Becoming An Owner Operator, The Old School Way (The Right Way)
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- Becoming An Owner Operator, The Old School Way (The Right Way). Dave talks about getting the best start as a new Owner Operator in trucking. In this video, Dave talks about planning for the long term, the importance of maintaining the equipment with longevity in mind in order to get the best results.
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Next month will mark my first full year as an owner/operator: started out as a company guy, saved money for a year, cleared out other debt first, then bought a truck I felt was going to run well and be reliable. Over 100,000 miles in this truck later, and I’m profiting nicely. Money set aside for me, maintenance, rainy days, and eventually, a brand new truck built to my specs.
Please set aside 10-20k in your first year for maintenance before purchasing equipment.
I was a mechanic and driver for a small trucking company. We hired drivers on attitude and good pre trips. Do a thorough check every morning and every fuel stop. We greased our units and checked the underside weekly. Oil changes every 250 hours. I worked there 5 years and not once did a truck break down. We only spent about 5k a year on repairs. The newest truck in the fleet was 12 years old. The oldest was pushing 30 and it didn't even have an oil leak. We never had down time.
Low overhead is always a must in any business
Repairs & maintenance are the two biggest things you'll ever have owning your own truck and trailer. My wife never could understand why I would spend money ahead of problems. She always thinks I'm wasting money rather than what I'm actually doing with overshooting problems ahead of time. When it came to trucks I have several friends that thought every penny earned was theirs to spend. Guess what happened their first major break down?
I think all about money management. Saving up for the rainy days is the only way that will keep you running .
Exactly. All too many people, on the other hand, think it is all about going for that specific transmission or that specific axle no matter what the cost.
I was verry lucky i was a copany driver with a smaller co.in 2016 i bought a 2007 International 9400 Eagle.from the co i worked for .i paid $22,000 for it and it was inframed 2 years before.paid it off in 2 years.owner made shure it was in my name and i still drive it today.it may be old but its paid for.thank you leonard.
finally taking the step next summer in 2024 and buying my first truck. Been a company driver for 8 years now. Plan is to get my own authority and start my business in the summer of 2027. Gives me enough time from now to find my truck, purchase it, fix up anything that needs done to it (I can't afford new), and then buy my trailer in 2025. After that it gives me 2 years to save up for my safety fund for any emergencies. I'm super excited to finally start putting my dream into action!
I love the old school. Maintenance it is the best tool for the business. Thanks 🙏
As a company driver in these big fleets
You aren’t going to learn about maintaining a truck unless you talk to outside mechanics help you learn, these big fleets do not take proper care of their equipment
Your advice is how I bought my truck 8 years ago and have taken very good care of it. Still running it today.
Lease programs just put all the risk on the driver with none of the rewards. And once you get close to the payoff, they can just start starving you of miles. Im glad I never got into one of those programs.
Everybody you talk to will tell you to STAY AWAY from the lease purchase yet they seem to have no problem recruiting victims!!!
Promise their own truck, higher pay, and no need for good credit and people come running
Lots of new unsuspecting victims just getting off the boat.
Plenty of suckers with shitty credit who continue making terrible financial choices
Some of us are not spring chickens like you were when you started. Some of us are already old and can't wait forever.
I'm curious to see you go head with R.V.T. he's running lease.
And swears it's the perfect money maker with no risk.
As long as you're willing to work.
Damn,that's exactly what happened to me in L/Ps..thank you.
Now,I can be better prepared for my next purchase.
O/O is good for some, company for others. Companies today are really running the show. I ve got 40 years under my belt. Work and get paid hourly, between 40/48 hours weekly. Sleep in my own bed ,weekends,holidays off. Dedicated, no bs. Stay safe, thanks for informing the professional. Have a great day!
Most folks have trouble saving their money. Get to making good money so they spend it. Then comes time to pay taxes or make repairs and they just don't have the money set aside to do so.
Dave is a Wizard .🧙♂️
You’re the only guy I know who tells the truth. Thank you
Very helpful as always, thank you
Awesome video I appreciate the time you put into entertaining us drivers with quality videos and high value lessons and information
Good info! Thanks ! 👍👍👍
Thank you for the tips
You are the MAN! i love the way you are explaining. Would love to meet you one day.
