything went to ####. Truth be told, I'd probably have failed then, as I had no money anyway. Wouldn't have been a huge loss I guess.

Second time I entertained the thought was around 2015 I believe. Everyone said wait until after the elections, and now just isn't a good time. ( They were all buying boats, ATVs and second homes while telling me this lol) Fair enough, I waited. Got a growing family, can't risk it anyway.

Then Covid hit, and I figured then would be a good time. Interest rates were cheap, and used prices were reasonable. But, still I was advised to wait. I watched as people who could barely dress themselves went out and killed it with the cheap used trucks they bought.

All this time, I've been watching, waiting, and stacking what cash I can as an underpaid company driver.

Now that I have cash to buy a modest truck, rates are in the toilet, and interest rates are sky high, guess what? Now I'm being told to wait until the #### election is over, interest rates level off, freight rates come up, yadda yadda yadda.
(I do confess I don't like what I see right now)

But it begs the question. WHEN IS A GOOD TIME? In 24 years I've yet to be told it's a good time!

 

Don’t know what to say except I’ve got a paid off truck registered and insured with my own numbers and it’s parked . For a couple of reasons but a big one is low rates…..

if you don’t need a ton of money to run the house ie 5 kids and 2 ex wifes go for it……

 

Sounds like you have been thinking about it for a while. So who do you plan to haul for? When you can answer that question without mentioning a load board jump in and try it.

 

I got in it as a O/O in 1984, been driving since late 1979 though, fuel was about .80 a gallon, insurance $1500 a year and Deregulation had just entered. They told me not to do it due to deregulation, look at me 40 years later.

 

The best time is hindsight. 2017 would have been a great time, but it didnt look like it at the time.

I've always been and probably always be a Negative Nancy about guys buying trucks, particularly those whose first post is "I've been driving for 6 months and want to buy this International Prostar". At a certain point, you just have to pull the trigger. If you have a plan, go in well capitalized, it will work out or it won't. If I were thinking about it, as soon as the fed cuts rates I would start buying the truck. I don't think that will be until early 2025.

 

Im not looking to get my own authority right away, just looking at buying a truck in cash, leasing it on somewhere yet to be decided (have a few places in mind), and seeing how things go. I want no parts of running load board freight, especially now. If all goes reasonably well, then I'd consider the next step.

 

Well right now my expenses at the house are on the higher side of what I'd like. Just did new siding, windows, and kitchen last year, which was on my Line of Credit at the local bank. So I'm paying that now. Between the mortgage and the LOC, and my other expenses, I'm paying out $4500 a month.

I have $40k set aside for a truck right now, but I might take some of that and pay down some of my other expenses, which frees up the LOC for the truck. The LOC isn't tied to my house, so the interest rate is a tad bit higher, and is a variable rate. But I like the idea of using cash for the truck and keeping the line of credit for repairs over what I can pay cash for

 

Theyre right that its never a good time to start owning your own truck (or buisness, or anything) BUT you are equally correct that you gotta bite the bullet *sometime* if you need to scratch that itch.

As far as already paying out 4500 a month... personally i think thats a bit high, if you could get all your living expenses in the 2000-2750$ range, that would be more reasonable.

Lets say you paid cash and therefore just have your insurance and plates etc stuff (assuming leased on) youre going to be in the arena of maybe 1000$ a month in additional fixed costs, BUT that would mean your monthly outlay (at present) is 5500. You say you have 40k, and assuming you didnt tap that for buying the truck. 1 repair and being down a month could literally halve your cushion. All new tires on truck alone can set you back 5k. Then theres the issue of are you going it alone or leasing the truck onto a company, both are valid, but each has its pitfalls. Wheres your freight coming from? Do you have to rent a trailer? How much extra will that push you? Are you thinking older and do your own work/newer and pay someone else, but hope you dont have downtime or breakdowns?