Buying My First Truck Need Some Info

Topic 28674 | Page 2

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Josh C.'s Comment
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Be your own boss and work when you want to work and how you want to

Hey Josh, I'm just curious ‐ what's the lure of owning your own truck?

Josh C.'s Comment
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Yeah I'm doing 20,000 down. payments are supposed to be 1600 a month for 36 months

So your financing it? What rate did you get? Are you putting a down payment on it?

You really need to take the time and learn about financing. You need to understand how interest and principle are computed to make your monthly payment amount.

If you have not signed any papers yet, I would reconsider this move until you educate yourself better. You will always pay more for monthly payments with interest than straight cash.

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Hey I'm in the process of getting a truck. and the price is 47000 for a freightliner 2017 with 530,000 miles on it the price on it is 49,000$ but I get all the paper work done and then I find out its 75,000$ at the end after I pay it off. is that normal or am I getting screwed. Thanks

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Truckin Along With Kearse's Comment
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Be very aware of the insurance rates that are about to go up and will be higher for a first time buyer

You may soon learn that buying a truck puts a chain around your neck. Most owner ops I know stay out for months at a time to pay either the payment if new.... Or the repairs if used. My friend's used truck cost her $35,000 in repairs the first year. $25000 the second year. No lie. Most also do their own repairs to lessen the costs.. So take a class or something.

Covod has the market crazy up and down. Good luck

Old School's Comment
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Be your own boss and work when you want to work and how you want to

Okay, those are your reasons for doing this. How are you feeling right now? It's funny, you're in here asking us if the high costs you're experiencing are fair or normal. How much is your pipedream of independence worth to you? Do you honestly believe you can now "work when and how you want?"

Learning to be a truck driver is relatively simple compared to being a successful owner operator. I never recommend it.

When Is The Right Time To Become An Owner/Operator?

Owner Operator:

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

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Grumpy Old Man's Comment
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Hey I'm in the process of getting a truck. and the price is 47000 for a freightliner 2017 with 530,000 miles on it the price on it is 49,000$ but I get all the paper work done and then I find out its 75,000$ at the end after I pay it off. is that normal or am I getting screwed. Thanks

I haven’t read all the replies, but I’m sure this has been said already, and is the best possible advice you will get.

Don’t do it. Unless you have experience running a successful business, you will likely fail. Drive for a company for a few years before even considering it. And even then my advice is don’t do it.

That having been said, our trucks at 650,000 to 700,000 go for under 30k from what I’ve been told, and they are well maintained. Even at that price I wouldn’t do it, even though I could turn around and lease myself right back to Wolding, and I have experience running a business.

Consider this fact alone. You are already exhausted after running hard all day, now add a couple hours a day on to that schedule doing paperwork.

I won’t even go into expenses, taxes, insurance, getting loads in a down market, etc.

Grumpy Old Man's Comment
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Just my opinion but if you’re asking this question, ya probably shouldn’t be buying a truck

A good point. If you don’t understand finance charges/interest, you definitely don’t have the business experience to be successful

Joseph D.'s Comment
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I have limited knowledge about owning a truck. What I do know is being a good driver is a small portion of being successful. You need to be part accountant and part mechanic to have any Chance at making it. Best of luck in your ventures though. I’m rooting for ya.

Greg M.'s Comment
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If you are putting $20000 down on a $47000 truck that means you are financing $27000. If your payments are $1600 month for 36 months that implies an interest rate around 60%. That would add up to just about the $75,000 you mention in your original post. That is a terrible deal.

Absolutely no way you will ever turn a profit and you are just setting yourself up for a huge financial disaster.

Yeah I'm doing 20,000 down. payments are supposed to be 1600 a month for 36 months

PackRat's Comment
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Be your own boss and work when you want to work and how you want to

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Hey Josh, I'm just curious ‐ what's the lure of owning your own truck?

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Yeah. I see this daily on lots of trailer doors all over the country.

These usually state something like:

Be Your Own Boss! (Nope!)

Great Miles! (Possibly)

Great Hometime! (Doubtful)

How many of these are reality? It is NOT a good business model, nor is it reality.

Mike C.'s Comment
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I chime in now and then when a subject comes up that has my interest. I too am weighing being an owner/operator vs a company paid driver. So, this thread sure did catch my eye. I'm finishing my third week on the road with a trainer and as an employee of CFI. After three weeks experiance I'm still about dumb as a rock however full of questions and an owner/operator being one of my questions.

Ok, I'm mostly dumb but not totally dumb. I know jumping into ownership of a truck as an FNG is not a good idea. I've given myself six months (more if needed) to make the call driver employee vs owner/operator.

So, guys and girls, what are the +/- of owning vs employee. There must be some advantages, huh?

My absolute lack of knowledge has brought me to a few kinda/sorta thoughts.

I find used trucks with maybe 300,000 or so miles are selling for mid 20's or so. Factory warranties run til about 500,000 miles........yes? I find that being an owner/operator does' offer more independance. It appears that there's more money in owning with of course the expenses involved.

What I'm seeing here is pretty much against the idea of ownership. How about some input from some owner/operators that might see it different?

I've stipulated to being a whole lot of stupid more than once on the forum so lets allow that I am.

What's the owner/operator view of the question and the opinions?

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