Buying a truck / Company start up

[BanditsCousin]

And answer the questions in #35 and #37. Otherwise I'm out of advice.

[rank]

Get in line Bandit. I'm still waiting for an answer to #33.

[GMAN]

I know the truck will cost me $525 per week. Not sure If I can use my own insurance, or if they require me to run theirs. I'll look further into this option this week some and see where it leads me.

I gotta head to the beach and grap 3 and run to Jersey, so I'll be back prolly wed. sometime.

chop

From the profit you mentioned the owner of your truck is making you will make less money if you need to rent a truck than you would to just stay a company driver. Rental is likely to cost you about $700-850/week with the mileage cost. I have rented trucks before and they do charge mileage. The price you mentioned is only for the rental. When I rented a truck they checked my credit. If your credit is trashed then you may find it difficult to rent a truck.

You will also need to pay rental payments on a trailer. I don't see how you will come out doing this if you need to rent your equipment. Keep in mind that you will also incur cargo and liability insurance costs.

I still don't see how you can afford to rent equipment and make money based upon what you have posted.

[arsjohn81]

# 33

$40,000 would do me just fine. I've been finding truck/trailers for around $15,000. That leaves me with $25,000 for ins down, fuel, maintance, and anything the truck needs before it hits the road. Even w/ a breakdown....that is still enough to cover it. I only haul COD loads and it only takes me 1-3 days to get that money into my account *depending on where I'm at*. So there will be income right off the bat, not sitting and waiting for a little check every 2 weeks or after someone gets their cut from it.

# 35/37

Select trucks and or Renting isn't for me. Gman, I've been doing some calling around and crunching #'s and renting just isn't for me. I COULD, but it would be a great risk then buying a crap truck for 10K and having to put a new motor in it 3 months down tha line.

I wouldn't mind taken a cut for a year or so w/ renting, but......after I did the math, I could have paid for that truck 3 times in a year renting, so.....I personally would rather sit around and wait to save the cash then to spend all that money just to make a little bit.

Chop

[GMAN]

Select trucks and or Renting isn't for me. Gman, I've been doing some calling around and crunching #'s and renting just isn't for me. I COULD, but it would be a great risk then buying a crap truck for 10K and having to put a new motor in it 3 months down tha line.

I wouldn't mind taken a cut for a year or so w/ renting, but......after I did the math, I could have paid for that truck 3 times in a year renting, so.....I personally would rather sit around and wait to save the cash then to spend all that money just to make a little bit.

Chop

Renting a truck is very expensive. With prices being suppressed you might find a decent truck for $10,000. Even if you spent $50,000 on a truck there is no guarantee that you might need to replace the engine after a short time. By taking the time to properly check out a truck you will minimize the chance of something major happening in the near term. Some people just need the money or want to get out of the business. Paying cash is always preferable to going into debt. One way you could save is to put back the equivalent of what your payments would run out of each check. You might be surprised at how quickly it builds up. When the opportunity shows itself you could have the funds to buy the equipment. Cash ALWAYS talks.