New Article From Old School About Buying Or Leasing A Truck

Topic 20161 | Page 1

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Brett Aquila's Comment
member avatar

Many of you may have read Old School's excellent post the other day about leasing or owning a truck. If not, this is your chance.

Old School and I have kind of led the charge when it comes to persuading people to avoid buying or leasing a truck altogether, but especially as a new driver. We've both written on the subject many times, and this was another great one by Old School that I wanted people to take notice of.

When Is The Best Time To Become An Owner Operator Or Lease A Truck? Never.

If anyone has any questions about buying or leasing a truck we'd be happy to answer them. If you feel we're wrong about this, well quite honestly there's no need for you to waste your time trying to convince us with words. Get out that checkbook, sign on the dotted line, and go make yourself a fortune. THEN come back here and teach us how it's done so we can follow in your footsteps!

smile.gif

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

DOT:

Department Of Transportation

A department of the federal executive branch responsible for the national highways and for railroad and airline safety. It also manages Amtrak, the national railroad system, and the Coast Guard.

State and Federal DOT Officers are responsible for commercial vehicle enforcement. "The truck police" you could call them.

Tim H.'s Comment
member avatar

Great article. My father had his own truck many years ago and he says the same from experience. At one point things were so tight he was pinched between putting new tires on his truck or catching up with payment. He talked to the bank saying he could either put on new tires and run some miles and then make the payments or he could make the payments but truck would sit because tires were in illegal condition. But not both. Bank tells him sure put the tires on it then run it. So he puts $3000 in brand new tires on his truck and the next day the bank came and repo'd it.

Shiva's Comment
member avatar

Great article

Bud A.'s Comment
member avatar

Great article. My father had his own truck many years ago and he says the same from experience. At one point things were so tight he was pinched between putting new tires on his truck or catching up with payment. He talked to the bank saying he could either put on new tires and run some miles and then make the payments or he could make the payments but truck would sit because tires were in illegal condition. But not both. Bank tells him sure put the tires on it then run it. So he puts $3000 in brand new tires on his truck and the next day the bank came and repo'd it.

That is a true life lesson, whether you're a trucker or not: Never trust a bankster.

Fire Marshal Bill's Comment
member avatar

That was an awesome article!

I've been driving a few years now and I have lost count on the number of people I've meet who use to be ownerIut operators.

The horror stories I've been told could be made into a movie. One of the new drivers in my company is trying to sell his truck off to my company to try and get out of the dept. Sad story from this guy.

I work the ports of Seattle and spend alot of time sitting at the port. I get paid by the hour. There are alot of owner operators that work the ports too. Many of the OO's I speak to there tell me the make up to $300.00 a load and sometimes more. That's great if you can get in there, out and deliver your load and return for another one in the same day consistently. Not going to happen. They say they are at the whim of the ports and shippers/receivers. Not to mention Seattle traffic. Their faces look so sad when I tell them how much I make with benifits. Approximately $50-$60.00 a day less than them.

For anyone thinking of doing it I would recommend against it unless you have a federal contract or something of that nature.

Read the article again if you are thinking about it. Then reread it until you dont want to be an OO.

The driver trainer told me when I was riding with him that he had paid over $83,000.00 the year before in fuel cost alone. He said it was about half his gross for the year. Looks good on paper right? Add his maintenance, licenses and permits, then food and other expenses it's not so good a deal to me to work 7 days a week like that.

Again. Awesome article guys!

Shipper:

The customer who is shipping the freight. This is where the driver will pick up a load and then deliver it to the receiver or consignee.

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Sidney V. (Chris)..Popeye's Comment
member avatar

Many of you may have read Old School's excellent post the other day about leasing or owning a truck. If not, this is your chance.

Old School and I have kind of led the charge when it comes to persuading people to avoid buying or leasing a truck altogether, but especially as a new driver. We've both written on the subject many times, and this was another great one by Old School that I wanted people to take notice of.

