Should I pay off my Truck

Discussion in 'Ask An Owner Operator' started by Truckermaybe, May 12, 2021.

  1. Truckermaybe

    Truckermaybe Bobtail Member

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    My grandmother recently gave me $180,000 dollars. I have driving experience for 5 years. Is it a good idea if I go and pay cash for a truck and dry van and work under my authority? I think the ROI will be good with a brand new truck and dry van. My expense will be extremely low since I don't have any commercial loan payments. Do you guys think that it's a good idea?
     
    jamespmack Thanks this.
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  3. skallagrime

    skallagrime Road Train Member

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    Heh, oh silly you

    Try speccing out a new truck and trailer, look at the price tag and recalibrate
     
  4. xsetra

    xsetra Road Train Member

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    If your plan, before this windfall, was to be an OO. Than yes. Finance the equipment. Keep most of your nest egg in reserve for unforeseen expenses.
    Make accelerated loan payments with your earnings.

    If being an OO was not in your dreams, don't buy the equipment impulsively.
    Take your time and research your options.
    Your new found wealth will disappear quick enough without a major purchase you are contemplating.
    Good luck.
     
    Coffey, fordconvert, John E. and 3 others Thank this.
  5. Truckermaybe

    Truckermaybe Bobtail Member

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    It's expensive right now! What isn't? It's crazy My buddy works at Lone mountain and they sold all their equipment
     
    Coffey, 77fib77 and slow.rider Thank this.
  6. Brettj3876

    Brettj3876 Road Train Member

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    Man i would probably put at least 100k away and don't touch it
     
  7. Truckermaybe

    Truckermaybe Bobtail Member

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    Really good answer!
     
    xsetra, baha and jamespmack Thank this.
  8. Truckermaybe

    Truckermaybe Bobtail Member

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    That's true... I want to invest some of the money
     
    slow.rider, jamespmack and Brettj3876 Thank this.
  9. Eddiec

    Eddiec Road Train Member

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    People do not need to know someone gave you the money. Keep your finances private. Talk to a CPA , who specializes in trucking on how you should purchase the equipment. If it was me....I would put about 25% down on the new tractor ($40,0000.00) and 20% down on a good used trailer. Something 5 years old or newer. You will need money for insurance premium down payment, as well as operating cash. I would consult a financial planner on how to invest the rest.
     
  10. Numb

    Numb Crusty Curmudgeon

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    buy land somewhere.
     
  11. Rideandrepair

    Rideandrepair Road Train Member

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    No. Bad idea. Hang onto as much as possible. In 5 yrs you’ll be glad you did. In 10 yrs even more happy you did. You have a chance now to make your future financial life stress free. Starting right now, for the rest of your life. Take advantage of it. Spend wisely, it can be gone in no time. Keep the Trucking thing totally separate. If it needs to be funded upfront, do it with money earned from Trucking. Why? Because it won’t get any easier. Even with paid off equipment, there’s still plenty of costs. A couple years of low maintenance, meanwhile the value is dropping. Bad investment. Better to do things slowly. Watching funds, costs, life plans. Everything changes. Don’t be short sighted. Try not to be foolish spending on wish list items. Sounds like a lot of money. It is a lot considering it’s a lump some, and a gift. Easy come easy go. Do yourself, and especially your future self, a big favor. Put it away, protected against Bankruptcy. Watch it grow. Nows your chance to make your future very promising. Giving you more choices in the future. Choices equal freedom. Look into different avenues. By all means, go slow. Beware of greedy schemes. Avoid the regrets, once the money is gone. Think ahead. You’ll only be better off over time. Best part, starting right now. Hang onto the money. It has a way of disappearing fast.
     
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