FWIW I got my house from a truck sales driving owner-driver who put too much of his cashflow back into his truck.
Given the choice between selling his income (truck) and his house…
well, he kept the truck for a few more months.
Being an owner-driver is the same as being any other small business owner-operator:
Spend more time driving the business than the truck and you should be fine.
If you can’t make money by paying someone else to drive the truck, you aren’t making money.
My partners step-dad drives his own truck. He takes home $130,000/year.
He delivers rio mesh at the moment. But used to deliver steel to construction sites. Not glorious work, he puts up with truck finance on the roads, but don’t we all at some stage?
Out of that comes the running costs for the truck loan though, such as insurance, fuel, maintenance, etc etc.
One of the hardest things he finds is trying to keep points on your licence. Not that he deliberately does stupid things on the road, it’s just the nature of the business.
I work in truck spare parts and it amazes me how any of the little guys make any money. Especially doing general line haul work as that is pretty much wrapped up by the big guys. If you do buy a truck make sure you do as much research as possible. What looks like a cheap truck will cost you a fortune in repairs and spare parts. You can buy a Sterling for pocket change now but be pre paired to have deep pockets when it comes to buying spare parts.
Also buy a truck that has a dealership in your area and where you may be doing most of the work same goes for the engine manufacturer eg cat, cummins and detroit. Nothing worse than being broken down and no one with the expertise to help you. I work at an Iveco, Mack, Freightliner and Fuso dealership so if any of these trucks are on your radar I would be happy to offer any more advice.
i will say one thing though I have seen plenty of people full of enthusiasm come into the industry with little experience and come out the other side mentally drained and near bankrupt.
Best of luck but in all honesty I would never be able to do it.
I was an owner truck sales driver for 4 years. I had a contract with an appliance store delivering goods into customer’s homes. It was the hardest work, ever. It kept me very fit though and the money was unbelievably good (3-6k per week before expenses). Money isn’t everything though. I had to work weekends and depending on how busy we were, sometimes i worked 7 days a week. I once worked 137 days in a row, only stopping for christmas day. i eventually burnt out with finacing for trucks- i would recommend to anyone not to rush into anything like this, make sure you know what your getting yourself in for. Btw i also had one of the best deals going- most owner drivers get paid a lot less than what i was making. Breakdowns can cost you big money too so you need to always have some cash in the bank or a decent credit card so you can pay for repairs AND hire a truck to keep things going.