Keeping a semi truck running as smoothly as possible requires more than just refueling it; it also requires maintenance costs like repairs, insurance, and permits. Tolls are also a concern to remember when on long hauls. While most people assume it’s just the cost of fuel coming out of pocket, there are numerous other costs for owning and operating a tractor-trailer.
It’s much easier for owners to keep a tractor-trailer running than most might think. Purchasing international truck parts, for instance, will help cut repair costs by having the replacement parts on hand.
Understanding the Costs of Owning a Semi Truck
It’s difficult to say how much the maintenance costs will be from truck to truck and person to person. Understanding the primary factors for owning and driving a semi-truck will help determine this factor easier for drivers. The owner-operator expenses don’t end once the owner has purchased the truck. How the owner uses the semi-truck dictates the overall costs, such as how often it needs refueled, maintenance repairs, and permits.
Semi-trucks consume a lot of fuel when operating. It’s vital to ensure the work doesn’t cost more than the income from the job. Turning a truck into a profitable business is the primary goal when purchasing a semi-truck. Semi-truck owners can earn between $500 and $11,000 weekly, not including their truck’s expenses. Starting slow when becoming an owner-operator is the best way to maximize income while limiting the costs of semi- truck maintenance.
Always consider where shipments are from and ensure the company’s “book of business” is trustworthy. An extensive BOB of trusted clients and customers will help improve the profit potential. Also, remember that adding to a BOB over time will help
increase profit potential in the long run.
Factors to Consider
Some factors can significantly impact an owner-operator’s costs. Inflation has affected everyone, including essential workers that carry freight cross-country. Due to the COVID-19 pandemic, inflation has swept across the country and many other parts of the world. Fuel and maintenance prices have increased significantly, making it more costly to travel longer distances. It’s important to remember that monthly expenses may increase or decrease depending on current inflation trends.
Some other factors to consider when becoming an owner-operator are:
· Purchasing a semi-truck
· Permits, Licenses, Tolls
· Documentation
· Fueling cost
· Insurance cost
· Freight
· Maintenance and Repairs
· Taxes
· Food
· Lodging
· Communication
With these factors in mind, purchasing a new semi-truck and starting an owner-operator business can be easier and safer. There are many factors to consider when becoming an owner-operator. Hopefully, the decision is a little easier to make now. Always take the time to weigh the economy, inflation, and outside circumstances when considering the pros and cons of becoming an owner-operator.
Buying a New Rig
The decision for an owner to buy a new semi-truck can be easier to make than realize. The first hurdle is buying the truck. The rest should fall into place with the right plan and goals in mind. Always ensure that the semi-truck you purchase can handle the workload you plan to put it through. If the maintenance, refueling, and other work costs start to outweigh the profits that are coming in, it may be time to replace the truck or rethink the business goals. Don’t let maintenance costs weigh you down. Earn the profit you deserve as an owner-operator.