Is owning your own truck the natural next step?

If filing as a corporation is saving you a "ton in taxes" you might want to consult an actual accountant or tax attorney. You might be screwed come audit time.

 

Most Uber drivers just think they make money. Once you factor in all of the expenses and wear and year on your car, it doesn't amount to much. A full time Uber driver can wear out a brand new car in about 3 years. Lots of maintenance, repairs will take place in 250K miles. Most of them will tell you, I made $xxxx.xx last month and only spent xxx.xx in gas. Lots more than gas in expenses.

 

Yeah but the cats run your show, Dave!

 

*wear and year.

 

**wear and tear. ###### autocorrect

 

Engine overhaul 20,000
Transmission 10,000
Tire 600
Oil change 450
Alternator and batteries road call 2200
These are just rough figures because as a company driver I don't pay the bill.

 

Never wanted to own my own truck after I started trucking and saw some of the crazy repair and towing bills these big trucks can generate.

My next step is to maximize income as a company driver and squirrel money away for retirement.

 

I agree. I make a pretty good weekly check as a company driver. Good Health Insurance, Long and Short Term Disability, Vision, Dental, Company matched 401K. All of that stuff out of pocket would cost a pretty penny annually. I'm very content being a Company Driver

 

Is owning your own truck the natural next step?

no, owning your own truck is not the "natural next step"

it IS a step up the ladder to independence. but then too, you need to realize you need many things to accomplish that step up that ladder.

like training to drive, experience, money, a good tax accountant, a good lawyer, a good brokerage company or lease with a company and get loads thru them. and many more things.

get your CDL FIRST...then EXPERIENCE.......SAVE your money........do some RESEARCH over time, on your many questions.

then retire as a company driver with a full pension, 401 k plan, and no worries.

 

Like most folks, my life is already complicated enough without adding the risks and vagaries of running a company, even if it’s just one truck and me the only employee. I’ve actually been there before, and even when things went well, it took up all of my time. And when things didn’t go well, it seriously ####ed up my life!