Should I leave my job to become an owner operator

Don’t do it
Stay where your at
If you have $50,000 now just keep adding to that every single pay day until you turn into a millionaire. Put that $ into VTSAX and after not that long of a time you will lave a lot more than “ your own truck “

 

What’s the number one reason you’re thinking about buying a truck? If the answer is money then you should stay where you are and invest what you’ve saved into something else. It’s very realistic that for the first year or two you could take home less than what you’re making as a company driver.

On this site you have all kinds of differing opinions. Insurance will kill you with new operating authority. One way around that is to lease your truck to a carrier. Lots and lots of things to look at and think about.

 

Detroit is a super competitive market for day cab routes and it belongs to large companies, who can afford to make very little amount of a truck, but get their money with volume. I doubt your company makes more than $15-30k profit of your truck.
If you want to double your income, you gotta get a sleeper truck and start doing regional work.

 

Expenses are very different between being a leaser and having your own numbers which one are you asking about

 

This is the way I look at your situation. You’ve got a young family first of all. You’ve got a solid job bringing in $7200 a month. Probably a little more than that because there’s a few extra days in each month then exactly 4 weeks. So probably figure about $7600 a month. You probably get great benefits as well. That probably ensures your entire family. But here is what would be the deciding factor for me in your scenario. You have zero skin in the game working for a company. When you become an owner operator, it’s all your skin in the game and only your skin. For me personally to tape on that risk? There would need to be somewhere in the neighborhood of an absolute income of probably around 12,000 a month MINIMUM after and beyond any and all potential expenses. Otherwise I’d stay put.

Your insurance plan alone is probably worth $1200 a month. Maybe more depending on what they give you. And you don’t have to worry about anything.

 

The $990 on 546 miles is very very cheap, its not even $2 a mile. With a truck payment and insurance, and saving money for repairs. With the rate you described, you wouldn't make it. I also would not go with a day cab. Having a day cab will limit you to what you can do, a sleeper makes you more versatile in what you can do. This is a tough decision that you need to think long an hard about, because failing at it would be financially devastating for you and your family.

 

Not necessarily a mega, I wouldn’t recommend that unless it’s a special situation, but operating under someone else’s authority will get you on their insurance instead of paying the high rate for new operating authority. Technically I’m leased onto my friend’s company. He’s had his authority since the mid-90’s and insurance is way cheaper than what I could do on my own.

 

This. And you have a babe. He needs his dad at home teaching him everyday how to be a good man in this world. Between your weekly and company insurance you are doing much better now then you would be if you became an O/O. Keep doing what you are doing, save more money, invest more money, love up on your child and your wife. Not a bad life.