I have $100k cash and 6 months CDL-A experience. Where should I go leasing?

At $1 per mile you will be paying into the "company" $500 a week. $1 a mile barely covers fuel, permits, insurance and maintenance. It does not provide a salary and it certainly won't allow for any capital reinvestment. And we haven't talked about health insurance.

In the last 6 months have you tracked EVERY expense your truck has had? Fuel, tolls, repairs? Do you understand IFTA? Can you name the 2 worst states to get a "backhaul" from? What is a rear axle ratio and how does it impact the finances of the truck?

If you want to run your own truck, start by pretending to own someone else's. Track expenses, figure out how to fuel for success, learn the patterns to freight lanes. Once you understand the costs, you can then plan on what truck to buy and how to run it.

 

You need more experience to lease to a decent company,some of those are struggling and a few even closing at the moment.
Your best bet is to drive someone elses truck for a while longer,save all you can and learn all you can.
Don't buy a used truck for $50k or $60k,it will probably need big repairs soon if it has around 500,000 miles on it.
If I was you I would keep driving a company truck,save all you can,learn all you can,and when ready put 50k or 100k down on a new truck.Then most everything will be under warranty.
The more years experience you have the cheaper your insurance is going to be,and the carrier you lease on to would get a better rate for insurance.
$1 a mile is loosing money every mile,you will closer to breaking even at $2 a mile.

 

I think age of CDL has more to do with insurance costs. I had a 20+ year old CDL, but no experience. Insurance company didn't even ask if I had experience.

 

Why not just put the 100k in a IRA and let it grow

 

I'm calling troll.

 

And you are #### good at that so I'm going to follow your lead.

 

Well trucking is surely going to drain you before you get anything...at least the tree is steady over time, trucking is not.....

 

Aaah - just has to be. Unless I'm underestimating BS and stupidity.

Lack of communicative skill and evidence of knowledge I can live with - but, if I had 100k (or is it 200k?) - well you know.