Lease/Purchase?

Discussion in 'Lease Purchase Trucking Forum' started by Scoundrel, Aug 8, 2013.

  1. rollin coal

    rollin coal Road Train Member

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    Just cause there's lots of O/O there does not make it a good deal. See lots of O/O at all kinds of companies in lousy deadend leases. Greatwide walmart refridgerated is a perfect example of that. Sounds like with the rates they're paying its a bare bones existence in a paid for truck. You could pay the rent on a single wide probably. With a $1500 note, well, enjoy your indentured servitude.

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  3. Scoundrel

    Scoundrel Light Load Member

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    If I get into a 2010 model my total buying price will be $63,000.00 or $54,000 for an 09. I just looked into the pricing of similar trucks and (once you add in the interest) that price seems reasonable to me. I'm also sure that my monthly payment would likely be about the same as well if I were buying the same year model truck. While I may make more money if I were to purchase and older truck, I also think I'd be more likely to have problems and spend more on maintenance and repairs. Besides, these were company trucks so I'll have access to all the repair records the company keeps. If I bought a truck from a dealer I'd have to trust what I'm told.

    Yes, I'll be a slave to the company. But that's no different from being a slave to the bank.
     
  4. spyder7723

    spyder7723 Road Train Member

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    even if all that were true, which it isn't, the additional 40 thousand dollars you would choose to not earn pays for all that extra cost you think a slightly older truck would incur.
    You first spoke about needing additional income for retirement, and concern over losing company paid health care. using the best case revenue potential of 3k miles per week, each and every week, and the absolute bare minimum of cost, all figures you provided, the math absolutely proves this deal will not make you a penny more in income and yet you are adamant that it's a good deal. where is your logic at? why is it you are so desperate to be able to say" this is my truck" that you are willingly ignoring factual numbers that prove this will earn you no more income, and very likely will earn you less?
     
  5. Scoundrel

    Scoundrel Light Load Member

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    As for owning a truck, I've never given it a thought until this deal came up. it wasn't on my to do list. My friend that's been in this business for more than 30 years tells me he thinks it's a good deal and I'm going with his advice over all others because I know him and know he wants me to do well. As for making more money, we will see.
     
  6. spyder7723

    spyder7723 Road Train Member

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    I got a a few friends I trust, but basic math is basic math, and no matter how much my friend might try to tell me 2 plus 2 equals 5 i like to think I'm smart enough to do the math and find out its only 4.
     
  7. Scoundrel

    Scoundrel Light Load Member

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    Alright, it's not the best deal out there. But, that doesn't make it a bad deal.

    Tell you what, next month I'll post my gross income from my first four paychecks and my gross from my last four as a company driver and you guys can rub it in all you want.
     
  8. spyder7723

    spyder7723 Road Train Member

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    dude,I ain't trying to rub anything in, or demean you, call you stupid or anything like that. I'm trying to get it across how bad this is so you don't make a mistake, at 51, it's a mistake that you might not be able to recover from. if you were 25 i wouldn't care.
     
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  9. Scoundrel

    Scoundrel Light Load Member

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    Right now I'm paid .33 CPM and I'm lucky if I get 2000 miles a week and that's staying out here for four to five weeks at a time. Even if I don't make more per mile, I'll be getting more miles and my income will go up. Your own math suggested it would be more like .40 a mile. That would be a substantial raise for me. At this company (and many others I think) all the best loads are going to owner/operators. Leasing will put me in that group without having to actually qualify for a loan and take time off to look for a decent truck in my price range.

    As I said before, this may not be a great deal. But it's not a terrible deal either. I'd really rather be a company driver. But, it simply isn't paying enough anymore.

    I am truly grateful for all the input from everyone. But, I think this is the best thing for me at this point.
     
  10. spyder7723

    spyder7723 Road Train Member

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    wow, that is some seriously low pay. 33 cents a mile? the pay and low miles they give company drivers should be another red flag to you. why do you think they will be better on the miles once you have signed a lease that will destroy your credit if you walked away from it? also you need to set your sights a lot higher than being content at 40 cents a mile profit running your own truck. Jesus I'll pay you more than that to drive mine.
     
  11. Scoundrel

    Scoundrel Light Load Member

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    I know I'll get better miles because they will give me a dedicated route. And I can choose my route. One option I'm looking at is Laredo to Detroit and back hauling auto freight both ways. As I've said more than once, all the gravy trips are going to O/Os.
     
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