Purchasing a commercial truck is a great investment, but also a big one!
Typically, truck drivers start out working for a company and driving their trucks around for them. However, investing in your own commercial truck and becoming an independent contractor or owner operator is a great goal to have as a truck driver. This gives you the freedom to work for yourself and own a truck. However, this is a big investment that requires a good amount of planning. Here is some insight on the real cost of owning a commercial truck.
Initial Price
The first thing to consider is the initial upfront price you are going to pay for your commercial truck. The price of the truck depends on a variety of factors including whether it’s new or used, what make and model, the style, etc. Regardless of personal preference, you should plan to spend at least $100,000 for your first commercial truck. A new cab is around $113,000 and a new trailer will cost you around $50,000. The initial price is a lot, but the payoff can be very worth it in the end!
Lifetime Price
After you’ve purchased your commercial truck, you have to consider the upkeep and maintenance that will go into as well. It is estimated that a commercial truck costs about $180,000 per year to operate. This includes the following expenses:
- Fuel: This is probably going to be your biggest expense as a truck owner. 18 wheelers average over $70,000 for fuel alone.
- Truck Repair/Maintenance: When budgeting for a commercial truck, be sure to account for future maintenance and repair needs, even if the truck is in great condition when you purchase it.
- Insurance: There is no way around insurance for your vehicle. Typically, however, truck insurance is pretty affordable. On average, you can protect your vehicle for around $6,500 per year.
- Licenses/Permits: Truck drivers need special licenses and permits to operate their vehicle and other equipment. In addition, tolls on the roads can also add up over time.
Benefits
Looking at the costs of a commercial truck can be discouraging initially, but it is important to remember that it is an investment, meaning that you can use it to increase your worth and profits over time. Independent contractors and owner operators usually earn higher wages than drivers working for companies. In addition, you are able to create your own work schedule and choose which clients you want to take on. Investing in a commercial truck gives you absolute freedom in deciding the fate of your truck driving career!
Baltimore Freightliner-Western for all Your Trucking Needs!
Whether you are looking to upgrade your fleet to tow trucks or simply interested in the latest trucking technology, you can rely on Baltimore Freightliner-Western Star. We have provided top-notch service for the trucking industry for 30 years and would love to assist you in buying a new top-of-the-line truck, finding the specialty parts you need, or repairing your truck. Give us a call toll-free at 800-832-7278 or locally at 410-685-4474, or contact us online. To find out more about what we are up to, follow us on Facebook, Twitter, Pinterest, and Google+.