When Is The Best Time To Become An Owner Operator Or Lease A Truck? Never.

If anyone has any questions about buying or leasing a truck we'd be happy to answer them. If you feel we're wrong about this, well quite honestly there's no need for you to waste your time trying to convince us with words. Get out that checkbook, sign on the dotted line, and go make yourself a fortune. THEN come back here and teach us how it's done so we can follow in your footsteps!

smile.gif

A very well written article by Mr. Old School. I would have to wholeheartedly agree with it concerning "Leasing" a Truck. Maybe I misunderstood the line about Owner Operators. From what I read he is talking about the owner operator side of "one's own authority".

There is another side to being an owner operator, you know. That is with your own truck, lease on to a company. I would never advise anyone to lease his truck to 99% of the companies running the highways. The trick, I believe, is find a company that fits you and your plan.

I began driving in 1999 and was a company driver with two different companies my first 6 years. I believe that in proceeding slowly during this phase is the key to being successful in one's' future endeavors. There has to be a certain love for the highway and some even say it's in the blood. I agree.

The first company I leased my truck to was my last company as a company driver. It took very little time to see the error of my ways. The company always filled its' company trucks first with the best loads. The owner operator leased to a major player was left sucking hind t-t! I was lucky to to find the perfect fit for me a bit later. It was a very small only owner operator trucks and doggone few of them (54-56 total), hauling lightweight freight (less than 15K lbs), no satellite communications, no ELD, no YARD, just some really good people on the other end of the phone. Like I said, it works for me. No, I don't figure to retire a millionaire, only a man living his dream and being paid a decent wage.

Remember, you have pay your dues, a company driver or an owner operator no matter how you finally do it. Final thought....I would never recommend that a newbee (less than 5 years) move on to his own truck. Do your research, scrunch the numbers and most important FIND YOUR NICHE. I decided a long time ago that having my own authority was NOT a deal for me. So, I saved my money, bought the right truck and am doing what makes me happy. I'm not teaching anyone, Mr. Brett, this is just what works for me. FLDS FOREVER (although I have now bought (cash) a Peterbuilt). Guess my old handle will just have to work for this old trucker.

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

DOT:

Department Of Transportation

A department of the federal executive branch responsible for the national highways and for railroad and airline safety. It also manages Amtrak, the national railroad system, and the Coast Guard.

State and Federal DOT Officers are responsible for commercial vehicle enforcement. "The truck police" you could call them.

ELVIS F.'s Comment
member avatar

I have been driving for 16 mo and I know I do not want to work for someone the rest of my life. I am a 24 yr Army Infantryman and I can motivate myself for the task. I do not need dispatch telling me " stay, sit or go." If anyone need that , then be a company driver. However, if you want to O/O, you have to be disciplined with your spending, speed/driving habits, time with love ones and veh maintenance and complaint with FMCSA. One can be a successful O/O if disciplined.

Many of you may have read Old School's excellent post the other day about leasing or owning a truck. If not, this is your chance.

Old School and I have kind of led the charge when it comes to persuading people to avoid buying or leasing a truck altogether, but especially as a new driver. We've both written on the subject many times, and this was another great one by Old School that I wanted people to take notice of.

When Is The Best Time To Become An Owner Operator Or Lease A Truck? Never.

If anyone has any questions about buying or leasing a truck we'd be happy to answer them. If you feel we're wrong about this, well quite honestly there's no need for you to waste your time trying to convince us with words. Get out that checkbook, sign on the dotted line, and go make yourself a fortune. THEN come back here and teach us how it's done so we can follow in your footsteps!

smile.gif

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

CSA:

Compliance, Safety, Accountability (CSA)

The CSA is a Federal Motor Carrier Safety Administration (FMCSA) initiative to improve large truck and bus safety and ultimately reduce crashes, injuries, and fatalities that are related to commercial motor vehicle

FMCSA:

Federal Motor Carrier Safety Administration

The FMCSA was established within the Department of Transportation on January 1, 2000. Their primary mission is to prevent commercial motor vehicle-related fatalities and injuries.

