$260,773.09

The big goal I set for myself when I began leasing my truck in June of 2008 was to net, before taxes, at least a quarter-million dollars during the four year lease term. After 210 weeks (208 weeks is four years, plus two weeks extra because I had Hill Bros skip two weeks of truck payments which is an option they provide) I had racked up $252,433.58 in money paid out via weekly settlements and I ended the lease period with an additional $8,339.51 in the form of my lease completion bonus and various escrow accounts.

During my lease I averaged 51.9 CPM for all my dispatched miles, and ended with a 13.29 CPM adjusted cost for fuel (that is, the price paid at the pump minus the FSC paid, divided by the dispatched miles run). Minimizing fuel expense was the primary driver of my profitability during my entire lease and particularly in the final year, which was my most profitable on a per-mile basis at 54.3 CPM.

My truck had just over 526,000 miles on it at the end of the lease which reflects my philosophy of fewer but more profitable miles and the attendant easier workload and greater time off. I rarely spent more than a month out on the road between home time and most often worked 11 days followed by a 3-day weekend, or 18 days followed by a long weekend at the house.

So, what now? I had a variety of options at the end of the lease and explored them. After much consultation and conversation I made an offer to purchase the truck from Hill Bros and continue driving for them, which they accepted. I took nearly five weeks vacation after my lease concluded and am now back on the road hauling frozen foods around the midwest.

Nothing I did is beyond the capacity of anyone who wishes to lease a truck successfully. If you work for a good company that you can get along with, manage your expenses like a hawk and focus on efficiency rather than miles you can do very well for yourself out on the road, as I have.

Good luck,

Jim

Advertisements