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planning to buy truck

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buck horn

Expert Expediter
recently contacted select sales freight liner to buy tractor and was
approve . the sales man told me he would be able to guarantee a contract with logist transport and i would be able to make the truck payments of $1500.00 a month providing i was willing to be on the road for about 2wks before going this is not a problem as i have been driving for the last 8mths as company driver and would stay out 2mth before going home. contract comes with bob tale insurance ,road side assistance . can some tell me if this is too good to be true or as anyone done this sort of purchase from select or is it better to purchase truck from some orther dealer a find my own contract. thanks buck horn
 
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teacel

Veteran Expediter
Charter Member
CAUTION:

Right now trucks are a dime a dozen. Be very carefull about who you buy from and what type of contract you get yourself into.

There are alot of People, and Companies out there right now that are hurting, and will do just about anything, to say above water.
 
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GroundHawk

Expert Expediter
Once again I agree with Tony I would go for the best deal without the contract,trucks are a dime a dozen for sure.Get the truck at a good deal first,than hunt down some work. I don't like that buy a truck with a contact deal. Hawk
 
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Marty

Veteran Expediter
Hi Buck Horn,
I never heard of Logist Transport. Are they an expedited trucking company? Where are they? What do they haul? What do they and how do they pay? Can you get the phone number for drivers currently leased to Logist Transport to ask their opinion? Is the contract with Logist Transport tied together with your purchasing the tractor in any way, such as a lease-purchase agreement? Be cautious and get all the information you need to make a smart decision.
In my opinion 8 months of being a company driver is not enough experience to have before buying your own tractor. With 2 or 3 years experience you would have a better chance at surviving as an owner-operator. Also trucking in general and expediting in particular are both very slow right now due to the sluiggish economy. You would be better off waiting for the economy to get better before you buy you own truck. Look on the web for statistics on how many repossesions their are in the indusrty during the last year or two.
Good luck to you in whatever you decide.
Marty
 
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Larry

Veteran Expediter
Charter Member
Buck Horn:

If you feel you absolutely must buy a truck, I would suggest that you consider a used truck - rather than new. You can always buy new later. During the past couple of years a number of drivers have gone bankrupt and/or had their trucks repossesed. There are lots of "used" trucks available. The word "bankrupt" should raise red flags for you. (Driving for someone else right now is probably a good idea.)

Select is in the business of selling trucks. You need to find your own company to drive for. If Select wants to recommend someone, great, but you decide if they are the right company for you. When buying a truck you need to learn all you can about engines & transmissions - there are some real lemons out there.

Go back into the archives of the Open Forum and read what is going on in this industry the past year or two. You will also find information about interviewing with the recruiters (seperate fact from fantasy). There is also info about trucks.

My first question to a new driver is "do you have 4 - 6 months worth of savings to fall back on?" If you are only getting one run a week - can you still make truck payments? insurance? fuel? food? etc....

Good Luck and Drive Safe.
 
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