Most Drivers have the dream of being independent. Coming up with the financing to purchase a truck is not easy. That is why many trucking companies have lease purchase plans. But, is owning your own truck right for you? That depends on the person and how dedicated they are to the road. Most of the drivers I know are working a 70 hour week just trying to make a living.
Becoming an independent owner operator means you are building a business. Can this be accomplished by the lease purchase plan? I once read that only 1 out of 100 are successful at building an independent company using the lease purchase plan.
From all the research I have read Leases are simple.
1. First if its not a walk away lease, don't sign.
2. Second if you can't use your own credentials, don't sign.
3. If the company mandates that you must use their insurance, base plates, fuel tax preparer, etc. walk away from it.
That's not being an owner operator. An owner operator is independent, which means just that. Getting into a lease option program without having financial backing of your own is a mistake.
It defies the progression of building a business. You can't possibly run a sucessful business if you start off with using someone else's money. If you can't afford a base plate you shouldn't be in business. If you can't take your truck to another company, your not independent. Not being independent defeats the purpose of becoming an Owner Operator.
The way you build a business is to work hard save hard and when you have enough capital saved then you venture out and start your business, anything else is doomed for failure.
Maybe 1 in a 100 will succeed but 99 of you will fail. being a driver is one occupation being a businessman is another occupation, all together different.
These are just words of the wise, do what you want with them.
Just remember freight has always been and will always be. It takes a smart person to win at this game and the game gets harder year after year.
Trucking is NOT an easy business.