We refinanced out 2016 and bought another truck 1996 was that really smart? I thought maybe having our own authority is what should been done first. The payment is still the same but only having 10,000 in bank owning 2 trucks is that smart??
I'd say more like $40k in the Bank is more stable in case things go south (examples: slow weeks of loaded freight, truck issues etc..)
If you have $10,000 in the bank and you have two trucks and I assume two drivers, I hope you have a heck of a lot of money that has not been paid to you that's on its way. Or I hope you have other resources. I don't even want to list all of the ways that could go wrong I just hope you do something to get yourself more in the bank. It's kind of like being in a craps game except you don't have the money behind you when you roll. It's like you either hit it or you don't. If you don't hit it, game over. I hope it doesn't work out that way for you.
Well since payments are the same, you can always dump the 96 if it craps out. If the 2016 craps out, you’ll have the 96 still. What’s the difference? You’re not in much different situation either way. What’s the alternative choice you had? Refinance and put extra cash in Bank, instead of buying the 96? Is that smart? Paying interest on money not being used? Quicker you can build up reserves the better. If you can’t find a Driver, next decision would be to sell one Truck. Which one? The 96? Get the cash and bank it. The 2016? Get rid of the payments. I don’t know, depends on too many things. There’s always a risk. I think I’d try to avoid spending too much money on the 96. It’s only worth so much. Much less if not running. Sell it as is if necessary, cutting losses. Definitely going to need more reserves. Quicker the better. I’ve taken my chances more than most. Its stressful. It’s easier with only 1 Truck, and no other Driver involved. The unexpected costs and added stress have to pay off, or it’s a waste of time and might cost money, instead of make money. You’ll know the answer soon enough. Meanwhile try to hang onto the 10k, and build it up. Otherwise sell either Truck.
$10,000 isn't enough anymore. Lose a motor mount and that could be up to 6k.. They spent over 30 hours on mine... a turbo on newer trucks is almost 10k from a dealer...
Hopefully Belje has some mechanical skills so they can avoid some of those big labor bills. Installing something like an air compressor or a Turbo isn’t that big of a deal.
