Become a Dump Truck Driver & Make Huge Returns On Your Investment
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Now is an advantageous time to start a dump truck business. The dump truck industry is very profitable and growing at a fast rate. If you decide to venture into this profit-potential industry, you will likely make huge returns from your investment. Many ongoing construction projects occurring throughout the United States make this business venture lucrative. By , the U.S. dump truck service market is expected to reach $20.64 billion, and that&#;s just for mining and construction projects on a significant scale.
Advantages of Being a Dump Truck Driver
There are several advantages to becoming a dump truck driver.
&#; Pay rate: A dump truck owner-operator can earn anywhere between $40,000 &#; $197,000.
&#; Local work: Many jobs that dump truck drivers accept are hauling loads from one place to another within a 20-30 mile radius.
&#; Enormous opportunity: New drivers and experienced drivers will find many options available for good-paying work.
Dump Truck Business Boom &#; Market Overview
There has been an explosion in the dump truck business in the last few months because of all the fracking happening in the nation, all the bridges being built, and the construction projects across the country. One of the biggest reasons for the explosion in dump trucks is truck drivers are tired of being on the road 24/7. By starting a dump truck business, drivers can be at home every day and still make as much, if not more money, than driving coast to coast.
This versatile industry allows dump trucks to operate throughout multiple sectors, and dump truck operators can run the trucks 24 hours a day if they have a few drivers.
The Future of Dump Trucks with Infrastructure Plan
The outlook for the U.S. construction industry is strong, thanks partly to the current administration&#;s recently passed infrastructure bill. With massive projects to upgrade roads, railways, and airports, the construction industry is expected to grow nearly 4% annually through , according to market research firm Research and Markets, ensuring steady business for dump trucks. With the current administration&#;s infrastructure plan, 600 billion will go toward roads, bridges, and airports. Dump trucks will be working hard dealing with dirt, sand, gravel, etc., from construction builds.
Dump Truck Costs
New dump trucks start at around $100,000 but can often cost $150,000 plus. For example, the new Kenworth dump trucks can cost around $200,000. Used dump trucks usually cost between $30,000 and $40,000. Average insurance costs are $6,750 annually. You should also consider these one-time costs:
&#; Dump truck registration: $1,600
&#; Marketing materials: $1,500
&#; Office supplies: $100-$200
&#; Permits and licenses: $200
&#; Estimated sales tax: $2,500-$3,000
The estimated initial costs of a dump truck business is about $140,000 for a new dump truck or about $50,000 for a used dump truck.
Commercial Fleet Financing Finance Program for Dump Truck Owners
Commercial Fleet Financing (CFF) offers dump truck operators a fantastic program. The owners need good credit and a 700+ credit score, but they could finance a 20-year-old dump truck. And they would still get 36 or 42-month financing. The program requires three years in business.
We&#;re offering maybe one or two payments and first and last payment independence from a down payment standpoint.
The beauty of the program is that with older dump trucks, you&#;re not putting half down. You won&#;t have to empty your bank account to make money. With over-the-road trucking, it is just the opposite.
Construction Equipment Financing ~ Credit Pre-Approval in Just Two Hours
The CFF team of loan consultants are industry leaders in construction equipment financing because we&#;re the best-trained team in the industry. That&#;s why the financing process is so quick and easy.
With credit pre-approval in as little as two hours, loan and lease funds delivered in as little as 24 hours, zero-money-down options, and the most flexible terms in the industry, it&#;s easy to see why more people choose Commercial Fleet Financing over the slow and cumbersome big banks and credit unions.
Start this easy process now.
Call CFF For Your Dump Truck Financing!
Call Commercial Fleet Financing to hear about their great business model to help your company grow and make money. We will help you get your truck on the road fast to build up your business.
Dump truck ownership is an appealing income path for a few reasons.
Firstly, the national average salary for dump truck owner-operators sits at $130k+. Owner-operators have the freedom to choose their schedule with flexibility built into the job. You&#;ll get to choose the jobs you take, take a variety of jobs, and meet new people along the way. Finally, dump trucks do shorter trips than long-haul drivers, meaning they get to stay closer to home.
However, many factors affect the salary of a dump truck owner. While the average wage is six-figures, there is a vast range between the 25th percentile ($47,500) and the 75th percentile ($194,000). These wages still put most dump truck owners above the median salary in the US.
When considering your earnings potential as a dump truck owner, you&#;ll have to consider the factors that create the gaps between the lowest earners and the highest earners.
