Buying A Truck

I would like to buy my own truck. With freight being down i dont think right now is the right time, but i think right now is s great opportunity for finance rates and truck selection! Also getting in position when it comes back is a great idea. Any thoughts or ideas?

Terrence, I think asking that question on a forum geared toward helping prospective and new inexperienced company drivers navigate and succeed in making it through their first year is a bad idea.

Not knowing your background history or anything else, I will say that truck ownership is frought with huge financial risk and the odds are very much stacked against the small independent trucker and it's something that we do NOT recommend here at Trucking Truth.

Your question might be better directed towards OOIDA.

T.R.U.C.K.S

Taking Risks Under Credit Kills Savings.

Okay, thanks!

I am not personally against buying a truck and striking out on your own as a lot on this site but I would be against buying unless you can write the check and have enough left in the bank to get you by for 6 months plus either enough to cover a major repair or buy new enough that it is covered with warranty.

Hey Joseph, I'm just curious about your rationale. I've been in business all my life. It's always been prudent to make good use of inexpensive capital. I've never known a successful business leader recommend laying out a major portion of your personal cash for your business assets.

What makes you think that's a smart way to get into business? I just don't want us to be giving somebody new to this the wrong idea. Typically I find people who want to lay out their life savings to buy themselves a job don't have the credentials to get proper financing. And if that's their situation it's like double trouble when they lay out that kind of cash.

I understand your holding something back for a catastrophe, but that makes the argument all the stronger as to why you should hold onto all the cash you can. Any business start up needs to have a plan for revenues and cash flow.

When you are in a small business like an independent Owner/Operator that cash flow should start immediately. It's real easy to start running loads and get some cash flowing so you can service your debt. The hard part is to do it in a fashion that makes a profit while overcoming the fast moving effects of your depreciating asset on your bottom line. Paying cash for your asset does nothing toward that problem. It's still there worrying your accountant.

Typically I find people who want to lay out their life savings to buy themselves a job don't have the credentials to get proper financing.

GOLDEN!! Truly one of the most intelligent statements I ever read. Good show O.S

Too, bad this truck search wasn't a month ago, before I sold/traded mine!