LOL Henry sounds like an old hand!



Yes Steelers go big. I'm sick of seeing all these raggedy azz POS used fleet trucks being run by cheaped out low ballers who say they don't need a paycheck. Well park that piece of crap if you only run for fuel money - why do favors for strangers wasting your time hauling freight for free?

Only thing that worries me about you... "I am not in need of a massive paycheck."
Yes you are! If you are away from home sleeping in filthy, noisy truck stops, your body atrophying behind the wheel for days and days, risking life and limb and litigation on the gauntlet of our highways you DO deserve a massive paycheck. You most certainly do. We all do, dammit!

 

I'll give my 2 cents also. Don't want to squash your dream but why start out with such deep debit? I started out a $50,000 loan from a bank this last June. The bank was leary to loan to a woman for a truck loan but I have an excellent credit score and had a good thought out business plan. If you don't have a good credit score it will be tough to get a loan from anyone these days. Lenders don't like lending on rolling stock. I looked at SBA and it was not very promising for truck loans so I looked elsewhere for funding.

I purchased a used fleet truck from Arrow at a price higher than trucks are selling for now. It is a 2005 Volvo 670. Used the remaining funds as operational funds until things got rolling. Find a good starter truck and use it as a building block. Would have liked to have gotten into a 780 but decided it was not the best idea to go deeper in debt. This way I have something to work toward (carrot trick). Rome wasn't built in a day. Start slow and build steady.

I pull a company owned van. Why buy a trailer when there are companies that don't charge to pull their trailers? Owing on both tractor and trailer when first starting out is really taking a huge financial risk in this turbulant times. I can't say that I am flourshing but I am with a good company with miles which means a steady income. Trying to paying off personal debt as fast as I can so that eventually it will be just business debt.

Find yourself a good company and start out first with company vans. Get the hang of running a business first if you have never been a business owner before. I owned another successful business for 20 years. I started that business with a $50,000 loan to. I am concerned that your idea of "go big or go home" will send you packing for home very quickly.

Go out to OOIDA website. Click on Education and business tools. Click trucking tools. Find Cost per mile spread sheet on the left hand side of page. I used this tool to format the financial part of my business plan to the bank. It is a very good tool to use as you go along in business too. I recently reviewed my numbers and found that I was still within my original numbers. This spreadsheet will make it very clear what you need financially to make your dream a reality.

Check out a few companies that run just a O/O fleet. Get some numbers from them about what they charge for plates, etc. Call OOIDA for insurance quotes. Do your homework very carefully.

It can be done but it takes works. I wish you luck in your endevor. Phoenix

 

Yer Daddy Sounds a bit like the CB when someone asks a reasonable question. Five genuine answers and two smart ass answers just so they can justify having a CB in their truck. Look clyde, I have made it to 60 with a lot of bumps and grinds along the way, and paid my dues. I have some funds put aside for retirement, but not enough to last very long without a suplimental income. That is where truck driving comes in. I buy a truck ILO a winnebago, and travel the country as I see fit. I pick up some money along the way. I work smart, not hard OR cheap. Traveling the nation's highways is dangerous for sure, but there are ways that a genuine professional driver can reduce the risks. Has anyone ever noticed that airline pilots can put their rides on auto pilot, but the same cannot be said for a truck? Still, we get paid substantially less, and are regularly grouped with scum of the earth. I also believe we as truck drivers are our own worst enemy. We have the capacity to earn the respect we deserve. What do you say, let's stop complaining about low pay, and do something positive to deserve better.

 

Thanks for the links and candid response Texas Phoenix. I am actually looking at a 2005 Volvo 670 myself with a 31K price tag. They have a SWEET tricked out Volvo condo that was used to shuttle a Mopar race team around for 71K, but I know better that to drool too long over that one. I also have a dynamite credit rating. If push comes to shove, I will just pay cash, but I prefer to leave my 401K alone and draw from it later on.

