New Article From Old School About Buying Or Leasing A Truck

Topic 20161 | Page 13

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G-Town's Comment
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I didn't misunderstand anything.

Brett Aquila's Comment
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I'm hoping I can let this be for now as I'm not trying to get banned here.

You're certainly not going to get banned for discussing these issues with us. These conversations are incredibly helpful when everyone conducts themselves professionally, as we all have here, and we can get all of the complexities and nuances out there for people to ponder.

We'd love it if you'd be willing to share your net income numbers that you report for Federal income taxes. I completely agree with Old School - sit down with your accountant and start going over the numbers you have already so you know where you stand at all times. Your accountant should be able to help you understand how you've done so far and also make projections for the coming months and years.

Old School also mentioned another critical point - you're going to have to replace your equipment at some point. You have to figure out long ahead of time the costs for that and where the money is going to come from. Of course, make contingency plans for the unexpected like a blown motor (Heaven forbid).

Finally, figure out your operating costs to the penny per mile. One thing you're going to notice is what a massive difference a few tenths of a mile per gallon is going to make for your bottom line. We'd all love to go 100 mph, but there's a reason the largest, most successful companies all run 58 - 65 mph.

My best advice is to hang onto your cash like it's oxygen. Spending a little extra on finance charges is a small problem. Running out of cash is devastating. Play it super safe.

MC1371's Comment
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So to Cliff's note this.

1. Don't lease. 2. If you have a burning desire to earn about the same as a company driver, but want to do it in a rented truck that you can decorate with shiney dodads, pretty lights, kick butt stereo etc. You'll still be doing it in a rented truck and now have the pleasure of being fiscally responsible for it.

Shorter, you're going to rent a truck, pay for the fuel, maint and repairs so the company doesn't have to. But in exchange for that you get a bit more freedom in your load choices, and you can play dress up with your truck.

*Ok, ya that's a little snarky. But for some even that bit more of perceived freedom is worth it.

From the 2 guys I know that fall into that group and freely admit they ain't getting rich doing it. Their advice was wait at least a yr. Then find the carrier that best fits (could be a Mega, or one of the lease only companies) And have bare minimum 9k cash stepping in to cover setup and the things you didn't think of.

I wonder if setting up a LLC, would be appropriate as well at this point?

Dm:

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.
Daniel B.'s Comment
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Oldschool,

That's good advice in your last post and I appreciate that. I will take it to heart.

Thank you.

Gtown,

You are misunderstanding that part you quoted. That was in response to Oldschool saying he nets more than me. In which he thought I was claiming that as my net. I always said it was after fuel, insurance, ect but still had taxes and truck expenses to come out yet.

I do realize I will probably make less in the next 6 months due to weather and holidays.

I'm hoping I can let this be for now as I'm not trying to get banned here. I enjoy the site.

Hey dont pay attention to G - he's just a swifty!

Glad you're doing well friend. You seem happy! Keep the shiny side up!

smile.gif

Chris L.'s Comment
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double-quotes-end.png

Glad you're doing well friend. You seem happy! Keep the shiny side up!

smile.gif

IMG_20170606_215350_1.jpg

I run down to one of the Ports in Oakland a few times a month lately. If you see this truck down your way my CB is always on. I scan channels 17 and 19.

It's been a while, hope your doing good.

BullDozer's Comment
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This is a great forum and I am very thankful to you Brett. Lot's of knowledge here. I am in the research process (2 months now) of trucking and which company im going to choose. Your high road course is awesome and definitely suggest it to anyone looking at getting a CDL. Now pertaining to this thread, I've been studying the cost of owning my own truck and own authority and it's not cheap. Will I do it someday...Maybe. I figured the salary I will make as company driver (Ballpark figure) and how many years to save and reach that number. Im investing in my future. Also im studying the other parts of this industry and that's Freight Brokerage. So it's all about you and how bad you want something to be successful. It's not easy,nothing is if you don't learn first. Good luck to everybody and God Speed. Vinnie D

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.

OOS:

When a violation by either a driver or company is confirmed, an out-of-service order removes either the driver or the vehicle from the roadway until the violation is corrected.

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