Opportunity to buy truck we drive!
- Thread starter aimeejos
- Start date
If you have been in the business a while and have been driving that truck for a while, and if you are "not so sure where to even start," it might be best if you pass on the opportunity to purchase the truck.
If you wish to proceed, one of the next steps would be to develop a spreadsheet or do it on paper to figure out if you can afford the truck.
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Guess I needed to be more specific! We have put together #s, I am aware of the operating costs both fixed and variable, I am aware of the revenue generated by this truck over the last 2 1/2 years. We have saved enough $ to cover approx 3 months of expenses. As well as our fixed personal expenses. Our next plan is to start a maintenance fund. I am unsure about what steps in what order to establish our small business.
A good next step would be to spend $20.00 to purchase the Partners in Business manual. In it you will find a great summary of the challenges Owner-Operators face, tasks they must do, skills they must develop and sample documents they use to run their business.
runrunner
Veteran Expediter
Talk to the Carrier the Truck is Leased to and make sure they will keep the truck on. Maybe you could work out a deal with the owner to take over all the truck expenses and whatever percentage they keep could be your truck payment,beats getting a loan and paying interest. Just make sure you get everything in writing.It sounds like you know what your doing,it is really a personal choice,any venture like this is a gamble,if you feel good about the condition of the truck,it sure beats driving for someone else. That book is a good idea. Knowledge is Power!
Those would be the questions I would be asking including the year and whether this truck has any warranty left on it. That would be imperative with "we will be starting our maintenance fund".
If it is out of warranty, you need that reserve on the front end. Who is to say you wouldn't have a breakdown in the first month? Three months of expenses is a little tight as well in my opinion due to a turbulent economy. Three months can fly by fast if nothing is coming in.
I would take a very hard look at this angle before worrying about some of the other items. Undercapitalization is most drivers downfall, and starting with no maintenance fund out of the gate is a huge item if that truck has no warranty and you have only three months of expenses.
Want to make sure you are looking at ALL of the picture.
guido4475
Not a Member
An excellent manual for any owner-operator. Well worth the money.
