Is Now a Good Time to Buy a Semi Truck? (Is it Worth Becoming an Owner Operator?)
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- Gas is up. Used semi truck prices are up. Interest rates are up. It seems no one really knows what the short term future holds. Is now a good time to buy a semi truck and become an owner operator?
We had a fan reach out, and asked Ronen a handful of really valuable questions that we thought you guys would appreciate to hear Ronen's answers and advise that would help him decide whether or not to buy a semi truck and become an owner operator!
There seems to be a lot of uncertainty in the market right now. What do you guys think? Is now the best time to buy a truck and become an owner operator? Let us know in the comments below!
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Use your line of credit on your house, buy an old truck that's fuel efficient, I have an old freightliner FLC with a 12.7 60 series Detroit, easy 7 mpg truck, I know new trucks get better mileage but I don't have payments, don't have expensive repairs, I can fix anything myself on my truck, dealers get $185 per hour to work on trucks, nobody can afford that, your APU unit is worth more than my truck, stay strong guys
Take your time. Work for some companies first and get some experience. Once everything levels out then do it
Great advice!
How long you been trucking?
if you have the funds! Go be a owner wait until you can find a truck you can afford start small then grow. If you work for someone You will be flooded with people giving you bad advice on reasons why they couldn’t go out and be a owner. A lot of people tell you gas, etc. find someone that’s been in busy for ten years or more then find someone in your age group then ask them that question that’s my advice if you want to own, GO OWN
I agree, I’m 4 years in I want to buy my own truck but it’s not a good time I don’t think, but also learn everything u can about the business I’m constantly looking at load boards, paying attention to fuel prices and mpg anytime my company sends a road service to me I’m always asking how much repairs were and the difference between if I got it done at a shop vs getting road service my list of questions is never ending
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Who in their right mind would buy a heavy truck now? Resale prices are going to nosedive until they reach an equilibrium where it makes sense with rates and fuel costs. Be patient.
Depends on which sector of trucking you aim towards. Best to get plenty of experience as a regular trucker first by working for somebody then figure out your options as an owner operator. Things will change and get better as time unfolds
Informative as always, thank you again for what you do. I wish more people would take your approach in which we uplift and help each other.
Thank you Ronen, your experience exceptional for me.
I got a lot of good information and advice following this.
Outstanding advice here. Simple, clear and actionable. Thank you so much!
Thanks for the breakdown Ronen. I’m newly going to join the industry and find your content valuable and helpful. I feel hopeful that the industry insecurity will level out. Keep up the content! 👍
I really appreciate you for making this video as I have been wondering about these exact same topics.
Thank you for this video it was very helpful to me. I'm going to hang tight wait till spring of next year. You seem sensible and honest. I subscribed.
Thanks for the knowledge.Keep coming with the videos
Thanks for all your inside information you helped me on a major decision!!
I may not agree with everything Ronan says but his insight is invaluable and you truly are a beacon for good honest information about the industry. Thank you guys for continuously good content and coverage
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I just became an owner operator. I am lucky to work with my company and buy the truck I ran as a company guy. Practically gave me the truck and financed it zero interest with a warranty. They also gave me a walk away option.
Are you hauling for Prime Inc.?
@@markalley4810 no. I drive for a small nw Ontario canada company. They firmly believe that if they want t to be successful they need to ensure I am successful. Good people
@@scottjonassen81 Company name?
@@dorianking168 Car-Dale
You are not an owner operator if you don’t have your own authority or title. Your a lease operator or independent contractor. FYI
Hey Ronen . Great content. In Sep I will have 3 years of local experience working for reputable company. Based on your clips I am seriously consider go on the road next year , keep up good work . Peter from mississauga
Thanks a million for the information,
Thou are bless among men.
Thx for sharing these information
Thanks brother, Excellent information !!..
Thank you for this great information.
