What Are the Benefits of Truckers Owning Their Own Semi Trucks?
A lot of truck drivers dream of owning their own semi-truck or buying a fleet of trucks to become a successful owner operator. Some drivers may not purchase a truck because of the upfront expense. However, the right truck can give you comfort, stability, and a return on your investment.
Is Buying a Semi-Truck a Profitable Investment?
Semi-trucks, whether they’re new or used, can be considered an expensive investment. At the high end, an 18-wheeler can cost as much as a 2-bedroom bungalow. At the low end, a used truck can be as expensive as a new Toyota Corolla. But is this high upfront cost worth it?
That depends on a few factors. If you’re an independent truck driver, you’ll see a faster return on investment because you don’t need to pay high gas, maintenance, and rental costs. Business owners will also profit, but they’ll have to either buy or lease a fleet of semi-trucks instead.
What if I’m Trying to Buy a Whole Fleet?
If you wanted to buy a fleet from a reputable company like Charter Trucks, then yes, it’s less expensive to own your fleet. However, you probably won’t have enough capital to buy a fleet right now, so your next option is to lease. Leading means you’re borrowing the trucks.
There are several positives to leasing a truck, such as less maintenance, shorter commitment, lower risk, and the potential for lower-cost upgrades. But, you won’t ever own your fleet of trucks, and you may be paying more for your rentals over time, so consider buying used trucks.
What are the Benefits of Buying a Used Truck?
The primary disadvantage of buying or leasing is the upfront costs and/or subsequent rental bills. But if you find a safe, inexpensive, and warranty-backed used truck, you could save a lot of money over time. You could use that extra money to make your long-distance truck driving safer and more comfortable.
The cons of buying a used truck are reliability issues, as older trucks often come with some degree of wear and tear. When buying used, do your research. Get a truck that has low mileage, includes a warranty and insurance, and has a low cost per mile calculation.
What are the Overall Benefits of Owning Your Own Truck?
Say you want to buy a new or a used truck from a dealer, but you’re not sure how you benefit from this transaction. If any of the following are important to you, you’ll want your own truck.
1. Freedom to Work Where You Want
Most truck driving companies will let you drive their trucks, but you have to pay for maintenance and the rental yourself. But if you have your own semi, you can work freelance, with a company, or run your own business. You aren’t limited to companies that supply you with their trucks.
2. The Ability to Customize Your Truck
A rented truck can’t usually be customized, so you’re stuck using standard equipment. If you can’t sit on non-ergonomic seats or chairs, prefer to listen to something other than the radio, or you want to install a self-driving console, you have to buy your own truck to make adjustments.
3. The Chance to Make Some Extra Money
Owning your own truck gives you the freedom to make more money on the side. For example, unless you’ve signed a non-compete agreement, you can work freelance and your regular job at the same time. You could even rent out your truck to another driver if you want to take a break.