Want to Buy a used truck and learn this business

Hello to everyone here.
I will post a little background here to help the pros here determine whether I have a chance at being successful in this business after I explain my reasons for entering this business and basic plan.
I just sold my small contracting company and began to develop my (Ontario Canada) waterfront property into a residential subdivision. This will require a long waiting period while environmental studies are being done.
I am contemplating buying a used highway tractor and hiring an experienced professional driver to drive the truck and train me to drive. I have 24 years experience managing my own contracting company and have won several awards for safety including 17 years in a row with no lost time accidents. Average # of employees was around 20 during this period of time. Safety has always been my first priority in any job I have been involved with, and my former employees honored me with a plaque thanking me for this commitment regardless of the cost .
I have designed specialized heavy equipment for our own use and resale, so have a strong background in mechanical systems, hydraulics, electronics, diesel engines etc. I also build mild drag racing engines as a hobby with my kids.
I have a clean driving record and tend to drive below the legal limit when driving something heavy or large and always drive defensively. No accidents in 32 years of having a car/motorcycle license.
However.... I have no experience at all driving a class 8 vehicle other then driving our Western Star tractor short distances for off highway moves on the bush roads near ft. Mcmurray Alberta Canada. I always had an experienced driver looking after our equipment moving needs. He managed every aspect of trucking our equipment including permits and licensing etc. That leaves me with basically zero experience in this industry
My first (and most time sensitive) question is about the truck I wish to buy. (I should decide to accept or decline the owner's offer very soon, so I don't potentially cause him to miss an opportunity to sell it elsewhere).
It is a 1999 Peterbilt 379 with a Cat C12-430 ,13 speed trans , 40,000 lb rears, Jake brake, proheat, auxiliary heater mid rise sleeper, aluminum wheels, 3.55 ratio. It is equipped with a TV, fridge and even a custom wood steering wheel that the OO says he paid over 2000 CAD for! I cant remember the maker of the steering wheel but I was a quietly skeptical that a steering wheel could cost this much? It also has a very high quality sound system.
The history of this truck is extremely well documented and shows engine oil changes ocurring at only 5000 mile intervals since new.
The truck has a little over 2,000,000 miles on it. Visually it looks like brand new inside and out! It is truly beautiful and looks just like the new trucks it is parked beside although much less aerodynamic.
It has just passed a safety inspection and required nothing to be certified other then a brand new windshield due to a 10 inch crack in the original. The tires are all rated at 70% life remaining.
The rear ends have never been replaced or repaired but were carefully inspected by my former mechanic and showed no abnormal wear. Oil change intervals were every second engine oil change according to the logs and lucas stabilizer was used as a suppliment.
The engine had it's bearings replaced (inframe) 200,000 miles ago. I do not know if this means just the main crank bearings, or main and both big and small end rod bearings replaced. (I forgot to ask but would appreciate it if someone here could explain typical bearing replacement procedure while engine is inframe).
The engine developed a miss just before it went up for sale. A work order was started and it ended up getting a complete cylinder head rebuild including a valve job, valve seats, crack testing, new springs etc.
The camshaft was also replaced with an OEM Cat camshaft. The original cam had 2 lobes worn beyond spec. All 6 injectors were tested on a bench and 2 were replaced due to being slightly out of spec. The engine has 20,000 miles on it since this work was done. It has no oil or coolant leaks anywhere.
It also had the clutch replaced while the cylinder head was being rebuilt by Cat.
The truck was test driven for me and drives straight and tight with no vibration or wind noise, rattles etc. The test driver is used to 1 to 2 year old trucks and remarked that this truck is a pleasure to drive and has a decent amount of power for a "smallblock" engine. (his current truck has an ISX 600 with a chip. I am hoping the smallish engine will return decent fuel mileage when hauling moderate loads that are suited to the power train combo in this unit. I have been using 6mpg as an average in my gross revenue calculations.
The asking price is 18,000 Canadian for this truck but we have agreed to a straight across trade for my boat which is valued at about the same.
Is 2 million miles just too many to consider the truck safe and reliable even though it has been well maintained and the engine rebuilt? Will I have a hard time finding work due to the age and mileage of the truck (10 years old)?
The owner has just retired from trucking and has been looking for an inexpensive cruiser to spend time with his wife on in the summer thus a perfect fit for us both.
My second question is about finding work in Southern Ontario for this truck? My land development is near the 401 corridor on Lake Ontario 2.5 hrs from Toronto and 4 hours from Montreal. I would like to stay close to home since I am a single Dad raising 3 boys by myself, with the help of a wonderful live-in Nanny. I have an acquaintance that has agreed to train me and drive the truck while I am learning and then use me as a relief driver while he takes days off. He has over 20 years of accident free driving of many different configurations.
Is there much work available for a tractor based out of this area (Kingston Ontario)?
Alternatively I have several friends in Western Canada whom own trucking companies and will feed me jobs... in the Western USA and Canada until I can find work in my preferred area of Eastern Ontario.
So, am I out to lunch with my choice of truck, crazy to think I can just buy a truck and go right to work with an experienced driver...in my chosen region?
I have recently found that I really enjoy the freedom from the pressure of owning a contracting company with numerous employees. I know that there are sometimes significant pressures involved with owning and operating a highway truck but believe I will enjoy the freedom from constant 18 hour days. At 46 years old I also know enough to ask for help and opinions from the voices of experience, and this forum seemed like the best place to start.
I just started reading posts here yesterday and have found the experts here are very patient with Newbs like me.
I apologize for the extremely long post here but I wanted to be clear about my plans and don't wish to find out I made a life changing mistake because I didn't listen to those whom know better. I also have 3 wonderful kids who will suffer from my screw-up if my career change plan fails because of my lack of experience in a very competitive industry. I don't personally need to make my entire living from the truck's revenue but my hired driver will have to earn enough to comfortably support his family of 4. I expect at first all the revenue will go to my driver but hope to start getting a return on my investment after our first year in business and we have earned the trust of our potential clients.
Any opinions on my truck choice will be welcomed whole heartedly as well as advice about working in Ontario Canada. I am spending hours reading other posts already but if there are any specific threads that I should read, please post a link or description of the topic.
Thank-You very kindly to anyone whom read all the way through this long winded post. In case you haven't noticed, I am quite excited about hitting the highway in my new Pete and tuning into channel 19!!
Rob Staples, Kingston Ontario

