Should I Buy a Dump Truck Using Credit
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- Опубліковано 26 сер 2024
- In this video i breakdown and give you my suggestions if you should buy a Dump Truck using Credit.
And My formula of how much money you can make and the expenses before you even buy a Dump Truck using your credit.
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Those numbers are extremely conservative.
I don’t know any Dump truck owner operator nor company that makes 3200.00 take home money after paying the trucks note. I currently have 3 trucks in Virginia. Each truck averages about 110.00 dollars per hour and they work around 9-10 hours per day depending on the climate. Not even my driver makes 3200 per month. They make close to 1,125 per week. Here’s the breakdown
Per truck per day
Cost:
Fuel-170.00
Employee-$25.00 per hour, 9 hours per day total=$225.00( dump truck drivers know they have to work long hours)
Insurance: $40.00 per day(monthly cost is $800.00 per truck in VA)
Maintenance- set aside $75 dollars per day($1500.00 per month)
Total expense for the day= $510.00
Revenue=$990.00
Profit= $480.00 per day
Monthly profit= 9600.00 per truck.
For anybody trying to get in this business please have money put aside after purchasing a truck for operations cost and everything else. Also if you have a chance to get your CDL please take it and learn how to drive your truck because you don’t just want to be dependent on your driver because he could quit anytime( happened to me before). Good Luck to whoever reads this and have an amazing journey in the Trucking Industry.
This is a lot more accurate I'm in NC
@@julianalzate887I’m in NC too. I’m in the Raleigh area. Where are you located?
Ty for this information sir, its very valuable, so for the trucker wanting to get into owning his own dump truck and operating it himself it would be better to buy a truck cash?
About the same here in Ohio also
Thxs for the CDL info i didnt know u need CDL for this trucks ,much apreciated
Top 10 Dump Trucks to recommend from classics to new/affordable.
jay you put so much effort into helping everyone out with these break downs. i want to thank you. you’re helping out more people than you know. 🔥🔥🔥
Thank you I appreciate the feedback!
New subscriber here. I like your videos, you really know what you talking about. I’ve been a dump truck owner operator for 12 years and your numbers are really accurate
Thank you for the feedback! Thank you for watching!
Great content very knowledgeable. As i'm looking into buying a dump truck (owner operator) this is very informative to know. Thank you!!
Glad it was helpful!
Great video and great info. You have to get into the truck with someone because you have to be good in backing up in tight places. Yes, everybody and their momma will be looking at you, because dump truck drivers ( some) are always in a rush to drop a load off. Stay bless ✌🏾
Thanks for watching! Glad you liked the video!
Great video u can make 75 k local w benefits pto 401k. Even 6k a month is bad for owner op especially these days only way to make money is own multiple trucks
One thing to that people, or a driver needs to consider is a release for the customer or contractor that he’s delivering to what you get to the job site you don’t like with the job site you think you might get stuck somebody needs to be responsible for you getting unstuck and possibly any damages that occurs to your truck while on the job side needs to be some accountability that may run you off of some job site because Suncat contractors will probably just tell you leave if they thought they had inside sheet of paper, but it is for your protectionwhen I drove concrete trucks years, my boss had a release form, left it up to the judgment of the driver. It’s crossing the bridge getting hung on the job site having to cross footers, maybe breaking a rim anything
Save your money to pay about half up front. Best way other then buying outright.
Great information
You are spot we have to educate ourselves in the space #nohustlenoeat
Every successful owner operator. Has a very successful wife with a very good job 😅.
I thought Ron de santis was running for President.
Awesome video brother shout out from Canada 🇨🇦
Good stuff Jay! Thanks for sharing.
Forgot to mention it’s 18 year old Mack in reasonable shape , and I wast told by the seller the engine was fresh , having had a complete in frame rebuild about 50000 miles ago
3200 bucks a month 20 days that's 160 a day might be less bevause you have to pay taxes at the end of the yr sacrifices have to be made and your investing in ur truck and relationships so when its time to get bigger and better contracts your in a great position
Actually a good video 👍
Thanks for the video. Great information
Thank you. I’ve decided not to buy a truck. I was 99% sure that I was going to take an early retirement, use part of my pension and buy a truck. From these numbers I would be making less money than I am right now. It would be a huge mistake for the present and my future. Thank you again.
Repairs done improperly and taking too long can can break you. Especially when the process repeats over and over regardless of where you take it.
@18:05 The key words for finding a good driver is. He/She has to have responsibilities in their life and be safe on the road. Reliable is just keeping it 💯 and treat the equipment like it's your own
Thanks for watching!
Pretty cool channel, keep forward!
Thank you for the feedback, Im glad you like it!
Cant do it my mortgage is $3500 monthly
If I have truck what I need to buy dumb truck or End dumb trailer
Thanks for your information
Do you know any coaches/advisors that can guide this particular process? perhaps in the nyc area?
