Launching Out as New Owner Operator

I’ve been a company driver now going on 2 yrs. I’ve seen the pros and the cons discussed and i’d like to launch out on my own but of course there’s some intrepidation launching out in the blue so I have a few questions:

Let’s say I buy a used truck for $50k, how much more $ would I need, to get it ready for my first run on the road and what is a list of those things that need to be done/had/get? I. The state of NY... or is there a website you can point me to? Thanks.

 

Impossible to answer, you can waste $50k on junk.

you don't buy a truck like you buy a car or a pickup. It is a tool so selecting it starts with the question - what are you going to be hauling?

Then you look for the specs on a truck that fits that need.

THEN you start hunting around for it.

At the same time, you get your finance end of things started, lawyer is a good tool, accountant is needed to help you determine where the money goes when you make it.

BUT then when you find a few trucks, you pick out a couple and then check them out.

YOU do your Due Diligence on them and decide based on that what's going to be the best for you.

This is all about reducing the risk of breakdown and putting in too much money to make money.

 

It can be 10k or 50k, who knows

 

Look at OOIDA web site if you cant find everything you need on this web site search bar at top right of this page

 

Ridgeline, maybe I asked the wrong question or threw you off when I said how much to ”get ready” but let’s say I inherited a Freightliner truck that is mechanically fit and ready to run and I wanted to haul dry van.. I’m sure I’ll need insurance, and registration but what else would one need to be on the road. For example the truck I drive has a book with a bunch of permits; how are they acquired ; special license, taxes to be paid etc...

 

I can't remember the name of the thread right now but somebody recently went over all of this. You'll first need to get insurance, then apply for your authority (MC/DOT#). That will get you started. There are a million little things that have to do with taxes, registration, etc. but get your insurance and get your authority started first because it takes a few weeks to get your authority.

Make sure you have a good emergency fund before you go down this road! I set aside $30k not including truck purchase. It comes back quickly if you don't have any major truck maintenance for awhile.

Good luck!

 

Again, even if you inherit the truck, treat it as a tool, do your due diligence first, focus on the fact that it isn't ready to run.

All the other stuff others will answer.

 

That's a good website, www.OOIDA.com

 

Check my previous postings about startup expenses. Good advice was given about determining your work then buy a truck based on needs. Good luck driver!!

 

How much do you have saved now?