I want to buy a truck and hire driver

Start reading up on that aftermarket warranty. As far as I'm concerned they are a scam. like the other poster said check around and see if anybody still works with them in your area. I assure you they denied more than they have ever paid out. What's that coverage cost? $4k? What's the maximum payout?

I do wish you the best of luck but you can burn through $20k in a week with a broke down truck with ease.

 

Wow Really, what will cost you $20,000 besides an overhaul

 

You are up to some big surprises. Get your wallet ready

 

Transmition at a shop in the middle of nowhere $10k. $2k tow bill. Paying a power only to take your trailer to deliver product then bring it back to you $2k to $5k. Hotel bill.

Oh and if the stars are in alignment your driver will slide on the ice in the truckstop the day before into a bericade and have another tow bill $1800 and have to buy a steer tire for $800 on a Saturday night.

But don't take my word for it? It's in my thread on here and, I was the driver.

That @Hurst had a story of a bad wiring loom. Wound up in 3 diffrent shops with tow bills to each and a new ECM. Down all week I think. Was like $10k in just repairs for the week. Let alone missed revenue and hotel bills.

The guy I'm leased to lost a Cummins motor at 340k miles. Even with Cummins paying for the new motor, his out of pocket bill was over $20k and 8 weeks of down time. Plus travel to and from the shop in another state for the driver..... twice. Because they said it was done but truck wouldn't make it out of the parking lot after they told us it was done. Took them another week to figure it out.

That truck was in the shop at least 1 time a week for the next 6 weeks (sometimes days at a time) before it ran right again. All additional at the owners expense and driver in a hotel.

 

Oh yea that transmition was only 10 months old with a 3 year warranty from Eaton... warranty denied!!!! So I had to buy it agian.!!!

 

I'm curious send me that info.

 

That whole ECM/Wiring harness deal cost me. Between the CAT house, Freightiner and the tow company,.. I was dry humped raw over that deal. You forgot to mention rental car expenses,.. I drove back to Fla. not once,.. but twice! I was told my truck would be ready the next Monday. Had it towed over to Freightliner from CAT. I drove the 13 hrs straight back only to have to have the truck towed back to CAT for something they missed because Freightliner did not have a CAT specialist in house. Meanwhile my trailer is in storage at the tow yard at $35 a day because neither CAT nor Freightliner had room for it.

Buy new with Warranty. I've been there too. You sit in a hotel room for a week before they even get the truck into the service lane for diagnostics. Then Peterbilt says its not covered under warranty,.. or only partially covered. Takes another 1 - 2 weeks before its finally ready. Meanwhile your bills and revenue losses are accumulating.

But hey buttercup,.. what do we know? We are just being negative.

I say go take out a loan for $100k. With that plus the $50k,.. he might last a year or two. Hopefully within that time he can figure out how to haul for more than $0.95 CPM plus FSC.

What do I know,.. I'm just a driver. (smirk)

Hurst

 

@Tug Toy can probably back me up on this.

The easiest way to start in this business with minimal cash is to buy a cheap truck and do as much as you can yourself. Lease on under an authority so there are no load restriction, use their trailer, fuel card and what ever other discounts you can negotiate through them.

Once you get on top of the maintenance and repairs your truck/trailer needs. Then you start packing away as much cash as you can. Buy your own trailer and start knocking on doors, making phone calls and working on any and every avenue for business opportunities that are possible. There are so many different ways to find and make money in trucking. Loadboards should be use only as a means to get established. Not a 100% source of income. There is so much more money to be made behind the scenes through different channels that many people over look or never think of.

Thats all the advise I have to share. Feel enlightened.

EDIT:

And the whole shiny truck vs ugly truck and pride BS a lot of guys talk about. I started and still operate one ugly truck and never once have I ever had a shipper or broker turn me away or say anything negative regarding the cosmetics and battle scars on my truck. In fact, I have had 3 different stories written about me online. Each giving praise and kudo's about how I operated or went above and beyond.

Hurst

 

Then there was that guy on here that got his first oil change at the T/A on a brand new Volvo. Truck slipped off the jack and went through the oil pan. T/A told him to pound sand! Towed to Volvo and they wouldn't touch it!!! Never did hear what happened there? I do know it was like 2 weeks back and forth before he disappeared.

The guy I'm leased to with the Cummins motor fiasco just about closed his doors over that motor. NOT because of the MONEY but the overal hassles of it all. He has had a fleet since 2006. He still is not the same about his buissness since that happened last year.

Now, there are thousands of trucks on the road that just keep motoring on down the road and I sure hope you are one of the lucky ones!!!

Like @Hurst i got into this buissness because it was what I always wanted to do since I was a kid. I raised my family and have my retirement funded. So I am giving it a shot a 45. I wanted to get into it with the least amount of risk. I hedged my bet by doing all my own repairs. That transmition replacement I did myself after towing it all the way home but that 2 weeks still cost me $10k in cash and $0 revenue.

Trying to be a fleet owner with 1 truck and no direct reliable coustemer is suiside in my opinion. Trucks are to expensive and employees just don't give a darn.

I'm with @Hurst . I spent 25 years in buissness management before I decided to do this. I knew the potential pitfalls and was DONE dealing with employees. After 2 1/2 years in this buissness no way could I pencil out having 1 truck leased on to someone or, my own numbers WITH a driver in the truck!!!! New or old truck it don't matter!

Just not worth the potential risk having someone else in control of the equipment.

Now to start from the bottom and work your way up is an option but it doesn't happen over night. Even with a new truck and driving it yourself is tough. Look up @BoyWander !

It takes lots of capital to do what you want to do! There are a lot of safer ways to invest that kind of money.

But me,, I'm happy as a pig in ####!!!!

 

Stop buying Garbage equipment, before I spend that , I'll trash that truck and buy another one,