I still need a hand from someone that is willing to contact my last vicious employer and give me something in writing that I can use to make him stop destroying my employment history. I am not looking for a quick legal settlement, I just need something to legally require him to report the facts, and just the facts, without his embelishment and spin. That company again is
Mid Atlantic Construction Group
Their phone is (540) 368-0540 in Fredericksburg, VA
The man's name is Dave Griffith
My name is John Davidson
Any questions or comments just PM GoSteelers.

 

Can I have a HELL YEAH

 

Hell yeah!

 

One more small piece of advice if you are looking at a Volvo. The 670's that are around are retired fleet trucks. Engine choice are Volvo and Cummins. Try and get one that has a Cummins. They get better fuel mileage. The truck I bought has a Volvo engine was not well maintained by the fleet it came from. I have invested around 13K getting it mechanically sound over the last 9 months. This last week I invested in a new injector wiring harness that seems to have helped with my mpg. Fuel economy is not all that great with the Volvo engines. Most I have talked to are getting 5.6-5.9 but I have managed to get a nice 6.2 last night. I haul heavy paper loads for the most and was able to get this 6.2 after hauling a 42K and and 44K load across I-20. I have disciplined my self to keep my foot out of it (run 60-64 mph) and do everything I know that can improve mpg. Having a APU helps with the fuel also.

 

I think that you are equating buying at a good price with cheap and uncomfortable. That is not necessarily correct. This is probably the best time that I can remember in recent history to buy a good used truck. There are some very good buys around for those with cash. It isn't a matter of cheaping out but making a good business decision. Ultimately it is your decision as to what to buy. You are the one who will need to make the payments. I am of the opinion that when you are in business that you should make a profit. With this economy it will be difficult for most to make a profit if they are making payments on a new truck. I have had calls from a number of former owner operators looking for jobs who have lost their trucks during the last year due to making payments. A new truck payment will likely run between $2,000-2,500/month. If you are relying on this business to pay your bills and live it will be difficult to make things work paying that high of a payment with current rates. I am not saying that you cannot do it, but for most people it would be difficult to make things work. Personally, I think that it would be better from a business standpoint to buy a good used truck and drive it for a year or so to see if you will even like doing this. The newer the truck the harder hit you will take on depreciation. If you are in a position to pay cash then you are much better off than most out here who want to buy a truck.

 

So nice to get thoughtful responses mixed in with the CB chatter. The Volvo I am looking at is also a retired fleet truck. 500,000 miles with a Volvo 12L 465 horse engine and 358 gears. My last truck was a Kenworth T600 that got me a genuine 7 MPG, not a fuel rating from the Qualcom, but actual calculated mileage from day one to when I turned it back in. I check the mpg every fuel up just to cross check how the motor is doing. Here is where I expect to stay ahead of the pack. I can do 90% of repairs myself, and will only need road service when I get caught missing clues from the truck noises. I never use the radio, or CD while driving, and only turn on the CB a few times a day. I prefer to listen to the sounds from the truck, just in case it is trying to tell me something. As long as I can keep the wheels turning until I reach home without causing additional damage, I'm not going to be spending $85.00 per hour for someone else to be doing what I am perfectly capable of doing. Guilty; I am a tightwad.

 

When do you find time to drive? No sooner do I write something than you post a reply. That is a good thing, but I am curious. You are either a super fast typist, or have hung up your keys and are now just helping others. Either way, thanks for the attention you are paying to this site.
About the cheap out option wording. I am now officially 60 and have learned a thing or two about first year depreciation. On the up side, you can reduce your taxible income with it, but you never get as much as you lose. Your repair costs are less, and you have an opportunity to get to know your truck with fewer surprises. Buying used, it would be helpful to know the previous owner, but that rarely happens, and when you can, the truth is ellusive. When the age and mileage start getting into the well used category, It is best to assume everything is on it's last legs, and limit your away from home base time until you can get a "feel" for what is beginning to show signs of failure. I have bought old, used, lightly used, and new vehicles my entire life. My preferences run to the new, but when finances do not permit that, I go for value, not just price. When on a shoestring, I buy cheap, and pack lots of tools and spare parts.