 

I guess that was my biggest concern. What happens to the thousands of heavy trucks out there that reach 2,000,000 miles and are otherwise in great shape? Is it unusual for a 10 year old tractor to have this many miles on it? Is there anything specifically I should look for that is in danger of failing at this high mileage?
I looked at some other trucks in this price range and none of them were as physically clean as this one.
The main reason I like this truck is that it was the owners last truck before he retired and he wants to trade for my boat for him and his wife to relax on and fish etc. He seems very nice and had to retire due to health problems. The boat will be a perfect way for him to enjoy his retirement with his family.
The market value of my boat is 20,000 (1986 28ft twin engine aft cabin cruiser on a HD trailer) . I had it offered for 15,000 cash or equal trade. Obviously not many folks looking for a boat in December up here.
In your opinions, what is the value of this Tractor based on my description? I dont know if it is an option or standard, but the cab is on an air ride . Also, everything works on the truck right down to the smallest option or light bulb. This was the only rig that I found where absolutely everything worked perfectly.
I am not trying to convince anyone that this is a good deal, just trying to describe the truck as best I can to get opinions from the pros here.
Thank You very kindly to those whom responded to this Newb!
Rob

 

Yes, I am mentioning that it is pretty to try and portray the meticulous care and attention that this truck has been subjected too during its life cycle. It indicates to me that this truck was also well looked after mechanically as well.
I have very little experience buying on-highway equipment but when I bought off-highway heavy equipment I paid very little attention to the hour meter. I was more concerned with the components that make up the major systems. On an excavator I would get an undercarriage inspection, check the pressures in all hydraulic circuits , and engine health via blow by rate, cold starting performance, injection system service records, electrical system function, a visual bushing check and a good test run. Basically you can tell how much you need to spend on it after a thorough inspection and work out its projected profit making potential. I rarely bought new since downtime was more expensive then the repairs and warranty repairs always took much longer due to waiting lists here in Western Canada. Id rather have my own guys fix it immediately.
The main reason I like this truck is the fact that the owner is quite a nice guy whom had to give up his truck due to health issues, the truck didnt give up on him. He was planning on buying a boat to relax with and I just happen to have 1 too many boats.
I am trying to figure out what components have a high risk of failure due to such high mileage. These trucks remind me alot of the off road equipment I have owned. They are basically a platform for multiple outsourced components, that are all replaceable and or rebuildable.
I guess I was curious if stories like doubledragons were indeed quite common or very rare.
I know it appears that I am fixated on this truck but I assure you I would walk away in a second if I found the owner was lying about anything.

Im just trying to find a more specific reason to not buy the truck, based on the vast experience within this forum. Due to the fact that all the major systems have been replaced or rebuilt I am wondering why it would be any riskier than buying a non rebuilt 2005 with 650,000 miles on it for twice the cash? Someone mentioned that things that don't normally break on a truck, do tend to break on the high mileage units. Are we talking frames ?
Also, what happens to these trucks when they get beyond their useful service life? I assume they go for scrap eventually but there must be one hell of a pile of used parts available for 1990's era trucks! What happens to the N14s and 3406s that are still running nicely, but are sitting in a miled out truck? I have a boat with twin cummins VTA 903's in her and I would love to drop a pair of rto 3406 550s in her! Cat wants 70000 each for C13 marine engines!
Anyway, Thanks again for all the opinions so far.
Rob