Owning A Dump Truck
So you think you are ready to buy a dump truck! Unless you have experience running your own dump truck (owner operator) have you considered the downside to owning a dump truck? As a truck driver for 20 years and 2 years of that in a dump truck I will try to provide information that will help you make an informed decision on buying a used dump truck and there is not much differance between a dump truck and an over the road truck as far as ownership.
Owning a dump truck cost
Dump truck insurance will cost several hundred dollars a month depending on your driving record , location, how you will be using your dump truck etc., licenses and property taxes, these are relatively straightforward and will run in the hundreds a year usually around $500. Loan on your dump truck will depend on what dump truck you buy, currant interest rates combined with your credit score and the current risk of financing a dump truck. All this can easily add up to several thousand a month just to own a truck. These expenses will keep going whether you use the truck or not.
Operating a dump truck
There are many variables in operating a truck such as fuel, oil, preventive maintenance, tires, and the biggest uncertainty of all, repair parts and labor. Truck repair shops will have no mercy on you when you’re in need of repairs and repairs are not if, it is when, you will have to repair your dump truck from time to time. Truck repair shops run about $80 per hour and I have seen $125. Truck fuel mileage varies depending on the gears, engine and how it is being used but on average 5-8 mpg, fuel will be a large part of your expense to operate your truck.
New vs. used truck
I will describe the differences between new and used in my experience. New you have a higher truck payment, insurance, and many times repair parts cost more for a new truck. The upside is you normally have fewer repairs on your truck which means more uptime in turn means more money in your pocket.
Buying a used truck will cost less which means lower monthly payments, and insurance, but it normally means more downtime and repair cost. I have had a couple really good used trucks that my repair cost was no more than for a new truck which makes a healthy bottom line. The biggest problem I have seen in becoming an owner operator is people will buy a truck and run their own truck like they did when they were driving for someone else, by this I mean they do not take the time to fix the little things before they get big. You can keep expenses down by keeping your truck lubed, changing oil regularly, checking air in the tires at least weekly daily is better, carry your on tools and do repairs yourself will save a lot. I have seen drivers go to a shop to change the bulb in a taillight, the bulb may cost $2 and I have changed them in less than 15 minutes and the shop charged $30 because that was the minimum. You have to remember you are now in business for yourself when you buy a truck, so run it like a business.