I learn so much from your posts. The oil and the filters. Wow
Great advice.
Well Said my friend... There are far too many companies taking advantage of what could be our future in this industry. Everybody has to start somewhere, and taking advantage of the "Unknowing and vulnerable" isn't the way to add to the work force. When you own it you're assured to get your return on investment. When you lease it - all you get is a Pin.
Smart man straight up advice
Thank you for the information you provide
I think that's gonna be really helpful And for your service...
Thank You Again. You’re knowledge is impeccable.
Thank you
Rotella T6 is the best, I still even add Lucas in there👍
Right!
Shaeffers oil. Best synthetic oil out there. Project Farm tested it.
What Dave said!
Maintaining a def system has been a nightmare, bring on the hybrids hopefully they can make a decent electric motor and generator
They made hybrids for awhile,they sucked.
I love this channel and watch every video Dave put out. But that doesn't mean I agree with everything Dave says. For example, if your in this industry to survive as an OO, you should look into doing something else. Do something other than truck driving to survive.... instead, your goal should be to thrive and be living that middle class life style with retirement account set up for you and your significant others.
I think that the key is to be a businessman first, and a driver second.
@@brianburns7211 - amen to that. If your mired in minor details of being a steering wheel holder and pinch pennies while running that truck under someone else's authority (be that lease owner, leased on owner), those days are over...
In this day in age, think about running with your own authority. Negotiate your own rates with brokers/shippers/consignee...
If your gross revenue is over $300k/yr, or closer to $400k it really doesn't matter. You run one week and should be able to pay for all 8 drive tires and still have thousands of dollars left over...
Well I was an owner operator for 37 years retired at 59 an leaving on my own pension and I leaved a middle class life style. Its not the money you make its what you do with it invest yearly in your life it will pay dividends later on. I did it my way and enjoyed every minute of it.
Hey Dave. I like your vids! I totally get the reasons for buying the older trucks, but with the fuel mileage you can get on some of the newer trucks, it really adds up over a year... ET transport did a vid on it and they showed up to 1600 dollar difference each month.... If you don't have a vid addressing this, consider it. That 1600 pays for your truck payment...
Most drivers who do lease purchase are because they get talked into it by the company who makes them believe they’re going to make more money. The next bunch of people that lease purchase operations are those who do not have the credit to be able to properly finance a truck. The trick is if you don’t know trucking, and you don’t have a decent down payment and credit you shouldn’t be operating a business to be begin with. Back in the day you had the VA or you had the Chamber of Commerce or other programs that would help you start a business if you got out of the military. Today it’s about the big dollars in the big down payments. Being an owner operator is like being an Amway distributor some will make it big most will not. That’s just a cold hard fact. Another big thing to consider is the price of fuel is not gonna go down any time soon and either is any of the maintenance and parts. Today’s trucks are junk. You see it all the time, somebody buys an ex fleet truck or one day at least and when it becomes theirs they open it up and the first thing that goes is the turbo charger. The engines are not designed to run the way an old truck used to run. You have to run it like a cheap ass fleet truck.You can’t buy a truck that will last like an old one, if you buy an old one and can afford to fix it up you’ll be more and more limited to what state you can run especially now starting with California. If you’re going to be an owner operator, good luck, wish you the best.
Well said. Lease purchase is similar to giving up an hourly wage for a monthly salary. Fool's gold.
You are truly an inspiration to the trucking industry
Thinking about buying a $12k 1984 K100c with a 350 cummins and a 9 speed to get started... It runs and drives well with good rubber. Just hope it will be ol' reliable long enough locally to get a nice nest egg saved up for major repairs.
How many miles on rebuild motor, trans, rear ends and replaced clutch? If more than 600k, you will need to start setting aside some money. Good truck and motor. I ran a 85 COE Pete with a 400 Cummins.
Don’t buy old trucks. You’ll be sorry and bankrupt.
