I am looking for some insight into buying a truck for someone else to drive. The driver would be my stepdad. He has been a big rig mechanic his whole life. He once owned a very successful truck and trailer repair mechanic shop, and he has been driving for the last 5 years or so since he decided to stop working on trucks full time.
We have been discussing buying a truck for him to drive loads. Him and my mom have all the knowledge of the trucking business, driving, loads, things like that. My husband and I would bring the credit and capital to fund the truck and operating expenses. Obviously, we would be learning a lot along the way. Would probably pay him around 0.55 cents per mile and he would do long hauls like from Florida to California or so.
I see a lot of threads about how this isn’t a good idea. A big area we would be hoping to save $$ in would be the fact that he can fix the truck himself, thus eliminating the cost of labor repairs and just having to buy parts as needed. We definitely wouldn’t be going for a super expensive truck starting out, hopefully would try to stay in the 20 to 30k range.
We also aren’t looking to live off whatever income it would bring in, just hoping that it would provide us some extra cash.
Any feedback is welcome as to if this would be a profitable investment given the situation. We have been wanting to invest our money into something that would bring us a return each month.