I just looked at some 2003 trucks for $35-42,000. The price you pay will be dependent on the brand, mileage, condition and your negotiating skills.
Some carriers pay for your base plates and permits. Others will advance the money and take a fixed amount out of each settlement check. Most require you to post an escrow of from $500-1,000. Again, they will take something out of each weekly settlement until it is funded. I paid just over $1,400 for my base plates last year. A lot of carriers buy their base plates in Illinois. I would expect to pay around $2,200 if that is the case.
Most carriers require bobtail or unladen liability insurance. Rates run from about $30-60/month. Collision insurance is required by most lenders. Rates run from 2-4% of the stated value. Collision for a $40,000 truck will run approximately $80-160/month.
You will normally be required to furnish your own workers comp or an occupational accident insurance policy. It is less expensive to buy the occupational accident policy. OOIDA sells them for about $140/month to members. Workers comp is much more expensive and rates vary from state to state.
Carriers usually furnish owner operators with their fuel card. Once you are loaded they will usually load up to 30% of your money on the card for fuel. Some are loading up to 40% with the higher cost of fuel. Expect to spend from $1,200-1,800/week for fuel.
Almost all carriers require drivers and owner operators to attend orientation. Expect to spend 3-4 days at their facility. Some pay a small stipend for attending, others do not. It will likely take from 2-3 weeks for you to get your first settlement check. Once a load has been delivered you will need to submit your paperwork. The way it works with most carriers is that your paperwork must be submitted by a certain date in order to be paid at a specified day. For instance, if paperwork is submitted by Friday you may be paid on the following Friday. So you need to plan on taking care of your expenses until you receive your settlement.
I would have at a minimum $2-3,000 set aside. If everything goes right, that should get you through. One breakdown could take all of that money. A fan clutch can run from $600-1,100. A turbo for my truck costs over $1,500. If I pay a garage to install it I will spend over $2,000. A fan clutch or turbo can go out at any time. New tires can easily run over $500 on the road unless you can buy on national account. Most carriers have a national tire account but you must have money to pay for the tire. I have been charged as much as $200+ for an old used tire at a truck stop. That is why I usually keep a spare tire on my trucks.
Before carriers will lease on your truck they will perform a DOT inspection. Some have someone do it at their facility, others have an outside source. If it is done at an outside source then they will often require the owner operator to pay for the initial inspection. I would expect to pay no more than $60 for a truck inspection.
I suggest having at least $5,000 set aside. You may not need it, but this amount will allow you to have a cushion in case you have some things go wrong. At a minimum I would have at least $2-3,000. In business we plan for contingencies. We plan for the worst that can happen and hope for the best.
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