How to Make Money Owning a Semi Truck

Even if you already have a semi truck or you’re looking to earn some extra cash, this article will describe how to make money with a semi truck. There are tons of different ways to make money owning a semi truck, and we’ll go through them. We’ll also discuss the answer to “How much are semi trucks?” and the cost of insurance for semi trucks. Owning a semi truck is an investment, but a wholly worthwhile investment!

How Much Are Semi Trucks?

Of course, so many factors go into the cost of a semi truck, such as make, model, size, brand, condition, and mileage, and if it’s a day cab or a sleeper. But how much are semi trucks exactly? Because of these factors, it’s difficult to pinpoint an exact price, as they can range from $15,000 to $150,000 or more, usually not including a trailer. To break it down, new models will typically cost between $80,000 to $150,000, and used models will cost between $15,000 to $100,000, without a trailer. The trailer for a semi truck can cost about $10,000 to over $100,000, depending on what type of trailer you are buying. With these prices, it’s normal to apply for a loan to cover the majority of the costs when you buy a semi truck. Once you purchase a semi truck, it won’t matter how much semi trucks are, but how to make money with a truck.

The Cost of Insurance for Semi Trucks

Before you can start making money with your new semi truck, you’ll want to get insurance for it first. So, what’s the cost of insurance for semi trucks? It varies on a number of factors, such as risk, what you’re hauling, and your experience. The average insurance policy of a semi truck is between $3,000.00 and $5,000.00 per year, but it can be upwards of $16,000.00. Your insurance company will evaluate your risk and determine your premium. You can also shop around for other insurance companies to find the best rate. The cost of insurance for semi trucks includes different liabilities. You can pick and choose what you want covered to keep your premium reasonably low. Add-ons like physical damage, extra accident coverage, and cargo insurance are among some you can choose if you would like these types of coverage under your policy. 

Although premiums can be relatively costly, there are ways you can lower them to make more of a profit from owning a semi truck. Practices such as great driving, choosing higher deductibles, and paying annually can lower your premiums so you can focus on bigger profits.

Now that we’ve discussed the answer to “How much are semi trucks?” and the cost of insurance for semi trucks, it’s time to make money owning a semi truck. When you own a semi truck, the possibilities are endless, but we’ll focus on a few.

How to Make Money With a Truck

To start, let’s take a look at the national average of an owner-operator semi truck driver’s salary. An owner-operator is a truck driver who owns and operates their own truck, and the current national average is about $240,000 dollars. The range in salary is $41,000 to $398,000, and it depends largely on the type of load, route frequency, and area you service. With that in mind, let’s take a look at how to make money with a truck.

Lease Your Truck to a Fleet

Leasing your truck to a fleet is a great way to make money owning a semi truck once you follow the correct steps to becoming a licensed owner-operator. Leasing your driving services and truck to an existing trucking company can provide you with business instantly, as well as experience as you learn more about being an owner-operator.

Work With Local Companies

Since you own a semi truck, you can offer to do deliveries for local companies. You would carry their freight and deliver it depending on their business needs. You can consider working with local construction supplies companies, farm equipment companies, furniture companies, and more.

Lease Your Truck

Perhaps one of the easiest of these ways to make money owning a semi truck is by leasing out your truck to other licensed semi truck drivers. By leasing, you can charge a fee for the usage of your semi truck. You can also lease your semi truck to a company, which is a great way to make money owning a semi truck.

Long-Distance Delivery

Long-distance delivery regards choosing to work with a local company to carry their freight. Usually, you get paid more if you drive over long distances with your semi truck. 

Advertise With Your Truck

When you have your trailer hitched to your semi truck, you have ample space to allow companies to place their advertisements on the trailer. You can base your rates on factors such as trailer surface area use and how much distance you cover.

Carry Specialized Loads

Lastly, you can carry specialized loads, such as oversized loads or freight, that include hazardous materials. You’ll need a special permit for each, but when you carry specialized loads, you can charge more for the extra work and specialization. 

Making Money With Your Semi Truck

When you find the right truck, it’s easy to make money owning a semi truck as there are so many possibilities. Owning a semi truck is a great way to be your own boss as you can decide how you’d like to pursue making money with it. It’s a flexible job type that allows you to maintain control of your day-to-day operations.