Should You Become an Owner Operator in 2023?
Should You Buy a Truck in 2023?
Ok...now I have your attention lol.
I met Floyd today who asked me how was rates right now for owner operators. He was considering it and had heard the rates were terrible.
I said, "No No No man don't do it right now!. The rates are terrible. It's true."
Also I drove by the auction yard last week. It's full of trucks and 2nd half of next year the prices will likely to be even cheaper!
So I decided to make this post in case others were considering buying a truck and becoming an owner operator.
The only way to become an owner operator right now is if you don't need the money and have plenty sitting on the side for emergencies or repairs.
And you understand that the profits are low right now.
If you have money set aside and you don't have high bills, you can do OK as owner operator by not taking loads that pay under a certain amount.
In that situation you can afford to keep turning down loads until your timing is just right so you can take shorter loads that pay more mile.
You just have to take into account the fix costs. You can decide if you want to take a lost for the week or just cover bills.
Meanwhile you can be aging your Authority and learning more about Owner Op first hand.
Having said that, I believe that in 2024 (maybe by the end of 2023) the economy will be strong and lots of trucking companies will have gone out of business.
Higher demand (because recovering economy) and fewer trucks means higher rates. (Theoretically )
So that's my take on whether or not you should become an owner operator in 2023 or not. If you see the economy picking up in the 2nd half of 2023 then I think the rates will pick up.
If not probably around the beginning of 2024.
What say YOU about it? Comment below or read more about Becoming an owner operator