Owning your commercial truck is generally a choice for self-employment. Rather than being a company driver, you can be an owner-operator. Trucking is a mainstay for the movement of goods globally, but when you work for someone else you have very little say about your work schedule, destination, and more.
As an owner-operator, you’ll own your commercial truck and enjoy the advantages and risks involved with being self-employed. Driving your commercial truck will allow you to contract transportation needs for others and this will allow you to decide what you are willing to haul and to where.
So, what are the hidden benefits of owning your commercial truck?
1. Work Independence
One of the primary reasons for owning a commercial truck is the independence that ownership provides. You can decide if you want to haul a particular product and what destinations you are willing to drive to.
As an independent owner-operator, you have the choice of who you want to work with and have the possibility to contract with a variety of companies that require transportation services.
Plus, there are no office politics to contend with or being forced to work with undesirable colleagues. There is no dress code and no punching a time clock other than your own. Every day is unique, there is no company grind to contend with.
2. Scheduling Flexibility
When you work for a company as a truck driver, you are assigned a task with a specific load, destination, and schedule. Owning a commercial vehicle means that you decide, and this can afford you more time at home especially if there is a particular need.
You can opt to drive shorter routes so you can eat dinner at home every evening. Or you can avoid morning traffic at peak hours opting for the open road. A commercial truck also affords you the opportunity for team driving with a partner, family member, or even a spouse.
3. No Sharing of Profit
As a company driver, you are paid a salary, but any profit will go to your employer. As a commercial truck owner, you have the possibility to make more money than a salaried driver. Because you assume all risks involved with transporting goods, you also make more money.
You can maximize profits by managing fuel expenses by working for companies that offer fuel discounts or pay surcharges for fuel. This can be a lucrative enterprise when well managed.
Trucking also provides a certain amount of employment security because so much of the U.S. economy depends on it.
4. Tax Breaks
Taxes are another advantage when it comes to owning a commercial truck. Many expenses related to ownership are tax deductible. These might include
- Truck depreciation
- License fees
- Road expenses
- Meal and lodging expenses
- General business expenses
- Interest on business loans
When owning and operating a commercial vehicle, keeping accurate detailed records is essential to benefit from tax breaks. The Internal Revenue Service also permits a tax deduction the year you purchase and insure your commercial truck.
5. Travel
If you love to travel, owning a commercial vehicle can set you free. You’ll have lots of opportunities to travel while you earn. The continental U.S. offers striking skylines, mountains, deserts, lakes, and oceans just to start. You may even want to organize your vacation time with a delivery destination.
6. Customization of Your Workspace
By owning a commercial truck, you can customize it to your taste and particular needs. Music, audiobooks, newscasts, podcasts, or whatever you fancy you are free to choose. You can customize the inside of your commercial truck to your comfort level.
7. No College Degree Is Required
While you will have to study to get your commercial driver’s license, you don’t need a college degree. There will be an initial cost to train as a commercial truck driver unless you begin with a larger trucking company that will help you obtain your CDL training.
If you decide to invest in a commercial truck and must acquire the necessary practice and documentation to drive it, driving schools also offer flexibility both financially and in terms of time if you are transitioning from another profession or just starting out.
Is It Worth It to Own a Commercial Truck?
It most certainly is if the benefits match your priorities. Good compensation, flexibility, independence, and travel are just a few of the perks for those that own and operate their own commercial trucks.
Undoubtedly, you will assume the responsibilities and risks for what you transport, and you’ll need to keep excellent expense records and deal with commercial car insurance needs, but the benefits are many. Once you have decided to no longer transport goods, you may decide to maintain your rig for private purposes.
Owning a commercial truck allows you to make a difference in people’s lives. Every time you deliver a necessary product to a hospital, school, grocery store, or similar, you are serving the community. It was the commercial truck owners that eased so many of the difficulties and resolved so many problems during the Covid-19 pandemic.
Rindx Team
Owolabi Meshach
