Should I Keep My Personal Car After Beginning OTR?

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Ryan G.'s Comment
member avatar

Hi everyone!

I am trying to figure out if keeping my personal vehicle would be necessary after going OTR full time.

I don't have my own house or apartment, I am currently staying in an extra room with my aunt & uncle. I know once I go OTR, the truck will be my place of residency.

I have no real plans to take time off regularly from trucking, thus would not need the personal vehicle as if I were home every weekend or whatever.

The issue here is that I still owe around $8-$9k on the loan and the vehicle is only worth around $5-$6k. Monthly payments = $260. Car insurance is $188 per month as well. So a total of about $450 coming out of my pocket unnecessarily while the car sits and isn't used (once training is complete and OTR full time).

I'm basically at rock-bottom credit-wise, so taking yet another blast on the credit report really won't make or break me.

I plan to run HARD HARD HARD with Stevens Transport. I plan to restructure my finances through trucking and take advantage of the fact I have no huge expenses, aside from the car and insurance payment.

Bottom line=

Should I keep the vehicle and make $450 monthly payments (insurance included)?

-OR-

Should I find a way to get rid of the vehicle after all Stevens Transport training is completed? If, How do I go about this given the above information about being upside down on the loan?

Thank you all in advance!

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Keith A.'s Comment
member avatar

I'd keep the car, pay it off with the money you'll be making if you run hard, and voila. I live in an area with less than optimal mass transit and I'm also about a hundred miles between home and my home terminal

Terminal:

A facility where trucking companies operate out of, or their "home base" if you will. A lot of major companies have multiple terminals around the country which usually consist of the main office building, a drop lot for trailers, and sometimes a repair shop and wash facilities.

Ryan G.'s Comment
member avatar

10-4 Keith, this makes sense no doubt. I live in FL and plan to drive to Stevens Terminal in Dallas after the 3 weeks of initial training in Tampa. Hope they let me keep the car there on the property.

Thanks for your reply man.

I'd keep the car, pay it off with the money you'll be making if you run hard, and voila. I live in an area with less than optimal mass transit and I'm also about a hundred miles between home and my home terminal

Terminal:

A facility where trucking companies operate out of, or their "home base" if you will. A lot of major companies have multiple terminals around the country which usually consist of the main office building, a drop lot for trailers, and sometimes a repair shop and wash facilities.

Rob T.'s Comment
member avatar

I'd suggest not getting rid of the car until you atleast have 1 year of experience. I'd hate for you to get rid of the car and then reality sets in about the long hours, crazy sleep schedule, and being away all the time. The turnover rate, especially for new drivers is ridiculously high. Don't want you to get rid of the car right away then end up being out a vehicle if you decide it isn't for you.

icecold24k's Comment
member avatar

I have to agree with everyone else, for sure keep the car. I live in a pretty small town and there would be absolutely nothing worse than going home and trying to find rides anywhere you need to go.

Steve L.'s Comment
member avatar

If that $450/month is your only financial responsibility, you may be able to get it paid off quickly once you’re driving full-time. Make that a goal and you could be very proud at the end of your first year OTR.

Good luck!

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Splitter's Comment
member avatar

If that $450/month is your only financial responsibility, you may be able to get it paid off quickly once you’re driving full-time. Make that a goal and you could be very proud at the end of your first year OTR.

Good luck!

This is money in the bank for sure. Once you have the steady income stream, you can pay the six month insurance premium in one shot & make double payments on your car note. Your less than stellar credit score will shoot for the moon after that! Just make sure you have a reliable person who can start it for you weekly or biweekly.

I left mine with my daughter who’s in heaven right now as she drives around in my ‘16 suburban. You wanna talk about being under water? I call her the titanic! It’s worth mid 30’s but I owe mid 40’s. Good luck with Stevens.

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Moses R.'s Comment
member avatar

Hi everyone!

I am trying to figure out if keeping my personal vehicle would be necessary after going OTR full time.

I don't have my own house or apartment, I am currently staying in an extra room with my aunt & uncle. I know once I go OTR, the truck will be my place of residency.

I have no real plans to take time off regularly from trucking, thus would not need the personal vehicle as if I were home every weekend or whatever.

