Newbie with questions

[Grasshopper]

I have been following the expediting business for several years and am looking at getting into expediting if the market calms down. I am looking at buying a used truck to start with because I don't want high payments while I get experience. I have had my CDL for 16 months, during that time I drove OTR for a large company (USX) and the past 3 months driving a class A dump truck until that job ended and there is no new work available.

The trucks I am looking at is a 2000 Freightliner FL70 with 550,000 miles, owned by an O/O, maintained well with records of all maintinence for $16000 or a 2001 Peterbuilt 385 with 350,000 miles/ owned by an O/O but being sold by a dealer and has no records available at $26000. My big question is, should I finance a truck or I have a line of equity that can by used to pay for either truck. I am 57 years old, have a retirement check that pays for all my housing and living expense. I am looking at getting out of the house and getting back on the road.

 

[Paul56]

I have been following the expediting business for several years and am looking at getting into expediting if the market calms down. I am looking at buying a used truck to start with because I don't want high payments while I get experience. I have had my CDL for 16 months, during that time I drove OTR for a large company (USX) and the past 3 months driving a class A dump truck until that job ended and there is no new work available.

The trucks I am looking at is a 2000 Freightliner FL70 with 550,000 miles, owned by an O/O, maintained well with records of all maintinence for $16000 or a 2001 Peterbuilt 385 with 350,000 miles/ owned by an O/O but being sold by a dealer and has no records available at $26000. My big question is, should I finance a truck or I have a line of equity that can by used to pay for either truck. I am 57 years old, have a retirement check that pays for all my housing and living expense. I am looking at getting out of the house and getting back on the road.

I would not suggest you start out in being an O/O. You will find there are fleet owners who can put you into one of their trucks and get your rolling.

Keep your debt load low as possible while getting started. You can drive for someone else while "learning the ropes" and later on if expediting is still your cup of tea step into the O/O side.

 

[TeamCaffee]

I would first decide on the company you would like to go with then see what truck they will accept and what all the company will want in the box. It will narrow your choices down on trucks but at least you will know the company you like best will accept you.

 

[Grasshopper]

I am looking at going with Panther. I live in the Los Angeles area and Panther is one of very few expediting companies that can give me runs in the western states. I would expect to be dispatched to the mid-west and run there for 3-4 weeks before being able to get home. Most owner-ops that hire drivers want someone from the central or midwest areas, so it is very hard for me to start with them. The Freightliner would cost $530 per month and the Peterbuilt would cost $940 per month if I financed them. I have very good credit and negotiate lower interest rates.

 

[LDB]

I would always say DO NOT in any way encumber your home for a truck. If things go all the way south your home is now in danger it shouldn't be in. Expediting is totally unlike USX so even with that experience I'd suggest spending at least a few months driving for someone and learning expediting as well as determining if it is for you. That will also give you a chance to figure out one kind of truck you like or don't like as well as determine sleeper factors that are important to you. Another factor is what company you'd lease with. Most of the majors require a truck no more than 5 years old which would leave both your choices out. Most will allow the truck to stay past 5 yrs old if it was signed on before 5 yrs old AND if it passes annual inspections. Good luck.

 

[arkjarhead]

You might also think about expediting in a t/t. The reason I say this is because it will give you more options when it comes to getting off the west coast and into the freight lanes, and better chances to get a load with a profit going back to Cali when you want to see the family. Just a thought. I'm not telling you want to do just suggesting.