To buy a truck or not to buy a truck

Leave your 401k alone. You should have at least $20k in the bank after the truck.

 

I don't know if that's a good enough reason or not. What good does it do you to say you have your own truck if you aren't going to DO anything with it? Job hunting becomes a little more complicated, because it isn't just YOU they are looking at, but also your truck...not just what you can do, but what your truck is equipped to do. Break down? Gone are the days of loaner trucks and jump seating until your assigned truck is repaired. You're on the sidelines (no income) until the truck is back on the road...and as a double whammy, those repairs come out of your pocket. You've got plates and insurance to figure out, and if you get the plates on your own, you have to figure your IFTA as well.

But hey, you get to say you own the truck. Often times when that is your motivating factor, when all is said and done you're making less than what you would make as a company driver, because all you want to do is say you are driving your own truck. Somebody else still takes care of all of that other stuff for you, and that costs money. Whatever makes you happy, though, right?

 

You are so not ready to buy a truck. Keep reading. 08-09 are the worst

 

That's another thing...this "if the company allows" BS. It is YOUR truck. If YOU want to drive a day cab, that's on YOU. Hotels on any overnights are out of YOUR pocket, not the company's. When they bought the truck you drive, they get to make that decision. When you are the one buying the truck, it is YOUR decision.

 

I would stay away from a truck with DEF, get a 2010 or older, 2007 or older even better if you find one on good shape.

 

The answer would yes and no, cash flow and available cash are so very important for a business to succeed and here's why. When you start up on your own compared to company driving where every week you have your pay deposited in your bank account, with O/O you have start up and unexpected expenses that need to be covered you need to have spare cash to cover any repairs to truck and trailer, fuel, tolls, parking fees, food, phone bills etc etc. Until your up and running this could be a huge hurdle to overcome without the right amount of cash reserves.

 

Need 20-30 g to start . Goodluck

 

Trucking Companies Race to Add Capacity, Drivers as Market Heats Up