Taking the plunge. My journey as an O/O.

As your truck ages so obviously your maintenance and repair costs go up too, plus most still have the payment. I tend to fix things like you do, i.e. as soon as I know there's an issue, which some say is overmaintaining and not cost effective but I'm wired the way I'm wired and I can't do it any other way. The real killer is the downtime, and you can't get that back.

For me new with max warranties worked out best. I have a stiff payment but it's affordable and only maintenance and wear items to pay for, I think it would be best for you too. You're obviously not scared of work but you spend a lot of time fettling your ride , probably too much time to my mind. You are clearly in it for the long haul and I'd seriously urge you to consider changing to a newer truck in the shorter term.

 

Yes they are. Might wait a day or 2.

 

This was the plan, but after some thinking about risks, finances, and retirement, I have another plan. I'll put it in another post shortly.

 

That Fyda is a good shop. There's almost almost a line to get in there with at least a day wait. There's a reason for that.

 

Well, at this point, I have proven that I have the work ethic and ability to be an o/o. However, I also have other factors working against a long-term commitment to being an o/o.

First, I love the job, but have a strong dislike of tax paperwork and fiddly crap associated with business ownership.

Second, I tend to be a bit OCD about truck repairs. I control the costs of this to some degree with my hometime schedule, but it still impacts the bottom line.

Third, I prefer not to turn a wrench myself. I am not a diesel mechanic, and got enough skinned knuckles in the steel mill, thanks.

Fourth, while I am in a business arrangement where Crete doesn't pay me much for miles, they do pay deadhead miles, washout costs, reasonable tolls, and I have access to their fuel discounts and healthcare plan. All told, my benefits from Crete are better than the basic CPM, though I am NOT claiming they are good, they aren't as bad as the simple numbers indicate. As an o/o in most other places, I would eat all those costs.

Fifth, like with most businesses, you won't really start to make money until you either become a specialist with a strong market, or have other people working for you. I have no desire to deep dive into specialty freight, and employees are more paperwork and drama - neither of which I want.

Sixth, trucking is an industry with strong swings up and down. Normally it's the little guys that get hurt during market dips. I'm a hard enough worker that I can get through most dips, I'm sure, but they would still hurt, I am also sure.

Seventh, leaving Crete will lose me my seniority (yes it still accrues while I am a contract employee with my own truck, so long as I remain employed continuously.)

Eighth, I am 50 years old in two days, and I really need to start pushing money into buying property and pushing money into retirement investments.

Ninth, the truck resale market is pretty decent right now, and I do have the maintenance records to show a buyer that I didn't simply run it into the ground.

Tenth, I am currently working on a patent, and there are significant expenses associated with that which, if they come due at a time when the freight market is in a slump, it could hurt.

Lastly, one of my biggest failings is that I am very headstrong. If you tell me I can't do something, that just makes me want it more. There's a place for this, but I had a long think with pen and paper pros and cons, and I think I was headed in the wrong direction with all the notes indicated above.

So, I have decided that I will simply sell the truck and remain with Crete. They pay well, and aren't too annoying as long as you are professional and willing to work as a team. I get to keep good health insurance, and run lots of open road miles. I can participate in their retirement plans, and with four and a half years at the company, I will have my mileage pay and bonus rate ticked up a bit. Also, upon return as a company driver, I will get vacation time based on my start date, despite being an o/o. As others have said, based on how I like to run, I should be able to pull in something in the range of 90-100k per year without all the headaches of being an o/o.

If I were married with a spouse who could either ride with me, or help me handle paperwork and business stuff from the house, being an o/o would be more feasible. Doing it all from the truck is painfully annoying at times.

If I were much younger, I could start the process of building a multi-truck o/o business even without a spouse. Sure I could do it at my age now, but I would really have to pile on the ulcers to do so, would likely start to hate the job, and would likely keep working at it until I die at my desk or behind the wheel. I have a powerful work ethic, but I am also very conservative in how much risk I want to expose myself to. Someone more willing to take risks and build quickly might make a different decision than me, at my age.

TLDR

I had a long think, looking at my situation, the pros, the cons, and what I want in life vs what I don't want in my life, and decided that I am going back to being a company driver without losing four years of time investment with Crete.

I'm not simply dropping the truck and hopping back into a Crete truck yet.

Anyone care to suggest a good place to sell a 2016 Cascadia dd15 Eaton 10 (manual,) with @776+k miles?

 

I think going back to Crete as company driver..is a great idea...you gave being an O/O a good try...but with Crete paying .65 cpm...plus the extra .04 cpm quarterly bonus..and the yearly profit sharing which is at least an extra $3000 or more a year...company driver isn't a bad choice...this is what I made in 2020...before all the pay increases I've gotten so far this year

 

No shame in going back…..

My last company job was 1995 I don’t think I could go back………

Even in this market what’s the truck worth private sale $45K maybe…. And you have to pay capital gains on that

 

Dealerships are low on inventory. If they’re like the car dealers they are offering top dollar.
If not some will sale on consignment.

 

You can also try selling the truck on Crete Peoplenet... that goes to all the Crete/ Shaffer drivers...on their Peoplenet tablet