Thank you for the knowledge you helped me so much
U always give great advice 😊
This video was very informative. Thank you Ronen. I also work for a Canadian company, and i do Flatbed. I see your trailers parked at the Royal yard (vinyl siding loads) in Woodbridge all the time. I love my 2017 Cascadia and i have been thinking for a considerable amount of time now, to buy the very truck i am currently driving from my company as i am an employee and i don't like the brand that they want to replace the Freightliner's with.
I appreciate your videos a lot. Some of the points you addressed here i have been wondering about lately. Right on time. I was correct in my hunch to "wait it off for now".
Hopefully they will come back down to 50/60k this year.
Well Informed!
Your very honest ,yes people would trust you .
Thanks for your opinion my friend!
Thank you sir
You have the most informative videos. 👍
really nice video good questions
Excellent info.
I loved this video! It was really helpful
Thank you for this video
Good informative video. Well done.
Thanks for the feedback! Glad you liked the video.
Super important info based on what’s going on in todays market. Fantastic breakdown. I really appreciate the gems and consistency with this channel. Out of curiosity would you be able to shed some light on whether or not the supply chain crisis has created positive opportunities in this market for truck drivers and/or companies?
Very helpful video 👍👍
“Let’s get the exact numbers for are American fans”. You the real mvp
Much appreciated!
awesome video, thank you
Glad you liked it!
Thanks, very timely for me as am ready to buy used truck too . Will wait then.
th-cam.com/video/1hZVYg7ZSg4/w-d-xo.html
Wonderful information
Hey Ronen & the entire ET team, you should start trucking courses😃!, I am not in trucking but I understand business. You guys crunch trucking numbers & relate that to the current economic situation (basically it's a tightrope act). I appreciate the brutal honesty in your videos. Keep up the good work.
Ronen!!!! YOU "F#^CKIN ROCK!!! thanks for the info God Bless
Awesome video
Thank you for your content man. You guys are great. Ronen how about day cabs? Should I buy one 2019 or newer as well? Even if the past owner of the truck put a brand new engine in it?
I just bought a 2022 Volvo....loving owner op life n making lots of $$$ erybody needs to do this
Well say thank you 🙏🏾
Im looking for truck and I had a lot of questions, lucky me came cross your amazing video that answered all my concerns. Thanks you very much
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Thanks for another great video Ronen. Are there any reputable GTA or East ON companies sponsoring school at the moment?
Give it a year we never been through changes like this .
Great information!! I have some questions as well !!
Feel free to email me with all the questions :) (Ronen)
Something that would be interesting to hear from a medium/large fleet manager;
What instance of big ticket repairs happens on a manufacturer basis? E.G. How often would an EGR cooler or a turbo, etc on freightliners/volvo/etc & whats their typical cost?
Great video! I hope you have time to update us in a month or two to answer the big question.
That's the plan!
That is a wild shirt. Looks like something my dad would have worn in the 80's
Great 👍 👌 video thank you
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Just don’t be stupid and buy an emissions truck unless you live in California. And stop getting stuck in reefer and van divisions, open deck or my RGN is making plenty money. I do 2 60 mile round trips 5-6 days a week at 900-1100 a load. And i only work about 5-7 hours a day and im home every night with my wife and kid
Can u explain for me bro I looking for it
Hello Ronen, so elated that I found your channel. Question, Do you encourage leasing or purchasing and why?
Now is not the time to jump in at the deep end of the lake.Remember what goes up comes down and the rates for the most part are sliding down wards and fuel on the high end. Good luck cheers
Great video. You're right, now is a terrible time to become o/o. And you didn't even mention the self-driving trucks that are planned to hit market in 2024.
@Thomas B true that aint happening for a very long time.
Thank u for your video but I would like to ask, if better to get a new or used truck when u start as a owner operator with 3 years as a company driver? My wife is my team driver.
Hello Ronin. What is the range for the upcoming electric trucks?
Curious what you would consider a good interest rate on a new truck in todays market with Excellent credit.
What is your great ratio and at what speed do you have your trucks governed in order to have that 8 or 9mpg
Hi mate thanks for your all useful video. Would you please talk about team driver and Net money please. I mean how much money can make team driver in one year. God bless
First off, get it right. Gas prices have nothing to do with trucking. FUEL prices matter. You don’t put gas in an 18 wheeler. It’s Diesel Fuel.
