Lease/Purchase?

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

  1. Scoundrel

    Scoundrel Light Load Member

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    Apr 3, 2011
    Texas
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    I know all about taxes. I owned tattoos shops for ten years before I got into trucking. And I live in Texas where we have no state income tax. At any rate, the 30% I'm putting away in savings will be more than enough to cover my taxes and social security.
     
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  3. Rawze

    Rawze Medium Load Member

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    815
    Jun 29, 2013
    inmytruck
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    you forgot you will need 28% in taxes out of that. So that realisticly puts you at $819.25 you can keep for only those weeks you have actually made the 2600 miles. How many days out vs home time are you planning? Have you factored in the 12% of downtime for repairs and maint.? the 12% is going to put you at roughly $720/week. Also .06c/mile is low for a cascadia. The industry avg. in maint. costs/downtime on that truck is more like .12-.14c/mile unless you can do most of the work to the engine yourself. If you run off to a shop every time you have a problem then factor that in as well. this puts you realisticly at around the $400-450/week mark long term. Like I said before, short term it i going to look good, but long term, its a very close-cut thing where high fuel mileage (7+) is going to end up making or breaking this deal. you will struggle otherwise.

    I am not making this stuff up my friend, just pointing out the hard realities that most people overlook. I have been in your hoes and overcome those things you are about to face. In the meantime, I suggest you get ALL the repair manuals on that truck and study them. Get a boost-gauge to teach you how to maximize fuel mileage, and drive those routes as slow as you can get away with to save fuel, not stopping for anything unnecessary. This will help immensely.

    you are running a very thin profit margin here so its going to take every thing you got and every trick in the book to keep you from getting behind. Keep that in mind and discipline yourself well for it and you will make it.
     
  4. Off-n-on

    Off-n-on Light Load Member

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    Aug 4, 2013
    Phila, PA
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    You have to wonder why they would ask you in the first place. If you weren't thinking about it before they asked you I think you're much better off staying right where you are as a company driver for now. And if you are curious about their program I would first hire an experienced trucking attorney to review the contract with you with a high powered magnifying glass. If the company refuses to let you have YOUR lawyer look at the contract than simply say no thank you.
     
  5. Off-n-on

    Off-n-on Light Load Member

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    Aug 4, 2013
    Phila, PA
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    If their deal is not in writing on their lease contract than they are not promises and nothing is guaranteed ! Have your attorney check it out first before you make a decision !
     
  6. Scoundrel

    Scoundrel Light Load Member

    178
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    Apr 3, 2011
    Texas
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    I said I was putting away 30% for taxes, other maintenance and the balloon payment at the end of the lease. But, I live in Texas and don't have to worry about state income tax. So, 30% should be enough.

    I'm on a dedicated run from Brownsville to Laredo to Kansas City and back to Brownsville (2600 paid miles). I get home every weekend for a 34 hour re-start.

    I've already downloaded all the manuals I've been able to find. I'll be buying a boost gauge soon enough. I tried driving at 59 mph for a day, but the truck seemed to be working harder than when I pushed up to about 62. So, that is now my cruising speed. Although it will go as fast as 70 on flat ground. I like driving slower than most traffic. It makes it easy to maintain a proper following distance and I'm not getting on and off the hammer all the time.

    Before this I was living on about $300 a week, paying all my bills and staying on the road for four to five weeks at a time. I know how to live cheaply.

    I will have to find health insurance though.
     
  7. Scoundrel

    Scoundrel Light Load Member

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    Apr 3, 2011
    Texas
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    They offered it to me because 1) it's a new program and 2) I met the qualifications.

    Hiring a lawyer to look at the contract would have cost me two weeks pay. But, I read it myself and think I have a good understanding of what it says.
     
  8. Off-n-on

    Off-n-on Light Load Member

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    Aug 4, 2013
    Phila, PA
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    Just because its a new program and you meet their qualifications doesn't mean anything. In that case you would be one of their first guinea pigs unless you're 100% sure it would work. Make that 110%. Sacrificing two weeks of pay for piece of mind from an attorney is a lot better than losing your shirt or worse if it doesn't work out. And if you're worried about losing 2 weeks pay it doesn't sound like you have enough money put away anyway. None of my bizness but you should have at least 5 grand socked away in reserve at all times if not more.
     
  9. Rawze

    Rawze Medium Load Member

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    Jun 29, 2013
    inmytruck
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    that’s good, a boost gauge will show you where the truck wants to be run if used right. You will also find that you can seriously beat that cruise control on fuel efficiency with it. A good first investment. This is the set off amazon I recommend for most trucks. It has a pyro so you can monitor your turbo temp as well. It comes with everything needed to install it including sensors...

    ' GlowShift Tinted 7 Color Series Diesel Gauge Set Boost, Pyrometer, Trans Temp '
     
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  10. Scoundrel

    Scoundrel Light Load Member

    178
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    Apr 3, 2011
    Texas
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    Look, you asked why they offered it to me and I answered.

    I appreciate your input, but I still think this is the best option for me at this time. The decision has already been made. The contract has been signed and I've had the truck for a week now. So, instead of telling me what a bad idea it is, how about offering advice about making it a success the way Rawze is doing?
     
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  11. spyder7723

    spyder7723 Road Train Member

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    Mar 31, 2013
    sarasota, fl
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    scoundrel, you know how I felt about the decision to sign that deal, so I won't rehash that. fuel is gonna break you if you can't keep that number down. buy a scan gauge now. you need it yesterday type of urgency. the info it puts at your finger tips, and I'm your face all day will help you adjust driving habits to maximize fuel economy. for instance, right now you feel as if your engine works harder at 59, that tool will show you if it really does, and let you find the exact speed to use at any given moment. it does lots of other things to but saving fuel is the most important right now for you
     
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