Trucking as an owner-operator is a lifestyle, but it's also a business. Staying profitable often means taking a cold and dispassionate view of your short and long-term expenses. While buying a truck can be as much an emotional decision as any other vehicle purchase, it's worth looking at the cold, hard facts when deciding which truck is best for you.
One way to do this is to consider the long-term ownership costs of any truck you're thinking about buying. These costs can come from numerous sources, and some can be more predictable than others. This guide will help you understand three factors that can substantially impact your bottom line, allowing you to decide on a truck that fits your budget and needs.
1. Fuel Economy
Fuel usage is arguably the most substantial trucking cost for any trucking business. While anyone who's driven should understand this intuitively, it isn't always so easy to see how small changes can have an outsized impact on your wallet. When considering a new truck for your business, you'll want to spend some time calculating how these numbers will impact your operating costs.
For example, the average truck driver puts about 45,000 miles behind them every year. With such a large number of miles covered, a difference of only 0.5mpg can add over 800 gallons of additional fuel usage per year. As a result, small gains of efficiency can put thousands of dollars back into your pocket over the course of a year.
2. Resale Value
Are you buying a truck for the long haul as a temporary purchase to hold you over until your next upgrade? Even if you're buying used, you'll still want to consider the potential resale value of your purchase. Look at similar models that are several years older or that have several years' worth of extra mileage under their belts.
If you're only planning to keep your new truck for a few years, choose one that's likely to hold onto some of its existing value. However, be sure to look beyond just the make and model of your truck. Driveline, wheelbase, and other factors can significantly impact how much a rig is worth and how much of your initial investment you'll be able to recoup when you sell.
3. Maintenance Costs
Maintenance costs can be somewhat more unpredictable, but you can use the manufacturer-recommended service intervals as a guide. This information will help you calculate per-mile costs for routine maintenance, including oil changes, tire replacements, and overhead jobs. For fluid changes, keep in mind differences between required types and the length of the recommended intervals.
While you'll need to consider many factors when choosing a truck, don't ignore the importance of evaluating your operating costs. A rig that's perfectly suited to your lifestyle and loads won't do you much good if it breaks the bank in the process. Instead, use this information to choose a commercial truck that can get the job done while still fitting comfortably within your operating budget.
