Starting A Company

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Truckin Along With Kearse's Comment
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I will.mention a few things here. My best friend and I went to a truck dealer in MO last year. I thought about buying for flexibility due to my mother's debilitating health. The new truck I wanted was $130,000.

That same friend just went to a Freightliner dealer in Dallas. The same new truck is now $190,000. The used trucks with 500,000 miles are $130,000.

As a first time buyer she would be required to put at least 20% down. Both dealerships told us that some banks would require an extended warranty,.which could be another $10-20,000. Some banks will finance it. Some want it paid in cash. The interest rate is also subject to not only credit rating, but LLCs lack thereof. So high downpayment. High interest, and possibly high warranty costs. Also something interesting, last year the banks were offering early pay offs with no penalties. Apparently some banks are adding penalty now for that.

The spot market has tanked. So high costs of trucks, low prices for freight, and high costs for fuel. I wouldn't do it.

Now... Had I bought that truck in cash last year like I planned... I could sell it for a profit maybe 😂. But I would have been dealing with that while my mom was dying and not made a big profit while I had it.

The Pelican's Comment
member avatar

There was a guy that posted his annual insurance premium on his truck...it was $38,000!!!

That's more than what I make at my current job! A lot more.

Truckin Along With Kearse's Comment
member avatar

There was a guy that posted his annual insurance premium on his truck...it was $38,000!!!

That's more than what I make at my current job! A lot more.

I know two guys who owned fleets who lost everything. One had 34 trucks and one accident where someone was killed caused his whole business and a decade of work to crumble. He is now a company driver.

The other guy had 9 trucks. One accident and one truck costing him $40,000 in repairs caused him to lose it all. He gave up and went into real estate. He seems to keep making bad decisions.

PJ's Comment
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Owning a truck and/or trucks is riskey business for sure. I carry very good insurance and for 1 truck and trailer I’m paying 18k a year. That is with a good csa score and a spotless license.

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

G-Town's Comment
member avatar

Thanks PJ! You came through with exactly the type of insight I was hopi g for.

Owning a truck and/or trucks is riskey business for sure. I carry very good insurance and for 1 truck and trailer I’m paying 18k a year. That is with a good csa score and a spotless license.

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

PJ's Comment
member avatar

Yes sir, the other thing that alot of people fail to realize is the amount of time spent on reporting requirements to the various fed and state agencies, staying up on maintance, and securing loads and neogating rates.

Driving as an O/O is actually the least amount of time spent. Mess up on reporting requirements and they can put you out of business faster than you went into business.

I want folks reading this to understand that I am in a specialized niche market, and haul the overflow their own private fleet can not do. I do not run just any type of flatbed freight. If I was running off load boards I would not be doing what I am doing.

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