The basics?? Maybe or maybe not...

If they're saying not to get caught up in it, what do you think they'd say when you laid out your plans not only to lease a truck, but to do it with six months experience (or less)? You think there's an ever-so-slight possibility that they just might know something you don't?

 

Keep track of all your expenses and income for at least a year. Heck, if you're that gung ho about it, keep a seperate accounting of what your expenses and income would be as if you were leasing a truck from whatever company. That way you can actually see about what the costs of leasing would be. You might be surprised at your findings. Just be cautious.

 

How much time is really an individual thing. But you've got a lot to learn. For one, the basics of driving a truck. If you were put at the top of Vail Pass right now during a snowstorm, do you feel confident you'd be able to handle that situation? To that end, you haven't even had the time to find out if OTR is right for you... do you know what the turnover rate in this industry is? I'll give you a hint - it's not a very low number. And there are reasons for this, but the important thing is that you're aware of this. You might not make it in the industry. I don't know if you will or not - time will tell. But the possibility is a very real thing. Then, you might decide that OTR isn't your gig, and maybe go into another facet of the industry, such as local driving, construction, etc.
So let's say you make it through all of that and decide to push forward with being a lease op. First, you need some business management skills. You need to know what you need as far as permits, taxes, etc. You need to be able to figure out a budget and work within it. Because guess what? Some things, your lease warranty will cover. Some things, they will not. How much is a tire going to cost you when it has to be replaced? How much will it cost to have an "A" service PM done? Better yet, how much could you save by learning to do it yourself?
Being financially responsible for a truck is not something to take lightly, and there's a whole lot more to it than simply sitting behind the wheel and buying fuel. Many of us trying to tell you this are lease or owner/ops, or have been in the past.

 

Gee, you'd ONLY be a better driver? And a better trip planner, better at time management, better knowing what lanes to run and where to avoid. But thats all little things. Please do keep us informed of your sucess.
Better to learn on the compenies dime than your own, think about it.

 

OP, the enthusiasm you show makes it appear that you might be kinda young? You say you have read many post/threads, which as you see are mostly on the negative side when it comes to talking about leasing. Please don't make the same mistake that has taken down so many in the leasing game, and that basically is, "I will work real hard, because I am a hard worker, and I don't really need to go home hardly ever, etc.". The ones that I have seen on this forum that seem to make a go of leasing are those that put working smart in front of working hard. Best of luck to you.

 

Ok I'll bite cause I'm bored. Is Prime's lease deal one where you walk away with a truck at the end or not? Some of these fleece deals with megas you never actually end up owning the truck. You simply complete the lease in a year or two, whatever the contract says and IF you're lucky, then you walk away or sign a new lease. In other words you might never get a title to the truck with Prime. Better investigate that.

Experience, why does it matter? Well, you'll only know after you have several years under your belt. You'll look back at things you did in those early years and see what a rookie you were. It takes time to hone efficient routines. Did you know UPS parcel delivery drivers have an exact set routine for every stop/delivery that they make. They don't just stop the truck and deliver a box willy/nilly. They have a set routine, it's like corporate has it down to a science, and they train those drivers on that routine. It eliminates wasted time and makes drivers more efficient. I read about that years ago and actually implimented my own set efficient routine for just about every monotonous, repetitive thing I do day in and day out. Every minute counts especially for a guy like you who'll be against electronic logs. This is something I take for granted anymore I just do it.

That only scratches the surface of experience. I suppose a book could be written. You really won't know what you don't know without the benefit of years experience. Hindsight is always 20/20. You are going to screw up and make stupid mistakes in the early years. Heck, you'll even do it once in a while as a veteran.

As far as business skills go in a fleece deal. The only skill set you will learn there is how very expensive it is to operate a truck especially when the rates they pay might barely support a household. How small things can quickly spiral into something very costly. You will not learn any true business skills about rates, negotiating, real freight trends, networking. In fact you will be trained and of the mindset that miles and more miles equals money and more money. You always work harder for less money and more miles. You're not going to pick and choose what loads you haul so get that out of your mind right now. You will be given loads and you will tryuck them or you will suffer the consequences. If you don't rock the boat you'll get miles. Of course when freight slows down you'll be inclined to prevailing conspiracry theories from other disgruntled drivers who aren't getting miles as to why "they are screwing you over".. ..it takes a lot of fortitude to keep a positive attitude in a world where everyone is negative and down on trucking.

As far as fuel surchage goes... At most companies like prime you're paid a flat base rate for every mile driven - empty miles and loaded miles. At most mega carriers that will be something along the lines of 90 cents a mile give or take a nickel. Some of them pay a surcharge above that base rate. This is pegged to the DOE national average price of fuel and fluctuates up or down with that. I think right now it's arpound 50 cents give or take. Some companies pay surcharge on both loaded and empty miles. Some only pay it on loaded miles. Some pay household movers guide miles. Some pay practical. None pay actual hub miles but even if they did the rates are so bad it wouldn't be anything to be all excited over.

I see Prime has a percentage plan now. Ok so it is 72 or 73% of what????? Whatever they tell you the freight was paying?? 72% of cheap rates is not good at all... So like I said, you'll get in this and not really learn any true business skills. Not ones to where you yourself determine what rate per mile your truck earns. OR you yourself decide which areas are best to pick and deliver from.. You will be told when and where to go and you will depend on getting lots of miles.. You'll want to either team or train so you can rack up more miles.. You'll be a slave to that truck. It all looks like fun from the outside. Brand new truck, big money, lots of miles... At least you aren't going in blind. You MIGHT make because some rare thrifty indviduals do, but there will be days when you think wth am I doing, or at some point you willk think to yourself there has got to be a better way..

 

Everything you have asked has already been asked and answered in detail here in the forums. I know the search feature here on TTR leaves a LOT to be desired, but spend some time using it. I spent 4 years here researching prior to getting my CDL. Been driving for a year, and I still haven't leased. Because I'm making better money as a company driver than I'd be making with a lease. And with less headaches.