I just started driving about 7 months ago. A friend whom I met at the driving school I attended and I have both been hired at the same company. It's a place where the school basically places you and finishing out a year of slavery here will basically pay for our school. I'm sure it's a pretty common deal. Anyway, the two of us have kept in contact throughout the time we've been driving and have more recently been considering the idea of buying a truck and leasing into a company and running as a team. I'm pretty sure we can handle working/living together in the same truck, and we both need a lot more money than we are making here now, so staying with this company as a company driver is barely an option. We looked into the lease-purchase deals and that deal is awful beyond anything I could have even imagined. Can't imagine how anyone would really want to do that, but whatever.
So, here is basically where we stand: I have a house that nobody lives in that I have been offered $15,000 for. Yeah, it's a mess. I might be able to get closer to $20,000 but I don't know. I don't owe anything, so it's all cash anyway. My friend has excellent credit but (with current job) can't even afford his bills. We're pretty sure, anyway, that he could get a loan for a truck and I could use my cash to keep it rolling while we get started (and, if necessary, provide a down payment). It seems that with some/most of the companies you can lease into, the plates, permits, and insurance are all handled by the company and we would just pay a monthly/weekly fee for this. We like the idea of doing it this way because, prior to learning to drive a truck, we both ran businesses of our own and were trying to escape some of the headaches associated with doing that. It seems like the lease programs make it a little less of a PITA to run a "trucking company" by at least handling permits and scheduling loads and stuff. We do, however, have some concerns...
We were thinking that the best plan would be to get an older truck that we could pay off within the first 6-12 months. This would be something probably around $20,000 and would probably be 7-8 years old. We both like the Frightliner Classic but we really don't know enough about the trucks to be able to say what would be a good truck. Maybe someone here can give some feedback on this. We have also decided that we will be taking some basic tools with us and everything we need to change tires so that we can minimize the cost and downtime from breakdowns and blowouts. We are very concerned, however, about what the possible costs could come to keeping such an old truck rolling 5-6000 miles/week. The truck would almost certainly have close to, or over, a million miles. I guess the worst case scenario is that the engine actually blows up and we have to get it rebuilt. How likely is that, and what does it cost? Do you guys think it would be safe to start driving an old truck like that all those miles with only $10-15,000 to keep it on the road? What would be a reasonable average to assume we might spend on a weekly/monthly basis on maintenance?
We're also expecting that there are probably some other expenses that we will be expected to cover ourselves, but that aren't advertised by these companies you can lease with. Perhaps someone who has done this could share with me what the unexpected, or even expected, costs they ended up getting stuck with?
In addition to all of that, we haven't even decided what company we would want to lease to. I know that some of them do dispatching similar to what we are used to as company drivers, most let you turn down a load and get another I think, and some have a load board you can use to view what's available in the area and pick what you want. I would think the latter would be the most logical thing to look for. It would allow us to make a decision based on all of the facts rather than "this one isn't TOO bad, and who knows what they will give us next..."
Absolutely any feedback of any kind on the subject would be appreciated. There is no way we will move forward without having some kind of realistic idea about what our expenses will be, and this seems to be a good place to get useful feedback from experienced drivers and owner operators.
Thanks in advance.