New OR Used Semi-Truck For Your Trucking Business?
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- Опубліковано 28 сер 2024
- Should You Purchase New or Used Truck For Owner Operator Business?
#owneroperator #truckbuying
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All these costs…. At the end of the day… is a “TAX WRITE OFF” for the cost of running a business. Many drivers make the HUGE MISTAKE of using business funds to live off of. You are running a business “FIRST!!!” And if you keep that in mind… you’ll be just fine.
When you know more about that truck than the business side of that truck… you’re already behind the eight ball. Are you a truck driver, or a trucking business who happens to drive a truck?
This is my battle right now.. I’m waiting until spring 2024 to buy. It’s a tug of war between a used(2017-18) Cascadia w/ 500-600K miles vs a new(er) Cascadia(2022-2023) with aprox 100K miles. I should be able to buy the older equipment outright, but I would need a mechanic on many repairs, which has me leaning newer, unless I get lucky and find a 2020 with under 450K miles and an APU that has kept the idle time to a minimum. Great video and insight
Ryan to be so young, you are spitting some good knowledge.
Thank you 🙏
Being your own mechanic and having the right tools saves you tons and tons of money. Most truckers are not mechanics, which most depend on shop expense, parts, and labor cost.
Great info. I agree, there are too many variables to say what's best for an individual. It really comes down to how much freedom you want. If you want the flexibility to work as little or as much as you want, then a cheaper used truck is best...especially if you can buy it outright. However, a mid to high level of mechanical aptitude is recommended. If you want the illusion of security of a newer truck with a warranty, then be prepared to almost always be running to cover all your higher fixed costs.
Well said! Great summary
Well, except you have the money to pay cash for a brand new truck.
@@truckingandfixing Ryan i start to follow you since today and i feel lucky to find you in here man, thanks to share your knowledge s with us, i am close to get my first truck, between kw, volvo or Fliner all 16' what do you think???
@@ROBHYMIAMI Good luck!
Hello Trucker john
One major difference I didn’t see you cover.. 100% bonus tax depreciation for equipment. It makes the new truck way cheaper than a used truck.
Well, it's a little more complicated than just stating that is a better option to buy new. I believe that it's based on income to the truck in that first year. Knowing that it is a one time write off in that same year of the purchase. If income is less than purchase price, then I believe that the o/o is able to carry that forward...not sure they're?
Now, factor in higher maintenance fees with the older truck then maybe? You'll probably have less headaches due to breakdowns, but with maintenance comes tax benefits, too. So...
I'm just not certain if this statement is 100% accurate?
Thank you for it though because it caused me to do some research. 😊
The Gospel of John, when you're ready, friend. 🔥
@@Steve-dy8xq Didn’t say it was the best option, I said it was cheaper. Brand new let’s say you go with the worst option like lone mountain trucks. Looking at 20k down and 2600 a month. 51k first year. Lower maintenance and better fuel mileage.
Even if you don’t take the 100% up front you can spread it out over 4 years pay little to no tax’s.
These big trucking companies that do this aren’t just lazy idiots… they will do whatever saves them the most money.. lower fuel costs, lower tax’s and lower maintenance costs.
But yes it all depends on what the person’s needs are…
IMO though as a owner op for 12 of my 27 year career. New is the best option for people getting their first truck. Because it takes discipline to save up that 30k to get started and know you have a big truck payment each month to keep moving and making money.
Vs the guy who saves up 10k to put down on a used truck then struggles with money management when that first big repair comes.. that is usually what breaks most first time owner ops.
@@JBSCHAFFNER Still gotta make that payment no matter what the market is like though. That's uncomfortable for a lot of folks. Especially solo owners.
I didn't put anything down, my payment is less than a 5 year old dually pickup, and it's only for 3 years if I take it to term.
I can work as much or as little as I want (within reason), which to me beats the pants off of any tax incentive.
@@dchawk81 this is for you used truck?
@@JBSCHAFFNER Hi. I’m 40 no kids and single. I have 767 cs and 18k credit line and 108k that I’ve managed to save to buy a house. I have a investor also.
What’s the best way for me to approach getting into trucking? What would you do in my situation?
here in Brazil we have a lot of OLD trucks running, and in my point of view this is the better option. cheap to buy and maintain, and if you made it a perfect one his value goes up, a new truck lost 20% of his value only leaving the dealer. the higher diesel consumption is nothing if you look at the stupied annti pollution systems. and a mecanical injection pump and injectors are extremly cheap and durable.