What Does The FMCSA Do?

  • Commercial Drivers' Licenses
  • Data and Analysis
  • Regulatory Compliance and Enforcement
  • Research and Technology
  • Safety Assistance
  • Support and Information Sharing

DOT:

Department Of Transportation

A department of the federal executive branch responsible for the national highways and for railroad and airline safety. It also manages Amtrak, the national railroad system, and the Coast Guard.

State and Federal DOT Officers are responsible for commercial vehicle enforcement. "The truck police" you could call them.

Fm:

Dispatcher, Fleet Manager, Driver Manager

The primary person a driver communicates with at his/her company. A dispatcher can play many roles, depending on the company's structure. Dispatchers may assign freight, file requests for home time, relay messages between the driver and management, inform customer service of any delays, change appointment times, and report information to the load planners.
Blakowt's Comment
member avatar

GREETINGS ALL,

HUMOR Folks, Just HUMOR.

My handle of Blakowt is for something I quit doing over 25 years back when I quit running with the Scotsman, Al C. O'hol. - - - - A couple of years ago I figured the best route to becoming/being a Owner Operator/Driver is thus:

1. Sell everything I own plus (mostly) borrow from friends and Family to Buy a Truck spec'd with 3406 CAT, 13 speed, 3.36 drive gears, "super" sleeper, oversize 5th wheel, 22.5 tires, ALL Alcoa Aluminum Rims with custom made non plastic "spikes" for lug nut covers. 2. Get a Lobotomy for a "carefree" attitude. 3. Hire a friend to appear at random locations Nationwide and pummel me while asking "WHY DID YOU WANT TO BE A OWNER OPERATOR"? 4. Recover and move forward.

CHEERS!!

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Ron E.'s Comment
member avatar

Greetings! Thank you for the interesting information. Would being an owner operator be viable in a case where a spouse has a good income and large tax breaks are needed more so than a large income? Other scenarios where it makes sense? Would appreciate any input. Thank you

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Paul F. 's Comment
member avatar

Allow me to say that I am still a trainee and as such are virtually totally ignorant regarding this subject, but I will comment anyway.

I'm in the TNT phase of training at prime, and I must say I've been treated very well by prime so far. No major complaints.

That being said, EVERYONE I've spoken to at prime, specifically lease drivers, all UNINAMIOUSLY say I should go lease. You do the exact job a company driver does and make (insert figures ranging from $1,500- $3,000 more per week).

It would be foolish of me to dismiss your opinion on this subject, however it would be equally foolish for me to dismiss descriptions of their personal experience. I have been told they are "walk away" leases so you can return the keys with no penalty, and they receive a bonus at completion of a 2 year lease ranging from 13-23k (low being solo driver, high being a TNT trainer getting "team" miles.

The guy I'm with now suggested maybe in a year to try a 3 month lease to see if it was to my liking.

The reasons I would consider going lease are -Additional income potential (agreed with the additional risks) -Freedom to go where you want (refuse loads you don't want, although I think that would be a very rare occurrence, if at all) -Freedom to take home time Moreno my terms.

Reasons to be company driver -All the risks associated -all the reasons you recommend against -(most importantly) my wife does not like the idea.

Basically I'm very confused about this. Regardless, I wouldn't go lease for at least a year, if ever.

TNT:

Trainer-N-Trainee

Prime Inc has their own CDL training program and it's divided into two phases - PSD and TNT.

The PSD (Prime Student Driver) phase is where you'll get your permit and then go on the road for 10,000 miles with a trainer. When you come back you'll get your CDL license and enter the TNT phase.

The TNT phase is the second phase of training where you'll go on the road with an experienced driver for 30,000 miles of team driving. You'll receive 14ยข per mile ($700 per week guaranteed) during this phase. Once you're finished with TNT training you will be assigned a truck to run solo.

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