Second, I disagree. Now is just as good a time as ever. If a driver has the capability to become an O/O.. Do It! Waiting for changes in the industry is ridiculous. The economy and industry are forever changing. Life is to short to play “What If”. Grab it and go!
I agree. The newer and better condition the rig the better off you are (with the proper driving).
APU unit is very wise. As are Centramatic balancers.
There’s plenty of freight and money to make for anyone willing to be a full time trucker. There’s no better feeling than being an owner. You and you alone make your destiny. Having No boss, no company rules, etc. will always be IMO better.
It’s also important as an O/O to establish yourself with the brokers and check load listings. Have your Smartphone or laptop handy with apps. Truck Smarter.
What you think about company lease. And lease purchase is that a bad idea right now too
I am on a open work permit and my wife is a student here in fleming college and her studies will end in Dec this year, Right now I am working in A&W.
You will go home when her studies ends and your work permit expires, better invest here and get a citizenship or have a citizen impregnate your wife
Sure. Buy now IF you can answer YES to ALL of the following: 1. Do you have your own customers? 2. Will they stay with you even when someone tries to undercut you? 3. Do you enjoy being away from your family and friends? 4. Does being bent over at a truck-stop sound appealing to you? 5. Does being bent over at a repair shop appeal to you? 6. Are you prepared to compete with drivers from 3rd world countries that are willing to run 3-to-a-truck? 7. Is your IQ below 80? 8. Are you certifiably insane? Seriously, you MUST answer YES to question #1 or forget about it. Do NOT buy a truck and lease it on to a company. Do NOT get into a lease/purchase program with a company. Do NOT buy a truck and expect to make a living, (or even survive!), by running through brokers.
I'm ready to compete with 3 to a truck from a 3rd world. I love truck stop. My IQ is 79.
I'm ready!
Hell yeah!!!
That's bullshit... The number 1 rule and only rule. Never overpay for it simple as that. Trucks are mocked up 30-40 grand more than what they were before the pandemic.
@@Wristgameproper78104 I'm guessing that you are just the guy to see to find a truck for the right price and you also happen to be a freight broker as well. 🤣
@@mikeziegler7008 That's a good one but nah. I don't want a truck if I got pay double for it. That's hustlin backwards I will wait it out till prices are normal again.
@Thomas B that’s funny. I’m in the same boat as your friend. With a 06 western star going through a broker AND under another guys authority and this is the yearly income that I’m looking at.
Hey I am wondering about other countries like I hear trucking in South America might be a good deal, and yes I realize south America is not a country just a generalization
What u think about the international lt with the cummins engine??
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How do u feel about the auctions
Anytime is a good time to be an owner operator provided you are not over leverage. people the best thing you can do is to not have too many obligations in other words you don't have too many debts and too many bills.if you are not over leveraged it does not matter the fact that the fuel prices are up because your numbers don't need to be that high to be able to be profitable in this economy.
Wonderful question and answer
Glad you enjoyed the video!
What if you cash the truck? Is it a good time to be owner operation with paid off truck? Please respond. Thank you!
Can you comment or make a video on becoming a LOCAL owner operator? Are you likely to recommend older trucks if it’s a day cab?
Go ahead and do so. But spec it out tho
Funny I stopped by a Peterbuilt dealership and talked to the owner/gm and he said it was a bad time to get into the truck business!! Really want to try my hand but may wait til 2023
Did he happen to mention his opinion of why?
@@MGTOW_GHOST he gave a list of things!! Computer chips from china is one, gas prices, new regulations for emissions! He said it would be best to work for a good company first and learn the game before self proprietary
@@nlmmadden That sounds about right, I was thinking about jumping on to buying one but I think I will wait. Might switch over to working in the tanker division just to do something different while I save up.
Haha
With good credit!!how about the risk
Should i buy 2016 cascadia, for 60k ?
It doesn’t have APU unit and have 900k km on it.
