Recently been thinking about buying a unit of my own and going solo so to speak,
What roughly would be the set up costs/outlay?
This is really just an idea at the moment.
What roughly would be the set up costs/outlay
If you need to ask this in a forum…you haven’t done enough research! lol
Ill say again
C10HOO:
This is really just an idea at the moment.
C10HOO:
Recently been thinking about buying a unit of my own and going solo so to speak,What roughly would be the set up costs/outlay?
This is really just an idea at the moment.
And how long have you been driving or been doing this type of work ?
bald bloke:
C10HOO:
Recently been thinking about buying a unit of my own and going solo so to speak,What roughly would be the set up costs/outlay?
This is really just an idea at the moment.
And how long have you been driving or been doing this type of work ?
class 2 = 8 years.
class 1 = 6 months
You’ll need a CPC, that’s about £1,200, about £1,000 for the O licence including newspaper advert, maybe three months advance yard rental, £500, your first insurance instalment, say £400, then whatever you spend on the truck, depending whether you buy, lease, rent etc, that’s a bit of a “how long is a piece of string?” amount, enough to keep you going in diesel for two months, I do about £1,200 a week, one six-weekly inspection, enough put by to pay for breakdowns, punctures etc etc etc and you’ll have to keep a minimum of £7,700 in the bank for a one-vehicle O licence. And I’ve probably missed loads here.
Now I personally don’t think the question is strange on the owner/drivers section of a trucking forum to be honest, and I will answer any question as best I can, having just done it all recently.
I always say the same though, if you have a decent employed job then don’t even consider it. I couldn’t find a job such as that otherwise I would have just stuck with that, it’s far less stressful.
Unit wise you will get a decent euro 4 wagon for around the 18-22k mark. Depends on what kind of work you’re looking for really. If it’s local I wouldn’t mind paying less money for higher mileage but if you would be doing distance then you want a lowish mileage vehicle IMO.
O license costs around £600 which will last you 5 years and you also need to take into account that you need to have access to £7700 for 1 vehicle on your o licence. This can be in cash, overdraft or credit card but these must be in company name.
Vehicle tax for a 6x2 44 tonner is £660 for 6 months and £1200 for the full year. This is slightly less I believe if the vehicle has an RPC.
My first year insurance cost me £4910. This was for vehicle cover, goods in transit upto 30k and public liability upto 10million.
Depending upon payment terms from prospective clients you may have to lay out upto 90 days (roughly 3 months) of diesel before you get any money in for the work you do. 3 months diesel for me would be roughly between 12-15k depending on what work I’m on at the time. Some payment terms may be 60 days, I’m quite lucky in that mine are 30 days and I can use my customers fuel cards if required.
All the other odds and ends include a first use inspection when you buy the vehicle. My inspections costs have ranged from 200-1600 quid every 6 weeks. The wagon you buy may need MOTing which again will cost. Tyres will have to be replaced at a cost of anything from £200-£500 depending on the quality of tyre you go for. A yard to park in will cost approx 25-45 quid a month. A CPC holder (if you don’t have your own) will cost anything upto 50quid a week I’m led to believe.
Going on your own is a MASSIVE step to take. I was fortunate my dad helped me get on my feet financially although I do all the driving and bookwork etc. you either need a substantial amount of cash behind you or balls of steel if you choose to go down the overdraft route! Find the work before you buy the wagon and take plenty of time researching companies and their rates if possible.
Good luck in your decision.
Harry Monk:
You’ll need a CPC, that’s about £1,200, about £1,000 for the O licence including newspaper advert, maybe three months advance yard rental, £500, your first insurance instalment, say £400, then whatever you spend on the truck, depending whether you buy, lease, rent etc, that’s a bit of a “how long is a piece of string?” amount, enough to keep you going in diesel for two months, I do about £1,200 a week, one six-weekly inspection, enough put by to pay for breakdowns, punctures etc etc etc and you’ll have to keep a minimum of £7,700 in the bank for a one-vehicle O licence. And I’ve probably missed loads here.Now I personally don’t think the question is strange on the owner/drivers section of a trucking forum to be honest, and I will answer any question as best I can, having just done it all recently.
I always say the same though, if you have a decent employed job then don’t even consider it. I couldn’t find a job such as that otherwise I would have just stuck with that, it’s far less stressful.
I’m sure well have duplicated each others advice Harry but as an owner driver of just 1 year I will also give people sensible advice where I can. I had a lot of negativity on here when I asked for advice but perhaps that was just cynicism or jealousy? Who knows!
C10HOO:
Ill say againC10HOO:
This is really just an idea at the moment.
I did put a “lol” on the end to kinda show it wasn’t a definitive answer 
Harry Monk:
You’ll need a CPC, that’s about £1,200, about £1,000 for the O licence including newspaper advert, maybe three months advance yard rental, £500, your first insurance instalment, say £400, then whatever you spend on the truck, depending whether you buy, lease, rent etc, that’s a bit of a “how long is a piece of string?” amount, enough to keep you going in diesel for two months, I do about £1,200 a week, one six-weekly inspection, enough put by to pay for breakdowns, punctures etc etc etc and you’ll have to keep a minimum of £7,700 in the bank for a one-vehicle O licence. And I’ve probably missed loads here.Now I personally don’t think the question is strange on the owner/drivers section of a trucking forum to be honest, and I will answer any question as best I can, having just done it all recently.
I always say the same though, if you have a decent employed job then don’t even consider it. I couldn’t find a job such as that otherwise I would have just stuck with that, it’s far less stressful.
xfmatt:
Unit wise you will get a decent euro 4 wagon for around the 18-22k mark. Depends on what kind of work you’re looking for really. If it’s local I wouldn’t mind paying less money for higher mileage but if you would be doing distance then you want a lowish mileage vehicle IMO.O license costs around £600 which will last you 5 years and you also need to take into account that you need to have access to £7700 for 1 vehicle on your o licence. This can be in cash, overdraft or credit card but these must be in company name.
Vehicle tax for a 6x2 44 tonner is £660 for 6 months and £1200 for the full year. This is slightly less I believe if the vehicle has an RPC.
My first year insurance cost me £4910. This was for vehicle cover, goods in transit upto 30k and public liability upto 10million.
Depending upon payment terms from prospective clients you may have to lay out upto 90 days (roughly 3 months) of diesel before you get any money in for the work you do. 3 months diesel for me would be roughly between 12-15k depending on what work I’m on at the time. Some payment terms may be 60 days, I’m quite lucky in that mine are 30 days and I can use my customers fuel cards if required.
All the other odds and ends include a first use inspection when you buy the vehicle. My inspections costs have ranged from 200-1600 quid every 6 weeks. The wagon you buy may need MOTing which again will cost. Tyres will have to be replaced at a cost of anything from £200-£500 depending on the quality of tyre you go for. A yard to park in will cost approx 25-45 quid a month. A CPC holder (if you don’t have your own) will cost anything upto 50quid a week I’m led to believe.
Going on your own is a MASSIVE step to take. I was fortunate my dad helped me get on my feet financially although I do all the driving and bookwork etc. you either need a substantial amount of cash behind you or balls of steel if you choose to go down the overdraft route! Find the work before you buy the wagon and take plenty of time researching companies and their rates if possible.
Good luck in your decision.
Thanks, looks daunting but feasible. As for the buying of a motor, that’s all covered, its mainly the procedures of what to spend on what to who and when if you get me. Ill look in to it a bit more, wouldnt be for another year anyhow but its good to get all the info I can.
Cheers again
xfmatt:
I’m sure well have duplicated each others advice Harry but as an owner driver of just 1 year I will also give people sensible advice where I can. I had a lot of negativity on here when I asked for advice but perhaps that was just cynicism or jealousy? Who knows!
I had negativity and even ridicule for asking this question but also had enormously helpful and impartial advice, and I think the same about TruckNet as I do about any other forum, it’s up to the asker to sort the wheat from the chaff.
I know costs are higher in the south-east but do you really pay £25 to £40 a month for a yard or did you mean weekly? Mine at £167 a month is at the pricey and of the range but even a potholed yard with zero security starts at around £120 a month. 
C10HOO:
Ill look in to it a bit more, wouldnt be for another year anyhow but its good to get all the info I can.Cheers again
Given that timescale then I’d say the first thing to aim for is the Operator’s CPC, exams are held every three months in the first weeks of March, June, September and December. Even if you never go OD, this has a stand-alone value of its own which makes it worth the outlay.
I also found that unlike the drivers’ CPC, the Operators’ CPC course gave me genuine learning and has proven helpful to have in running my business particularly the parts such as company formation and legal administration which most truck drivers don’t encounter in everyday life. I also spent two weeks with a dozen people involved in road transport and that has already been useful and profitable networking.
The CPC is difficult, no two ways about it, but renting a CPC holder will cost more in the first year alone than the CPC will cost, and TC’s are becoming ever more negative about their use.
Harry Monk:
[I know costs are higher in the south-east but do you really pay £25 to £40 a month for a yard or did you mean weekly? Mine at £167 a month is at the pricey and of the range but even a potholed yard with zero security starts at around £120 a month.
Sorry Harry my mistake. I pay £25 a week for parking which includes use of the wash and the inspection pit. I’m happy with that!
You can employ or appoint a OCPC holder for the time until you get yours if you want
Also maybe useful to do some of the HMCR free coursed ( if they still running ) on self employment as this can help with tax vat etc