The issue here is that I still owe around $8-$9k on the loan and the vehicle is only worth around $5-$6k. Monthly payments = $260. Car insurance is $188 per month as well. So a total of about $450 coming out of my pocket unnecessarily while the car sits and isn't used (once training is complete and OTR full time).

I'm basically at rock-bottom credit-wise, so taking yet another blast on the credit report really won't make or break me.

I plan to run HARD HARD HARD with Stevens Transport. I plan to restructure my finances through trucking and take advantage of the fact I have no huge expenses, aside from the car and insurance payment.

Bottom line=

Should I keep the vehicle and make $450 monthly payments (insurance included)?

-OR-

Should I find a way to get rid of the vehicle after all Stevens Transport training is completed? If, How do I go about this given the above information about being upside down on the loan?

Thank you all in advance!

Ditto what everyone else said, I plan to buy a new car with cash outright i bank ebough of my weekly OTR pay. I'm 40, single, no kids, no wife or GF. My plan is to use OTR to bank money for a small retirement home in Texas (preferrably) and also have a reliable new (as in brand new) commuter car for my trips back and forth to whatever regional job I might have and be my grocery getter etc . My someday regional job will help me make house payments until retirement.

Now you sound like a young buck (as in younger than 40). I am not going to claim to be an expert on life but I can tell you that what can go wrong often times will go wrong (I think a Mr Murphy made that up?) You'll notice there's alot of my plans, I think and somedays in my statement? It's awesome to dream and be positive but the bitter truth is reality tends to bite us right in the keiser with it's own plans (often times inconvieniently).

You are BETTER off keeping the truck and working toward paying it off than being radical and dumping it. We all start new ventures positive and full of grit, but the truth is none of us knows if we are truly cut out for this until we have a few years experience under our belt. And if you find out trucking ain't gonna work for yah or that blessings and good fortunes just decide to skip over your big dreams and plans, you'll need that car in order to find your next opportunity. I am not trying to be negative or nothing, but ya gotta look at things realisitically

This coming from someone who is just starting CDL school but has alotta life experience.

Okay, old man rant done, you get the picture 😁

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.

Regional:

Regional Route

Usually refers to a driver hauling freight within one particular region of the country. You might be in the "Southeast Regional Division" or "Midwest Regional". Regional route drivers often get home on the weekends which is one of the main appeals for this type of route.

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Errol V.'s Comment
member avatar

You have already heard the chorus about keeping the car. Two additional thoughts:

If you have that bottom level credit, keeping and paying off the loan is worth doing. It can only improve that score.

Another thing, talk to your insurance company. Let them know the car will hardly be driven. Sometimes instance companies can adjust the policy premium to reflect that.

Dave Reid's Comment
member avatar

Ryan, if I were in your shoes....with your circumstances, I'd keep the car temporarily, and get that loan paid way down. After you've been trucking a year or so, if you learn that the trucking gig is indeed your thing, then consider selling the car, especially if you find yourself taking your down time in multiple locations.

I do as you think you will...living in the truck...so I got ot rid of my car and almost everything else. I store my good clothing with DUFL, so I can take my downtime anywhere...have DUFL send me a suitcase, and rent a car if I need one.

All the best to you as you begin your journey.

Hi everyone!

I am trying to figure out if keeping my personal vehicle would be necessary after going OTR full time.

I don't have my own house or apartment, I am currently staying in an extra room with my aunt & uncle. I know once I go OTR, the truck will be my place of residency.

I have no real plans to take time off regularly from trucking, thus would not need the personal vehicle as if I were home every weekend or whatever.

The issue here is that I still owe around $8-$9k on the loan and the vehicle is only worth around $5-$6k. Monthly payments = $260. Car insurance is $188 per month as well. So a total of about $450 coming out of my pocket unnecessarily while the car sits and isn't used (once training is complete and OTR full time).

I'm basically at rock-bottom credit-wise, so taking yet another blast on the credit report really won't make or break me.

I plan to run HARD HARD HARD with Stevens Transport. I plan to restructure my finances through trucking and take advantage of the fact I have no huge expenses, aside from the car and insurance payment.

Bottom line=

Should I keep the vehicle and make $450 monthly payments (insurance included)?

-OR-

Should I find a way to get rid of the vehicle after all Stevens Transport training is completed? If, How do I go about this given the above information about being upside down on the loan?

Thank you all in advance!

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

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