So a truck in this market that is $70K is very old, high miles, etc. What lender will lend on that? Most lenders will not look at the miles, condition of the truck, fleet truck or owner operator (owners take better care of their trucks most of the time) etc. The only thing the lender looked at was years. So I could purchase a 20 year old truck well maintained and low miles and treated as a valued employee and the lender would not offer any financing, but they didn't hesitate to offer financing on a ragged out POS that I knew would cost far more to maintain and keep running. I just don't see how buying and running a truck on credit is even workable.
I understand were you are coming from, trucks are very expensive now and days and they cost more to maintain than they did before. As I mention on the videos buying a truck using credit is not for everyone. Thanks for watching!
Thanks for the info
Hey buddy , I can take money out of my retirement savings and pay cash , it’ll cost me 30 percent in taxes , but I’d need three to four years to pay for a loan which would end up costing the same or more in interest then the taxes on my retirement money , what do u think , I also have no other debt , and own my property as well as a heated shop and almost of the tools needed to maintain the truck , as well I’m a licensed truck mechanic , although I haven’t worked on a truck in almost forty years , so the newer stuff is new to me , what do u think of my situation , what would u do , as well I’ve driven trucks for years , thanks Glen
Super good content bro
I appreciate your feedback! Glad you found it valuable!
Buying a used dump is going to come with issues
What about smaller dump trucks like c4500? can those bring in good revenue
Great info I guess. But I haul in northern Colorado lots of trucking experience. Have buddy's who own there own trucks. F$%k that. I make a great wage 1200 a week. Pays my bills.
Simmer down on the editing. It's a trucking video we don't need all the cartoon sound fx.
Ahhhhh......facts hahaha
I like it
Listen pal you start your own channel you set the rules bucko 😂
Eat a snickers.. no need to be a prick
😂
Learn the business, Learn the business, Learn the business proceeds not to tell the business, Hey can you make a video to inform the viewers of the Business you need to learn
My brother you clearly have not watched any other videos!
Sounds horrible. How many miles a year is normal down there ?
What’s a good size truck for city work? Any examples so I don’t buy something no one uses… thx
Hello sir! to better answer your question can you find out what kind of materials you will be hauling? If possible I also suggest you find out from the local contractors which
trucks they utilize the most. For example, tandems, tri-axles or quads?
💎 💎 💎 🔥🔥
Taxes??
The new truck you bought for 280k, how much were you paying your driver? I’m a first time buy but I want a new for maintenance issues. You broke even but I would be driving??
We paid the driver a percentage. It can range from 30-38% depending on the responsibilities and duties you give the driver. The more experienced, reliable and responsible the more you can give in percentage. Thanks for watching!
I want to get into the dump truck business I live in Dallas TX. Which used dump truck do you recommend on starting out with I was told to get an Tri axle
Tri axles are versatile and yes they are a good truck to start with. However I recommend you make some connections and talk to some of the local owner operators, and ask them
What type of dump trucks usually have more consistent work in Dallas? Tandems, Tri, Quads..
You can ride with somebody for a week record everything an you be ok it’s not rocket science
You never mentioned paying uncle Sam in your calculations 😊
I think everyone should know they cannot avoid uncle sam, thats a whole different video! Thanks for watching!
I had an owner op tell me to expect to not get paid for 30+ days I’m in L.A.
I’m in LA too and that’s what I heard. I’m trying to get my truck by the year of the year
@@go2gii me too, it has to make mathematical sense first
@@ActllI’m in Riverside where are y’all gone purchase your truck looking to buy one too
Do you speak about interest and Taxes (IRS)
@84bigbud , I have a fair share of knowledge on taxes and interest, however I feel like this would be a topic for a cpa to cover. In the future we may do a video with a cpa to answer more tax related questions.
Def repairs will take all your money
he forgot about taxas
There is ABSOLUTELY NO MONEY HANDED out between drivers / contractors
even 6000 a month why buy a truck
a good company you can earn that or close
then you pay tax
I can’t pay bills with 3k a month 😅
He apparently paid bills making no money on his truck at all lol
I want to buy a 2010 kenworth dump truck for $20 thousand dollars. It has a rebuilt engine and I'm in California. What's your opinion on this
Sounds like a reasonable price! However I would definitely have a trust worthy and knowledgable diesel mechanic go check it out. Also take it for a test drive with someone who knows about dump trucks. Hope this helps! Thanks for watching!
sounds to cheap
Don't do it. It's non compliant in california and you will not be able to register it with the dmv. Only buy trucks with DEF.
Do you know any coaches/advisors that can guide this particular process? perhaps in the nyc area?@@hectornava1644
Mr Actually
Drivers need hourly rate so they can make ot on Friday and Saturdays. Percentage doesn't work, you don't get nothing for ot,it benefits the owner of the truck. Where i live the owners get paid by the hour and drivers get Percentage, to much sitting around waiting to dump or get loaded. Owners are racking up on the hourly rate.most of the drivers are to dumb to realize it,run the numbers guy's!!!
What a waste of time
He literally just threw numbers out like crazy lol
Me 2 I was electrician - nccco crane operator
21 Pete 348 paccar 8LL
You are spot we have to educate ourselves in the space #nohustlenoeat