Let’s say you buy a $50,000 truck for cash....

Discussion in 'Ask An Owner Operator' started by Lennythedriver, Jul 7, 2020.

  1. Lennythedriver

    Lennythedriver Medium Load Member

    491
    1,227
    Feb 14, 2020
    0
    OTR driver here with 27 months experience. Always thought about being an O/O.

    1. let’s say I buy a used truck for $50,000 cash. No payments....from my research I can get a good truck with maybe 350,000 miles on it or so for that price range.

    2. and let’s say from there I want to drive when I want to drive. Like maybe three weeks out of the month. And let’s say every once in a while I take a month off. How does insurance work on that and what approximately might my insurance run? If I decided to take a month off and let the truck sit but I still need to pay full insurance premium?

    3. So let’s say I have this truck, what do I do next? What type of loads can I get if I have no trailer?

    4. How do I get all qualifications for running? Like MC numbers etc?

    My thoughts are to get set up to basically be an owner operator part time. I don’t wanna bunch of monthly expenses and I would save the money to pay cash for my truck. That way if the truck sits for a few weeks here and they are out of the year I’m not paying some extreme payment on it.

    What type of reserve accounts and amounts do you digest I have saved up? Like a maintenance account amount, etc?

    Is your only option with no owned trailer, to get setup through an existing trucking company?
     
    blairandgretchen and 775mito Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. FLtoOKBound

    FLtoOKBound Road Train Member

    2,365
    9,377
    Jan 27, 2020
    West Central, FL
    0
    Might not apply to commercial. As I'm licensed in personal auto. But on thst side you can place a car in "storage" for a month. It then only carries comp. No liability or collision. So you get a reduction in your premium for that month of lower coversge.
     
    Lennythedriver Thanks this.
  4. Chinatown

    Chinatown Road Train Member

    45,129
    68,926
    Aug 28, 2011
    Henderson, NV & Orient
    0
    nredfor88, rachi and Lennythedriver Thank this.
  5. FLtoOKBound

    FLtoOKBound Road Train Member

    2,365
    9,377
    Jan 27, 2020
    West Central, FL
    0
  6. Mid-May Trucker

    Mid-May Trucker Road Train Member

    1,119
    2,034
    Oct 23, 2018
    0
    Buy the truck today and worry about all the other junk another day owner operator is the easiest way to make a living.
     
    Bigwin123, Kyle G. and rachi Thank this.
  7. Old Man

    Old Man Road Train Member

    3,802
    9,279
    Apr 3, 2009
    Oklahoma City, OK
    0
  8. Chinatown

    Chinatown Road Train Member

    45,129
    68,926
    Aug 28, 2011
    Henderson, NV & Orient
    0
  9. Long FLD

    Long FLD Road Train Member

    4,242
    12,805
    Mar 4, 2015
    Fairmont NE
    0
    So you’re basically paying someone to find you loads from a load board instead of doing it yourself?
     
  10. Chinatown

    Chinatown Road Train Member

    45,129
    68,926
    Aug 28, 2011
    Henderson, NV & Orient
    0
    Not me! That outfit helps new entrants that most brokers won't give loads to; new 0/0's with no experience, that don't want to lease on to a company.
     
  11. abyliks

    abyliks Medium Load Member

    540
    607
    May 2, 2010
    ludlow MA
    0
    Whose got popcorn?

    it costs me just shy of $100 per day just to have the truck registered/insured to be ready to put the key in the ignition.

    put 15k of that 50 in the bank, buy a 15-20k truck and rebuild it while you keep your company job, or take that 50k to a dealer and put it down on a brand new truck to throw away in 5-6 years like the larger companies do.

    dont forget a trailer....
     
    tommymonza, D.Tibbitt and wis bang Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted