What is the #1 reason why new owner-operators fail, hands down? Not being prepared for catastrophic engine failure! Chances are, you don’t have $25,000 – $50,000 sitting around for a certified overhaul.
You need a plan, because it’s not a matter of if, but when you will need an overhaul. Let’s say you buy a truck with over 500K miles, and you go with a lender who entices you with a low downpayment and a longer term. Without proper consideration of the mileage. If catastrophic engine failure strikes, it’s game over – you’re upside-down in your loan. When you read the fine print on that aftermarket warranty that they sold you, you realize that it doesn’t actually cover a complete overhaul – you’re out of business, and your credit is destroyed.