Something you didn’t talk about is insurance. Newer trucks with the safety suites or factory camera systems are cheaper to insure. That could save $400-500 a month.
Insurance does not need a camera in my truck. Do they need a cemera in your home?
@@firstamendmenttshirt4768 they aren’t forcing you to have there insurance. You can always go another option and I’m sure some will be without that requirement.
Truth is tho a truck with a full outside camera system is a huge plus for most. Ones that cover the sides front to back including down the trailer. Helps against fraud and if someone hit and runs ya.
But the above system I would say isn’t active monitored. Recording only.
Didn't know you have to pay 11% tax for new truck
Thanks for the all infos
you are welcome. thanks for the comment.
Great video.. I am a iIndependent o/o .. I paid my truck off 3 months ago .. I was debating on selling my truck and buying a new one or just putting a new overhaul on my truck but you gave me the answer I was looking for and I’m just gonna keep my old truck and keep running !!
The percentage rate on a loan will depend on what you are using for collateral. Example; if your house is paid off or you happen to own land or invested in other property, a loan can be taken out on those properties with a lot better rates and terms. I own a farm and three houses. I can borrow right now at 3-4% with a local small lender. Larger lenders are hard to deal with. Small lenders can be more creative. The difference between 10% and 5% accrued over the course of 7 year loan is... $150,000 for 72 at 5%. = $156,500 or $150,000 for 72 at 10% = $180,000. That’s a $24,000 difference over 6 years, but it’s paid in the first part of the loan before depreciation catches up. You can easily be upside down in a truck you cannot sell.
Great vid mate, I’ve been in the industry here in Oz for 42 years… there is basically no difference..if your in trucking for business then a new truck is the only way… if your in trucking to run at 75 mph then buy used..I fully understand you argument and numbers..
My trucks are speed limited to 55 mph but our weights are 3 times higher..never the less the huge savings on R&M and diesel consumption as well as driver fatigue well and truly supports new trucks.
Discipline is key with your finances..
good point!
@@truckingandfixing Hi Ryan, there always been a huge argument on the whole new truck used truck thing over many years.
I remember back when my kids where very young. I spent all my time at home doing R&M..and there was always something to fix.
I soon learnt that the down time loss of income and fuel savings went in favour of a new truck not mention that of instead laying under my truck at home I was spending quality time with my family.
Down time was a killer and we all know the cost of breakdowns out on the road.
Great vids man… my wife is Asian and we are the same.. 11 years together❤️ second time round for me..
@@diesel266, thank you for the smart idea
It comes down to luck with used trucks
With this economy as of 2023 it’s luck with either from the revenue perspective.
Me buying a 07 Volvo with many new parts is great for driving 3 states over and back . But if I was doing OTR newer truck fuel and maintenance and tax deductions .
Thanks for the suggestion
Thank you Ryan, numbers are important too, not just the fun driving with it all....lol
If you don’t have 10k put to the side as a owner Operstor you are right don’t buy a new truck snd definitely dont buy a used one either
Im an owner of 2 trucks and they run dedicated freight.
Before you buy a truck...you BETTER know how to fix it first.
Otherwise it's a total risk.
Pre emissions is the way to go for low budget individuals.
DD60
CUMMINS ISX 400, 435, or 475 are great.
A deleted MaxxForce is ok.
A freightliner Cascadia with a DD15 is the safest newer Engine in my experience.
Good advice! 👍
Great info for a guy like me who's about to buy my 1st truck
Good luck!
Hi, very nice breakdown and thanks. Just a quick question, you didn’t mention the difference of fuel economy between a 2013 at about 5.6 to -6.2 mpg whereas a almost new 2019-2020 Volvo or freightliner will give you 8.2 to 8.6 mpg. Based on 12,000 per month that’s around 2500$ a month savings hence the newer model payment pays for itself solely on fuel costs savings
That’s true & I respect the fuel savings of the freight liners but I just don’t know if I could ride in one again after how bad it rode for me. I’m not the type to complain and be sensitive, I’m a grown fairly tough country man but it gave me migraines & I couldn’t do it. So I ride in a Volvo instead. On the Volvo side & other truck brands there’s not much fuel savings actually between those years classes unless you go to a really old truck or get the newest 2025 models I heard is where there’s more savings. The new Volvo they released last fall seems to have similar mpg to a freightliner
Love the channel..i just bought my truck in cash. Used of course as a starter vehicle. 25k in it uses. Before I got tags my first Initial repair was 11 grand. It killed me.
