My lease adventure

Sorry I'm not on here much anymore everyone. I'm still doing my thing and it is looking better. I'm just wanting to get another month or two in of running the western 11 before doing a update. There is a lot going on right now with my business. So be patient and I will update once everything is done. How are things going for you popcorn?

 

Ok so here is the big update.

After some major number crunching and soul searching, I have decided to close my business. I will still be running as a lease driver until I find a local position. So here is what happened. Gross revenue went down severely in 2023 and while it is slowly getting better it is not at a level I would think it's worth the headache. My revenue was down almost 50k from last year but was less then 10k down from my average. My net income was a whole different thing. I only made 37k net before taxes which covered my personal expenses but caused me to go into credit card debt to the tune of 23K to pay for repairs and other things. I had to get a loan to pay off those debts. At this point my "net" numbers are starting to return to normal but I think returning to a company job would be best. Really if you can't pay yourself at least what a company driver makes per mile , medical insurance, retirement, and make at least 20 - 30k profit a year minimal it's not worth it in my opinion. That would take at least $90 - 100k profit a year minimal. It can be done but you would need to have a very low truck payment and run 100k - 120k miles a year. I am not wanting to do that anymore.

Ok lets talk about my trailer I am purchasing. One thing I never thought about until the other day was even though the companies I have worked for pay an extra percentage to drivers with their own trailers you are only paid for the line haul. I was looking at my gross numbers which included fuel surcharge and ended up overestimating what the trailer was making me. When I make 20k gross only around 16k is line haul. That meant I was only making an extra $1,600 dollars a month for having the trailer. It cost me a $1,150 a month for the trailer payment which only left me $450 dollars a month in profit on a good month. If you look at a full year it would be around $5,500 profit. That was barely enough to pay for upkeep on the trailer. Really I lost money every year having the trailer in all honesty. Since I am leaving the leasing game I am going to turn in my trailer. I will have to pay a small fee for wear and tear but that is ok.

If I had a do over I would have had 10 - 15k saved up to put a down payment on a used rig and have a small backup fund. I would find a company that allows self dispatch so your in charge of your revenue. I think that would be a good start. Unfortunately it is a company drivers market right now and the market is crap. I don't see this as a total failure because I could stick with the situation I have now and pay off those debts and make some money, but I can make just as much as a company driver as I did a lease driver. Someone told me once " if you are a single truck O/O you won't get rich and your basically buying a job." it is true for so many cases. I hope my journey has helped people and if you choose to give it a try I wish you luck. I

This concludes my journey and I have learned a lot. I don't regret it at all and look forward to what's next. I will be watching this thread from time to time to answer questions so don't hesitate to ask. Everyone have a great day and maybe we will bump into each other on the road. Crazytrucker is out good buddy.

 

That's why I'm having a hard time doing. This is cause I am just like you don't want to give up the freedom LO. L

 

I did at one time but the price they wanted for the trucks made me walk away.

 

Well I have a local job now a few minutes from my home. I work 40 to 45 hours a week with three days off each week. Here is the sad thing. I finished up my p&l statement for the year and I only profited 22k in six months. That comes ot to $3666 a month before taxes. I am taking home between $3200 and $3400 per month after taxes with my local job and working way less. Glad I finally got my head out of my butt and made the move.