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Whether you&#;re an existing owner trying to understand what factors affect your salary or a driver looking to manage and become an owner, there are three key influences on your earnings potential that you should be aware of.
Key Factors that Impact Dump Truck Owner Income
Location
Average salaries can vary up to $40,000 between the highest paying and lowest paying states. Depending on your location, you may have an advantage due to a higher hourly wage. The states with the highest salaries include New York, Massachusetts, and Washington, all with an average higher than $140,000. The lowest salaries are in Missouri, Florida, and North Carolina. However, with higher wages comes more competition. Consider your skills and how effectively you&#;ll be able to promote your services within your local construction market if you&#;re a new owner.
Don&#;t just look at your state, either. Some cities and metros like Fort Wayne, IN, and Columbus, OH pay very well even if the state-wide averages are lower.
Skill Level & Years of Experience
Training for a commercial driver&#;s license (CDL) usually takes less than two months to complete, meaning there&#;s a relatively low entry barrier. However, nothing replaces on-the-job experience.
Not only will that experience make you attractive to potential clients, but you&#;ll learn ways to curb your costs. Experienced drivers can cut costs by choosing the right jobs, operating the truck efficiently, and understanding what it takes to maintain a vehicle.
You&#;ll also build a reputation in your local market as a reliable driver. Your reputation will increase the demand for your services.
Truck Ownership Costs
Once you familiarize yourself with the costs of owning a dump truck, you&#;ll need to consider how ownership will affect your income opportunities. Used dump trucks can cost between $30-$40,000, with newer models typically selling for $100-$150,000.
With financing options available, you&#;ll be able to pay for the truck over time. A leading funding company for truck financing reported that the average credit score for an approved transaction was 677.
Depending on your credit score, the size of your down payment, and your vehicle&#;s cost, monthly payments will vary.
In addition to the cost of the truck itself, you&#;ll have other ongoing expenses including:
- Insurance ($6,750-$20,000/year)
- Fuel (Depends on gas prices and mileage; assuming 3,000 miles, greater than $1,400 per week)
- Tires ($1,000 per tire)
- Inspections (As needed)
- Department of Transportation fees
- Registration
- Taxes
- Advertising your business
You&#;ll need to weigh your potential salary against your ability to pay for the vehicle itself plus the costs of ongoing maintenance, both expected and unexpected.
You may find it helpful to calculate your hourly costs to run your truck with your area&#;s average hourly rate to figure out how many hours per week you&#;d need to work to have a lucrative business.
Beyond the Owner-Operator Model
While many dump truck owners are owner-operators, there are other ways to be profitable with your dump truck. You can lease your truck in between jobs to help close the gaps. Some owners own multiple construction vehicles or own a fleet of trucks to better serve the market and create more revenue opportunities.
Dump Truck Ownership: Disadvantages
While the salary and lifestyle can be appealing, there are some disadvantages to dump truck ownership to consider.
Seasonality
The construction industry is significantly impacted by weather and the seasons. Depending on your area, you may have to factor in weather-related maintenance costs when driving in the off-season. You&#;ll have to consider how the seasons will affect your ability to get jobs consistently.
Short Project Lengths
Many projects take days or months to complete. This means that you&#;ll have to be always on the lookout for your next opportunity. Finding jobs can prove difficult if you&#;re an owner-operator out on the job while also doing the necessary work to find those new projects.
Regulations
When you transition from driving to ownership, you&#;ll be responsible for more documentation for your vehicle, business, and projects.
Dump Truck Ownership Next Steps
Whether you&#;re a current owner or thinking of becoming one, you can take steps to succeed in your business and avoid common pitfalls.
Technology advancements in the construction industry have taken some of the most common pain points experienced by dump truck owners and created a dump truck logistics platform to make your job as an owner-operator easier.
Software like Trux can help you to be a successful dump truck owner-operator by ensuring consistent work in your area.
You can maximize your earnings by using the platform to find consistent work in your area. Over 20,000 approved drivers are already using Trux to connect with local work and keep their trucks on the road.
As you build your reputation in your local market, Trux makes sure that you can connect to projects that you may not have been able to as an independent owner-operator against larger companies with more resources.
Weekly payouts help you get your hands on your earnings faster and ensure that you don&#;t have to finance the expenses of gas, insurance, truck payments.
Interested in learning how you can streamline your owner-operator business? Let Trux help you.
Contact us to discuss your requirements of Mining dump truck. Our experienced sales team can help you identify the options that best suit your needs.