Congrats, that's a great price on a great truck. The N14 is an awesome motor and will provide you with years of dependable service if taken care of. Like the others said even if you have to have an inframe done in a few years you'll still be way ahead and then be good to go for another million easily, if not more. Enjoy not having to deal with DEF, DPFs, EGR valves, etc.
The journey begins - purchased a truck.
Discussion in 'Ask An Owner Operator' started by blairandgretchen, Dec 10, 2014.
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dieselfuelonly Road Train Member
- Nov 12, 2012
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Another Canadian driver, Pete 389, Road Killer and 7 others Thank this.
I have 2 years of maintenance records on it to go through - but I don't think it'll be in there.Another Canadian driver and Road Killer Thank this.
Stormdriven Medium Load Member
- Mar 11, 2014
Its Red. So I'm sure Mr Sterling will understand.
Glad you are enjoying the adventure.
I will be watching closely.
The adventure begins.
A few questions:
1. Do you have a headache rack on the truck?
2. How much are you starting with for reserve and operations?
3. What other startup costs did you have?
Puppage Road Train Member
- Aug 2, 2012
That's awesome, man. I am happy for you.
2. - We paid cash for the truck - so it's not costing anything to sit in the yard right now. I pulled $4k out of a rainy day fund, $2k out of a general bill fund that ws overstocked, $1k out of a 'truck savings fund', and put $5,500 on an equity line attached to one of the 4 rentals. The trailer purchase I'm still considering - the bank will do me 3.6% interest on a business loan, but can't as I don't have 2 years of business tax returns - or 8.5% as a personal unsecured loan. This will be my only 'note' so to speak - the HELOC on the rental is interest only at 4.99%
We have no mortgages or car notes, and the rental income, so $40k annual income for the household is more than enough. Reason I'm laying all thiis out is to explain that we're going in as low risk as possible, into what my bank manager called a "high risk industry". We're staying with our current employer through the holidays, probably through till March/April - I don't think rookie flatbed woud be a smart decision in January! Until then, we'll be buyinng equipment and saving some cash for startup. Leasing on with LS, so settlements will be short term rather than waiting 30 or 60 days, but there'll be a period of a few weeks where a catastrophic equipment failure will have to go on a credit card until sufficient maintenance reserves are built up.
3. - Other startup costs - Not much, apart from truck shopping. Dyno tests, ECM reports, Rig Dig reports, gas and travel adds up after a while (just look at Double Yellow's thread and his initial shopping experience!) - $50 to file the LLC with the state, $40 for the attorney to research and advise, 2 hours free with the tax man discussing the plan . . . I don't want to pull the trigger oon the trailer until I'm within 3 weeks of starting, but I'm sure it'll happen earlier than planned.Another Canadian driver, Lazarus Jackson, MartinFromBC and 11 others Thank this.
#2 owner owns a large construction gig, dump trucks etc. My acquaintance convinced him to buy the truck and lease it on with him - which he did, and then regretted doing so due to a lack of decent drivers willing to work for him. So - my acquaintance puts the 2 of us together, and everybody's happy. He's got plenty of cash - just didn't need the hassle, and wasn't his main line of business anyway. He wouldn't budge on the price either - come to find he paid $23 k for it, and the gearbox and clutch cost him $5k - can't fault him for sticking to the price.
I was starting to despair at the early 2000 truck market too - like you say, ragged out or overpriced. The good ones were gone in a flash - no time for me to get in there and want to run a bunch of tests and have it looked at here there and everywhere, haggle over the price, I started to feel like a pain in the butt to some of these guys.
Though I've read here and heard there, that Freightliners don't hold up as well over time, the difference between a 2004 FL that I test drove, and this one - is night and day. Apart from dirty on the inside, and oxidised paint on the outside, everything was functioning, the cabinets weren't rattling and banging, all the trim/switches/lights/accessories all in good condition and operational. I wasn't ruling anything out - I was all ready to buy a Sterling with over 2 million miles on it for the same price - no sense in refining truck search to brand, I'm not much one for brand support or loyalty.Another Canadian driver, Road Killer, SheepDog and 3 others Thank this.
If I remember correct....Landstar doesn't charge rent on the Van trailers if you wanna save money that way.
rollin coal Road Train Member
If you pull Landstar's van trailers you get paid about 65%. If you have your own van trailer you get about 72%. That's really steep "trailer rent".Another Canadian driver, Lazarus Jackson, Road Killer and 3 others Thank this.
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