What type of semi is it I looking to get my first truck cash as-well 2003 mack vision
GREAT VID!!!! Depreciation discussion was already mentioned..so...You did not address the value of your "asset" at the 48 month anniversary. You $30K truck is now maybe 20K and your new truck will sell for 80-90K? if you took great care of it. That's where you'll recoup any difference and probably be ahead.
@Adventures of Trucker186 Or, take what you earned with the 30K truck and buy the new truck at a reasonable down payment. Take the rest of your disposable income and invest in Growth stocks that keep ahead of inflation and use your maintenance savings account to fix any problems with the 30K truck.
Let your hired driver operate your used truck and make you regular weekly profits.
Most importantly, get a third, used truck that can generate enough income for a fourth new truck.
Then sell the least reliable used truck.
That way, with 3 trucks, even if 1 is down, the other 2 are earning enough to cover payments and the maintenance account.
Thanks!
You are welcome!
I like the break down...I what I take from New vs Used
New is niced; you gotta run because of the big overhead costs
you gotta run a lot because of big overhead costs
you gotta be good with money and time management
you gonna pay whether you run or not
Use is good; you should be mechanically inclined
you should be good with money management
you MUST save and be ready for big repair costs
you can run as you want, when you want if truck paid for
Getting a good mechanic or shop with used is key as well.
Great video and information.
Peace and blessings
How much inclined mechanically does one have to be ? Like what do I need to know how repair ?
I’m going to go owner op in a few months with a flatbed company that only hires owner op’s. The drivers there average 8k a week gross. I’m leaning towards taking a chance and buying a new truck. Big expense obviously, but it will be under warrantee, and I don’t have to worry about who owned the truck before me. Don’t have to worry about things that happened to the truck that I won’t know about. No risk no reward I suppose.
What carrier you going to lease onto?
@@kevyo1 a company called Nova Lines.
I'm about to go owner op myself,I plan on leasing on for 3=6 months then getting my own authority myself... van haul.. one issue you may run into is getting financed for a 120,000 plus truck with no/new business credit... im looking at 45=65,000 trucks that I plan on getting deleted as soon as I pick it up...as a company guy I hate all the emission crap,& its not even on my dime right now
@@callenjohnson81 Yeah I mean anyway you slice it, I’m taking a big risk by trying to buy a brand new truck with no experience other than being a company driver. But I’ve seen the paychecks for drivers at the company I want to go to. So the money is definitely there. And if I’m grossing 8 grand a week and my take-home is 5 grand a week, I’m going to pay off that truck real fucking fast because I don’t wanna have a five your truck payment with a lot of interest on top of it
@@davidthompson184 you can do it..im fucking rooting for you
Hello Ryan. I'm investing on a used truck run only about 30th to 35th miles a year no need for new truck for me only local port work easy job not running hard. Thank you Ryan.
you are welcome.
If you can afford to buy a brand new truck without a car note, by all means buy it.
My 2020 freightliner is broke down at the dealer we are on day 9 still haven't looked at it.
Dang, I hear warranty work gets pushed to the back of the line.
what state is delaer in?
That's why I recommend deleting the truck emissions and then you realize your problems go away.
My pops pulled 500k in 3 years in Alaska/canadia owner op.
The money he's making I'd be pretty happy with.
👍
Great video Ryan. I hope your new business will take off for you. Have a good one.
thank you!
Replacement truck! Ask dealer to provide a replacement truck IF you have the warranty. In case dealer takes a week or a month, you would be covered.
Dude you where doin so good until the egr comment....Egr didnot become a thing on diesels until 2003-2004. Thats when they went down hill. However "technically" electronic injection was an emmisions feature but only to control black smoke. That came in the late 80's early 90's
This was a very informative video.
-What I took away from this presentation is that it seems if you are not good with fixing stuff then the cost between new and old trucks are roughly similar if you factor in labor.-
Scratch that. You still can come out with a lower cost of ownership with a used truck, if labor isn't that crazy, according to those numbers.
Thank you!
Great video!
I agree 100% on FET. For a new truck
thank you!
great video here! my question to you would be, if i were to go with a new truck, at how many miles would you look to sell the new truck, and get another new truck. to get the best bang for buck out as far as before the fuel economy drops, and the higher maintence starts as well.
