New Driver with own authority

I've been driving near 48 years, all company. And 3 times, once in the 70s, again in the 90s and just within the last 6 or 7 years thought about buying my own, but the numbers$, combined with the commitment VS my home life and my other interests never was enough incentive.
I worked for "megas" early on but went private in 87 and haven't looked back.
Independently wealthy? Not sure about that but if that's your goal in becoming an O/O good luck.
Some have found lucrative earnings but I wouldn't say wealthy. And nothing in this business lasts forever.

I do around 130K annually and am home nightly and have my weekends for family and friends.
Been able to save well into 7 figures and have 3 pensions coming soon.
It pays the bills and offers some disposable income but that's it.
I'd wager that most would say I have a good gig but if your head/ heart is into OTR, and you want to own and run a business I guess nothing else will matter.
Just my 2 cents and I'll offer you good luck regardless.

 

Never start trucking in a high year. Best to start in the lowest year. This way equipments cheap and rates you learn to live with and when the gravy train comes you are happy.

as of right now I wouldn’t recommend getting into it. Unless you can afford a 00-07 Freightliner = 20k, 12-18k for overhaul and 30k insurance, plus 25k back up funds. Run power only for Amazon.

 

This.
You have money to retire, but you are bored because you went your whole life, with no life. Get a hobby and enjoy the rest of your life. See what this country has to offer on your terms.
In the end, this is a job and a lifestyle. You literally live at work for weeks at a time. I don't know how much you are going to enjoy that.

 

It's not just CDL issue date. They're also considering time in business. So you're gonna get double dipped by Progressive, the only game for new entrants, and they won't care how much you've spent with them in your lifetime. They'll say they will, but this will be the first of many dirty lies you will hear from suppliers. Everyone will be reaching into your pockets because you don't know better yet, or they know you don't have any other options. It's vicious, but you'll get used to it. Maybe even like it.

The state you live in will matter a lot too. This is a 5 year old chart, so ignore the numbers and focus on the differences to get an idea. If I had to guess, I'd bet today's rates are at least double.

Two price breaks occur, at two years for CDL issue date and three years for time in business. Of course that anniversary never lines up with your renewal date, so it's always the next year from what you thought it would be. They don't revise rates mid-year. Each break drops your rate by about half. For example, you may have an annual premium of $40k to begin with. After 3 years claim free, that could be under $15k. At least you know now that everyone else you compete with is paying about 1/3 of whatever you are.

Then there's all the other stuff. Fuel buying, tire maintenance, things that get real expensive when you don't watch them. It's a lot.

If you're dead set on buying a truck, you should seriously consider going to work for a bigger carrier for a time before you do it. They won't be picky about a new CDL, and you get to grind someone else's gears, tires, and brakes, learning what to do and if it's something you really want to still drop a bunch of money into for your own truck. Do that for a year, or even a few months, and see if it sticks before buying anything. If it does, maybe the equipment price/availability will improve in the mean time.

 

All I know is progressive wouldn’t let me hire someone as a driver that was right out of school with no experience. They flat out said they wouldn’t cover him…..

 

Your gonna do what your gonna do and it's your life and money to do it with. People for whatever reason romanticize this life and I have no idea why. Anywho, good luck.

 

Trucking is a business like no other. If you have the money, someone will insure you...that said, you will pay through the nose for the coverage.
If you are dead set on coming into this crazy world, just have someone who knows trucks help you buy a good used truck. New ones are out of the question because it will take years to get it. Parts are another problem altogether, it can take days, weeks, or even months to get parts for your truck. There are a whole lot of trucks sitting around waiting for parts to arrive from Asia, pretty much anything with microchips is a long wait at this time unless you get lucky and find someone who has them.
Getting authority is easy, you can do it online yourself in less than an hour or you can pay someone to do it for you. However, you need to set up all of the compliance files before you turn a tire. FMCSA takes no prisoners if something goes wrong and they get involved in an investigation.
Getting loads is easy right now, the brokers are hard pressed for trucks in a lot of areas and will take on about anybody that can move the load. Remember, when you commit to the load, you have to keep the pickup and delivery schedule so make sure it is actually doable before accepting. Missing a delivery appointment can leave you sitting for days while waiting for the next available appointment slot.
Negotiating rates requires a lot of knowledge of what things are moving for, otherwise you may find yourself hauling for a loss as some broker laughs all the way to the bank on your dime.
I knew a guy that had no experience, he just bought a truck and trailer, set up his authority and started hauling. I thought he was crazy, but he did alright for himself. You just have to remember that you have to study for and master the material for a bachelors degree in about two weeks on the road. There really is that much to know in this business.
One final thought...according to the FMCSA, out of 10 new authorities that are issued, only one will survive long enough to make it to the new entrant inspection.
Good luck, and may the odds ever be in your favor.