So you have an idea of buying a leasing a truck? Making any decision must involve analyzing all the pros and cons. And to be honest, in this case there are way more cons and pros are really hard to find. When you think about leasing, you probably want to increase your profits. But the risks involved in this matter are not worth the amount of money you will get.
Statistically, owning a truck you will be getting 3% more of a profit than a company driver. But those are just statistics. That means that you may end up getting just as much as a company driver or even less. But at the same time you will be getting a lot more stress and feeling unsure about your financial stability in the future.
Let’s say you make about $50,000 per year. Add 3% and it’s 51500. Therefore, it’s around 30 extra bucks a week. Doesn’t look like a fortune, does it?
And really, you have to be out of your mind to be willing to start this nerve wrecking business. Choosing to buy or lease a truck you will never know if the financial risk is worth it. And for what? Those 30 bucks a week?
Still willing to take that risk? Okay, let’s see what else leasing a truck brings.
You will have no control whatsoever. You will be totally dependent on the company whose truck you’re leasing. And they won’t be taking any risk for sure, they will let you take it instead. Oh yes, of course, you will be free to park wherever you want or even refuse the freight. But is it worth it?
So think many times before deciding to buy or lease a truck. Your potential will be limited in many ways and you won’t have much of control over your own career.
Driving a truck is a great job for a right person. You can make good money working as a company driver. But it’s an awful business to run.
This makes buying or leasing a truck sound like a real headache! It doesn’t make sense to hang yourself out to dry for an extra $30 a week, you can’t even buy a decent steak dinner for all of that hassle. No thank you, I prefer to have a little more agency.
I looked into buying or leasing a truck when I first got started in the biz, and it’s definitely not worth it. Not only do you have the financial overhead haunting your every decision, you’re responsible for dealing with contractors, which can be a nightmare. “Being your own boss” sounds great, but the reality is that buying or leasing leaves you personally responsible for every little detail. No thank you.