This is a good question! I think the big fleet owners have the best answer for you! Lol. What I heard is that they normally get rid of trucks when they are out of manufacturing warranty
@TruckingandFixing excellent makes sense. I really enjoyed your video, very pleasant to hear you speak. Makes sense about the warranty, which usually lasts about 3 years max if I am right?
Look at what the company’s do 450 to 500 k
I take 4 weeks off as a company driver but I could get used to 5 as a owner op 5 would be fine for me.
I've thought about an old cabover truck. I like cabovers because I could throw a bigger sleeper on it than a standard truck for the same wheelbase. Not to mention, it's not reliant on one specific piece of technology. Everything is easier to work on with the cab off considering it's basically just two i-beams welded together. I can do basically anything I want to with it.
Air disc brakes, new suspension, custom sleeper, I can basically do anything I want with it and still come under a new truck. I lose out on fuel, but I'm not supporting a family, I'm supporting *me*.
Thankyou Sir. All your videos are unskipable.
Thank you!
Thanks for the amazing information. God bless you
thank you!
I appreciate the info but not including labor for the maintenance that you do yourself is huge. Most of us are not gifted diesel mechanics and will have to rely on shops to perform this work.
Thanks for taking the time and put out this information
You are welcome! Thank you for the comment!
Great video, very informative… thanks
Thanks for the overview and time you put into this.
You are welcome! 😄
Thank you great information have great weekend
thank you!
Go used. Pay cash. Do as much as you can to replace wearables before you hit the road. Do everything yourself.
Awesome video... I like the way you broke it down in layman's term.
thank you!
Great Video
nice info as always thanks
Thank you!
I went new for my still on order class 6 truck. Plenty of used out there but when I was looking legit they all were beat to shit! I’m guessing class 8 is better and I got to choose all my options so hopefully I’ll get much better mpg than a used truck
Interesting analysis for a very limited audience - someone who can do all their own maintenance. But good on you for making your approach work.
That's all that you got out of that video?
thank you!
Working 2 weeks off two lol that's a rock star lifestyle or movie star lol
I say get rid of mega carriers. Will give more owner ops more opportunities .
Thanks!! Very useful, I'm looking to buy...maybe I'll go for a newer truck, no brand new, but newer... I can't be in a shop every day, I really want to start to work and hit the road with the most reliable truck. Thanks again, I'll keep watching your videos, maybe if you can do something about the DD15s??
Great content as always.. 👍
Thank you!
Great break down of costs.
Good video thanks for sharing.
Thank you!
Good stuff, thanks
Federal Extortion Tax...
Just like the Form 2290 heavy use tax
check it out Keep your rig and learn robotic repair and send the truck down the road with a robot IDK just a thought.
Thanks for the info
I learned somethings. Thanks for the video
I hope you still do some farming. Thanks.
Still love farming. But focus on building up the business, and get into farming when kids can take over the business.
@@truckingandfixing-Translated-wifey said farming got to go!😂
My pops bought new (loves the warranty) Detroit 15 18 spd .... Ordered a new truck with same specs about 30k more 3 years after.
He's got the credit and history to only throw like 5-10k down. First new truck required him to throw 50k down
Great valuable information
Great video💯✌
Thank you!
thank you
Hey Buddy wts up! Ill be listening!
My man comin through
Hello there...some really good info here! If possible, could you address the question regarding depriciation? Greatly appreciated.
Seems dealerships wpuld be much more efficent if they had a guy just to look at trucks as they come in and order parts
You are not factoring in depreciation over six years. What would it be... $80K on a new Cascadia?
Good job. I’m looking to purchase an older truck pre 2010 in the 60-90 days. So here’s the age old question. From your point of view would you go CAT or Cummins?
I would say CAT
I pick cummins. easy to get parts
Cummins is typically very reliable. Just runs with regular maintenance.
Volvo
Great information and a great video thank you very much but I have really good question here. after what you said what is the value of that old truck and new truck if you want to sell it I think the value of truck very important in this business in any reason you want to sale it
6 year maintenance at $13000 a year is actually $80000 not $54000, just a observation on your math
Did you say your selling your truck?
Not yet. Working on the transmission now. Should be ready soon.
Diesel consumption on my Volvo 2011 went up from 6.4 to 5.7MPG 550k miles
WTH?
When was the last time you had the valves adjusted?
@@dchawk81 I bought it was 480k miles since that I didn't adjust valves. Should I do it?
@@johnysilver1853 MP8/D13 service interval on valve adjustment is 150k from brand new and every 250k after that.