Any suggestions. ?
no no no it's a time to park and run
🏃♂️🏃♂️🏃♂️
Talk about shortage of Def fluid
One more question
Do you pay simple interest or compound interest?
Most leasing companies say commercial loan is always compound interest. Is this true?
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How many months of a loan do you recommend?
What about leasing instead as an option?
Don't lease a truck from the company you are running for
What is an APU unit ?
There are some Peter build Tractors out there with 2 million miles not kilometers; don’t you think that your kilometers scales are to low for us to buy a used tractor ?
Should we owner operators be worried about the future self driving Tesla trucks?
Great video, thank you !
An APU unit will provide power and air conditioning/heating while the truck engine is off.
The primary purpose is to same engine idle hours and therefore reduce emissions.
As far as engine hours go, the simple calculation is how many miles can you drive in 1 hour? Multiply that number by how many hours per night your truck idles.
So if you do 50 miles in 1 hour and you idle for 8 hours last night you basically put 400 miles of wear on your engine.
One work around is to service your engine by hours or miles (whichever comes first), but that again adds even more cost to the fuel you spend all those hours at idle.
And it’s even worse being a company driver at least across Canada that does not go state side.
I have no trk trl apu payment, and I'm having a tough time. I wouldn't do it now.
Why not westernstar?
just throwing this out there bought a 2016 Cascadia almost 3 years ago old Kurtz truck 960 000 km 42 000 cdn drove it 2 yrs parked 1 would not vax truck is paid for had 30 day warranty which got me a 12000 dollar repair fuel pump other than this repair trucks worked well absolutely no idle which I noticed use less and less def as the regen system cleaned out I have never had the truck regen because of the no idle I us a suitcase gen that rides in front of pass seat and a 10000 btu ac that vent out my upper bunk window uses 3 to 4 gal of gas per week with heater system was 550
Would Mack truck be a good selection for a new owner operator??
I think so. What the specs of the truck?
APU is a must. Always shoot for a newer truck, look for a truck that has no more than 120,000-140,000 miles per year of the model. 2019 should be around 360,000-420,000 miles. You need to have at least 650 credit Score. There are a few lenders for new operators with new authority. Use Farm Bureau for insurance and finance if you can.
Newer trucks give to many problems with sensors
@@elmerolion2424 5 mph limp mode due to failed def pump is no joke 😅
I don't see where anyone asked this question and allow me to be the knuckle head... what is good credit?? I have a little under 750. Is this good enough or should I try to go higher before I buy my truck?
My suggestion is to buy a 2019 or newer because 2018 and older have a bunch of sensor issues. Only pay between 3.50-4.50 per odometer miles, that’s a more than fare price. Try and stay around a 12,000 per month odometer miles per year of the truck. Finance your truck don’t lease unless you absolutely can’t get financing. DO NOT! do restrictions leased purchase or Trucking Company leases. Read your contracts before hand; don’t go by what the sales person is saying.
I've seen quite a few guys dropping mostly lease purchase...
KW T680 with paccar more fuel efficient than with Cummins?
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i was thinking about buying a straight truck for moving company any ideas on that or any comments from anyone will be apreciated. thamx in advanced
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Wait what??? Do you mean that new DD15 are starting to have problem at 500 miles? . Detroit's S60 last more than a million specially 2000-2002
I'm gonna buy one sooner than later 😈
Very nice! Do what’s best for you! Stay safe out there
Secondary market for commercial trucks will remain very high until just-in-time manufacturing is fixed.
And are the OE’s you utilize offering you bridge warranty programs while you wait on new chassis?
Hell no. Never not at this market. Change careers
Do your saying that after a truck to X amount of miles on it to sell it….. but who would buy it
I have an apu that never worked and nobody knows how to fix , it’s a death weight
Where is the 80 to 100 dollars going that you will save by having and APU unit?
What do you think about now? Is now good? What if someone has a coworker with a medical issue and has to sell his truck? Should the person buy it from his coworker?
Konan the Barbarian is the best!!!