Truck Driving Jobs

lucky2 · #1 03-26-2008, 02:38 PM

Ok owner operators....With these high fuel prices are any of you guys and gals able to make a decent living out there driving? I was considering buying a truck using some of my home equity and leasing on to a company. But since the price of fuel has went through the roof I have been giving it alot more thought, especially where I would be puting my home on the line. Even if I was to go another route to purchase a truck would it be a good idea right now or should I just go back to company driving. I was a co. driver for over 3 yrs. and got out of it last yr. becouse I just was,nt making enough , not getting enough miles or a good enough pay rate per mile. Another question is for O/O what is a good amount to get paid per mile to be able to survive?what are some of the extas also that should be paid by the company you lease onto that would make it a good deal. I know it,s hard work being out there on the road and just want to make a wise decicion on what ever i decide to do.

Professor427 · #2 03-26-2008, 03:17 PM

Lucky, being an owner-operator is about running a business, so deciding if now is the time to go into the trucking business requires more than just concerns about fuel prices.
You need to start by looking at your level of experience (three years; did you haul only vans, but want to go flatbed, etc) your financial position (are you willing to use your equity in your house, how's your credit rating) to your general knowledge about the industry.
What you need to do is break down your all your costs so you know what you need to make a profitable business. If the loads you want to haul (through your own authority or as a leased O/O) will give you enough profit, than you have your answer.
I've got a computer loaded with spreadsheets and PDFs breaking down costs and projected revenue. Do yourself a favor; do a search here, read some of the great advice in the threads from people like gman, and maybe download these spreadsheets from OOIDA re: lease-purchase and O/O costs per mile.
http://www.ooida.com/trucking_tools/lease_purchase.htm
http://www.ooida.com/trucking_tools/...t_per_mile.htm

Just my two cents worth.
professor427

Twilight Flyer · #3 03-26-2008, 03:22 PM

Why would you use the equity in your house to jump into one of the most volitale industries in the nation right now?

Go company. Unless you are an established O/O and have all your ducks in a row, you'll fail. There is zero margin for error in the industry right now.

Dejanh · #4 03-26-2008, 04:40 PM

DO NOT get into this buisiness right now with your own truck, go company like said above.

Its not where you wanna be my man...

BanditsCousin · #5 03-26-2008, 11:00 PM

Listen to these guys, and don't listen to these guys. Twilight said it best a few posts above.

If you're looking to buy a truck and lease on, you put the cart before the horse. Look into some companies where you can lease on and talk to them about what the truck can make, based on X amount of miles. Getting your own authority would be silly, unless you've been a freight broker or have made contacts while you've been out of the truck.

As far as fuel prices, my company has a program with an agressive fuel surcharge that pays for, or almost pays for my fuel at $4+ a gallon. Some do not.

Maniac · #6 03-26-2008, 11:19 PM

Quote:

Why would you use the equity in your house to jump into one of the most volitale industries in the nation right now?

I agree, going in with out working capital is failure looking for a place.

NEVER put your house up against anything that isn't a sure thing, trucking is not a sure thing even in the best of times.

sidman82 · #7 03-26-2008, 11:28 PM

Just to keep in mind, 95% of trucking businesses fail the 1st year. :?
Not a good statistic.

DD60 · #8 03-26-2008, 11:52 PM

Quote:

Originally Posted by lucky2

Ok owner operators....With these high fuel prices are any of you guys and gals able to make a decent living out there driving? I was considering buying a truck using some of my home equity and leasing on to a company. But since the price of fuel has went through the roof I have been giving it alot more thought, especially where I would be puting my home on the line. Even if I was to go another route to purchase a truck would it be a good idea right now or should I just go back to company driving. I was a co. driver for over 3 yrs. and got out of it last yr. becouse I just was,nt making enough , not getting enough miles or a good enough pay rate per mile. Another question is for O/O what is a good amount to get paid per mile to be able to survive?what are some of the extas also that should be paid by the company you lease onto that would make it a good deal. I know it,s hard work being out there on the road and just want to make a wise decicion on what ever i decide to do.

Putting your home on the line would be a bad idea. I don't agree that lacking enough working capital is an automatic failure. If you keep your costs down and your rates up you will succeed regardless of whether you have 2k or 100k. I dont think getting your authority is a silly idea either. Depending on where you live you can get decent rates with a reefer if you are good at negotiating with brokers. Most of the higher rates are not offered up front. You have to ask for them. If you can average a minimum of 1.80pm for all miles you should be able to survive. It is not impossible to do. Don't take all the doom and gloom you read here and everywhere else to heart.Whatever you do,DO have a startup plan in case things start out wrong,Ie having a breakdown. Good luck.

ICS · #9 03-26-2008, 11:53 PM

I have little interest in buying my own truck any time soon. But maybe... and I mean Maybe someday I might. So while I am out on the road I keep tracked of how much fuel I put in my truck (in Gals. not $) how many miles I drive. what kind of miles I get according to the commodity. (some products may have shorter runs than others) any repairs that are done on a truck. anything that a O/O might have to spend. Right now there is no point of making up a truck payment or tags or anything like that because those costs will be totally different by the time (if) i ever get my own truck. Gal/mile might change drastically by then also. If I were you and you are set on getting your own truck go drive for a company keep tracked of your costs and the companies (as best you can) and make an educated guess on how much it is going to cost you to run a truck. add in few more cents per mile just in case and then add the PPM that you get paid as a company driver and that is the price you will have to get to break even and make the same cash you are making as a CD. except for vacation pay, health coverage and all that extra stuff. unless I was making $.60 a mile after taxes and all costs to me it is not worth the risk. Maybe I would consider a little less for a nice big sleeper

BanditsCousin · #10 03-27-2008, 12:03 AM

Very good advice. Fuel is more than the truck going from poitn a to b. Everytime that truck goes into a truckstop and back on the highway can be up to 2 miles. Idling, wrong turns, etc are all part of the equation. Keeping track of fuel costs would be one of the top things I'd recommend a company driver do before being an o/o.