Question for the vets??

Discussion in 'Experienced Truckers' Advice' started by Texasrig, Sep 27, 2022.

  1. Texasrig

    Texasrig Light Load Member

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    Realistically, how long do y’all expect the industry to be in a slump? I’ll be at the one year mark in Dec with my own authority. Luckily i came across 2 good brokers that keep my week pretty well filled out and they’re not dropping the rates on me to bad. Still the money isn’t like it was
     
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  3. jraulpilot1998

    jraulpilot1998 Medium Load Member

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    Greetings, The trucking industry is unpredictable, what I can share is that, it will never be as it was before 2020.
    There will always be "crumbs" for O/O with Authority, O/O's Leased to Companies will survive, Co. Drivers will earn a Living....(it is "MegaBig" companies time) Note...that there are companies already Testing Driverless Trucks, keeping a Low Profile.......The future is uncertain....
     
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  4. Concorde

    Concorde Road Train Member

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    Rates are normalizing.. “Like it was” was an anomaly.

    I remember lower spot rates just a few years ago..problem now is the fuel prices.

    If you jumped in thinking last year’s rates were the way it was..welcome to reality.
     
  5. DRTDEVL

    DRTDEVL Road Train Member

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    Brace yourself, we're in uncharted territory.

    Normally, I'd say bout a year. These days? Probably a lot longer than that.
     
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  6. REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    Nobody knows for sure. The two people that do most of the number crunching for me both had the same advice..."Do not incur any long term debt for the time being". They told me that last August.
    Translation...'even the people who should know, don't know.
    I trimmed a little fat off my company and we should be alright but I know a lot of guys who are one breakdown away from bankruptcy.
     
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  7. Rubber duck kw

    Rubber duck kw Road Train Member

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    Could be a year could be a few years. We haven't hit bottom yet either I don't believe.
     
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  8. Kshaw0960

    Kshaw0960 Road Train Member

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    Those who have been in trucking as an owner operator or with their own company understand that trucking is a cyclical business. You are going to have good times and bad times. Sometimes you make the years profit with just a couple months. Not every week or month will be very profitable. The problem is because of the whole corona deal the rates spiked with fuel prices dropping and people new to the industry thought that was typical. I remember few years ago spot market freight for flatbed was tough to get $1.25 a mile sometimes. There’s a reason mega trucking companies have profit margins so low (some even 1%).

    Just make smart decisions, don’t finance more than you can handle, pay yourself a modest salary, keep the rest in the business.

    As to answer your question I think fuel prices will get better next year around $3 but I don’t see an upswing in total profit until after the next presidential election.
     
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  9. MartinFromBC

    MartinFromBC Road Train Member

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    You can take a leap and make your own product to haul even.

    Why not move somewhere that needs a pit, open a pit, and then go after highways contracts, construction sites and such, buy a fleet of gravel trucks, and live the dream
     
  10. tscottme

    tscottme Road Train Member

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    Every recession is different. Sure there are average length of recessions and average depth of recessions. You will only know how deep and how long this recession was once it is over. Stay out of debt is the safest way to enter a recession. Some people borrow a lifetime amount of debt the second week they get overtime at their job. Don't be one of those people.
     
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  11. Texasrig

    Texasrig Light Load Member

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    Mar 3, 2022
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    The only debt I have is the truck itself,which I did buy when things were booming. 2019 cascadia with 375k for $102,000, but if I pay it off according to they’re scheduled payment plan It’ll end up around 140k. But a 1k towards the principle each week goes a long way. And I should get a pretty decent drop in insurance rates once my first year is up.
     
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