Trailer but no truck

When I rented a flatbed a couple years ago. I was charged per mile, using hub meter. $100.00 for the set up fees (paperwork). They covered all repairs not covered by insurance. The rented trailer was added to my insurance for coverage. Insurance had to be approved by the rental company.

 

I suggest the terms you guys agree on include a start and termination dates. Make sure you have it in writing with both of you signing the agreement.
A per mile rate is the easiest to verify. Just use truck odometer. Write the number in the contract. If you charge %, then you need to verify his contracts and that may imply you don't trust him. Trust but verify.
Nothing will ruin a friendly family relationship faster than an arguement over a couple bucks.

OP how will you feel if the trailer gets totaled in a no fault accident. The insurance only pays 50% of the value you think it is worth? Will you expect the Brother in Law to pay the rest or replace the trailer out of his pocket?

What if a axle hanger or spring breaks on the trailer and causes the Brother in Law to hit a ditch, guard rail or worse. WIll he expect you to pay the difference of an insurance settlement and the replacement cost for his truck?

I know unlikely to happen. How many times have you heard."You won't believe what just happened" then the story continues and it is Unbelievable, yet true?

If you want to be nice to the Brother in Law and charge him less than "the going rate" .
Don't tell him. Write up the contract as if he was a stranger. When you get your trailer back with no damage. Then give him the discount.
For insurance and liability, you need to have a signed contract.

Good luck.

 

I was being somewhat facetious: though i suppose i could make a profit at it.


Figure a combo 48/102 spread with no boxes is about 31/32k out the door.
@$1000 a month you paid it off in 32 months; asset at that point likely has about $22-24k in resale value

Vs rent where if you don’t know where you’ll be in 6/8 months makes more financial sense.

when you buy you have an asset. Trailers are depreciating assets granted, but assets nonetheless. $1000 a month buys quite a bit of trailer.

 

I think they still have some 40's that they use occasionally for tight spots (house deliveries)
I don't really know anymore since covid. My wife hasn't let me out of the house to play since March...
Not too many years ago, XtraLease still had some old 45's in their fleet that they'd rent for cheaper than the 48's. Although they're probably long gone...
Back at the steel company, we used to rent trailers from Hale without insurance and add them to our policy. It was a monthly rental plus mileage.

 

Wow, if you plan to keep at this Truckin thing I’d be buying a trailer.

 

We cant all be rich like some of u guys

 

Ha, it’s more about making smart choices with your money than being rich, and I’m far from rich.

 

A fiction author I like really has one of the best treatise on this subject. It's called the Vimes theory of socioeconomic unfairness. It's about why the rich are rich. It comes down to buying the correct item once instead of keeping buy something that works, but is cheap and wears out fast.

Instead of spending money on rentals, buy what you need. Yes rentals have their place, but it should always be temporary to increase capacity or test the waters. It should never be a permanent solution.