@@dmgarage9029 not true
My opinion don't buy an old truck and don't buy a new one get something in between. The Sweet spot is 4 to 6 years old or 5 600,000 miles it's not just the cost for labor and parts on these old trucks but lost revenue, towing, hotel bills. You have your truck towed into a shop dealers are probably worse there's a good chance you're going to get ripped off pay thousands more than you should have. Definitely get a truck with an APU idle hours on a truck adds up on the maintenance side. I figured 10 cents a mile all maintenance run a truck maybe $900,000 MI and trade up but the next guy pay for the cost of an in frame rebuild or a trans
That’s horse shit if I’ve ever seen it 😂 you can have the “New” junk.
@smarttrucking what are your thoughts on doing something like buying pre def and elog and getting a load on that
👍👍👍
I know in business you must control your operating costs, period! I live in Arizona and I just got hired as a lease operator with Western Flyer Express, where you pay for your lease per mile. So let's say you drive 500 miles, then you only pay .23 a mile. Thats a fixed rate, and if you drive more then of course you that total would be higher. If you don't drive then you pay $145 for that week. I thought it was a good deal and eliminates any stress for not being able to make that tractor payment.
Well been an owner operator Independent for 20 years I don't agree with being an owner operator working at a company. I agree with everything else you spoke of Shell Rotella. Synthetic oil best.
Yep I have a bank account for taxes your bank account for breakdowns the bank account for fuel and my own fuel card so you're right you need a rainy day fund I'm also totally independent as I've said before my truck my trailer my customers and I try not to use the bottom feeding load brokers keep the rubber side down Dave
Hey Dave how much horsepower and torque does your truck make?
475 horses and 1850lbft of torque.
Drivers buy Volvo so they don't have to worry about big breakdowns. They are like a Time X. Take a liking and keep on Ticking
Hello, I have a question for you. I have a 2022 International LT with a Cummins X15.
I did my 1st oil change at 15000 miles and put semi synthetic oil in, Moving forward The suggested Intervals are 50000 miles but when I was speaking with the mechanic he told me that it is best to do it at 30000 miles if I plan on keeping the truck for a long time which I Do.
What would your suggestion be and should I run full synthetic or is it OK to use Semi synthetic?
Thank you, Nick
50,000?!? No way I wouldn't even push it to 30,000. I've been doing my isx at 15,000. It should be between 10k and 20k, depending how hard you run the truck, especially with the new emission systems that turn your oil black in 100 miles
Your safe at 30000 on the newer engines. Always follow warranty manual and you will be fine. Stop listens to old school truckers. Save your money on changing oil at 10 k. From a trucker a O/O that retired at 59
Right now feels like a terrible time to buy a truck or start a business.
It’s expensive to buy something now, but there is lots of work for it though.
Wait until next year when truck dealers get those new trucks in to this big carrier and carriers get rid of there old fleet there is going to be so many cheap trucks to choose from
Started in February, with 0$ , on a lease, brand new truck, doing great.
@@brianburns7211 Too bad the freight rates are so low... the truck makes money but you don't.
best way to do it is work for a company for few years and save significant amount lie $50k for repairs and stuff, plus the experience youll gain. learn to fix your truck too
I am giving up my home to live out of my truck. Have no family or close friends. Well on but but don’t want to use them. For a mailing address I can use a PO Box. What could I use for my proof of residency, if I’m not going to have a residency?
Use your current home and get the PO Box before you give up your home!
Synthetic oil is not cheap but it’s absolutely worth the cost
Wonder how buying a new Kenworth 990 with a Paccar motor and automatic transmission will work for an O/O today.
Dave gave great tips. Don't lease, buy it on your own. I recommend getting some ideas on a good downpayment to minimize the truck payments. It's all a numbers game at the end of the day. Maximize drive time, minimize fuel costs, and keep the rubber side down.
Does an owner operator need to be vaccinated?
Finance on Monthly payments never weekly and a good company that has work all year round.
Worked for same company when I started driving in 91 we I currently pull 13 trailers our product only the tractor is leased and maintained poorly be lessor I would not buy a used tractor from them they resell hide records shameful I take best care I can of truck it's my safety don't abuse it
great advice, but I did it for 4 months. Not worth it. It takes a special person who only wants to do "this".
What no story Dave.
Thank you