I bought an MP8 with 426k and my MPGs gradually kept dropping until I had the valves adjusted at 451k. Got all my power back and then some and the MPGs are back up...better than when I first purchased it.
It was already overdue when I bought it but I didn't know any better.
@@dchawk81 I actually have D13 AND 625K miles I think its time to adjust valves. I should find shop who can do it. How much was it cost for your engine?
So if I wanted a new truck.. how do I purchase without my name on it? Didn't really understand your advice on that point
You need to set up a business, then apply an EIN, then put the new truck under the company's name.
Is volvo with 520k miles worth buying?
Hay man what u think 04 freightliner Columbia with 1. 3,000,000 miles no maintenance record Detroit 60 engine
I'm trying to learn but I don't think I wanna do owner operator 😳🧑🏿🔧🤷🏿♂️👷🏿♂️🤦🏿♂️🚛
👍
I make 30k$ month after fuel expenses. If you are a grinder it’s usually better to grind for yourself.
How easy or difficult is it to customize a semi truck cab? I am thinking of a semi truck cab which is longer by just another 36inch than the normal ones so that I can have a shower in place, a better cooking and refrigerating area? I am sure this is possible, but, is it worth doing this for all the money and effort that is likely to go into it considering that I prefer to be an OTR driver?
From my limited knowledge… it depends on what type of freight you plan on hauling. You might not be able to haul a lot of loads due to the extra weight. Also, the extra weight will hurt your fuel mileage.
Great content, off hand do u know of a smaller fleet that u would buy a truck from
I never knew you left landstar what was the reason ?
I made a video about the reasons. ua-cam.com/video/-9NyGXsLS3I/v-deo.html
You mean the Rayan Board!
Nice
Bucky Larson ? 🦫
Can someone hire you as a third party to look at use trucks
Too much babbling in the begining. I almost closed the video. Opted to fast forward it instead. It literally took you 4:07 to "get right into it". Just a friendly observation. Once you got rolling the content was good.
Thanks for the advise. Will improve.
Hello not sure if you will see this but I'm having trouble with a liftmoore crane on my service truck can you help?
37k on fuel cost alone….😳 ouch hurts to hear that
What determines insurance rates ?(did I miss something?)
Would you recommend an egr delete on an isx15
What’s the best code reader to get for a pack car mx13?
👉🏻FOR TRUCK ENGINE SCAN - Bosch HD - amzn.to/2Ii0pOm
This is the best one I have experience and recommened to many people.
U can lease a truck for 2600 a month were did he get 3800 a month from?
How much do you charge for a pre purchase inspection?
$150 plus travel, travel $65/hour plus $2/mile on the trip out.
Norm👍
Thank you!
I didn't get the insurance as you explained it. You said your insurance was $ 650 a mo.. What; just on the truck? Because I'm hearing $ 1,000 to $12- $ 1,500 mo. for OO Truck & Trailer $1M coverage, w/own Authority. Your company & or Landstar must cover trailer & load, right?
$650 was for the new truck, it is only for the comp and collision insurance. Landstar covers the liability insurnace.
It really boils down to your location, your driving record, your experience, and your intended use. Just like car insurance.
The longer you've been driving with a clean CDL the better your rate.
Cummins mpg average 7.5
One question. Your wife being from China, why can’t she go into the import business and make millions? One more observation, if you do not do your own repairs, buying a used truck, wouldn’t one have the same wait time for a repair shop doing the repairs? And, you mention engine overhaul wait times, well, that would be more likely on a higher mileage used truck, wouldn’ it? Dealers are going to compensate with the price (raise) on a year or two old truck knowing that we ain’t going to want to pay our dysfunctional, stupid, corruption based government, a $10k FET. I’d bet the mega carriers have a way around that FET. Great video, thanks! Oh, it’s all crooked.
Go bother someone else. Actually, please don't.
It is not easy to make millions, if it is easy, everyone will do it! If you use shops, you will have the same wait time.
@@truckingandfixing-Really, it’s tough for someone who cannot work on their own truck. I remember years ago people who spoke Chinese and had contacts in China made lots of money importing into the US. Probably like everything else, to many of them now.
I’m still in shock over that 10% FET tax. That is total BS. The fuel tax is supposed to pay for the interstate highway system. Were it not for ignorance and corruption in Washington, the fuel tax would be more than enough. Hell, they print money for everything else, why not the interstate highways?
@@truck6280- Yea, it was all men now that you mention it. I didn’t know it was like a requirement.
Who would buy a truck on a ten year note