Golden Jubilee
Posts: 5194
Joined: Thu Nov 29, 2012 9:28 pm
Location: Lyman, IA
Re: Virtual Front Porch
What has really made my position more tenable is unlike a few years ago, my wife has now retired and as getting a small pension and SS. Without that, I would be in real trouble. I am painfully aware that most truckers don't have one truck that is paid off, never mind more.
Trucking rates and loads have plummeted since this has started. Many will go under, and there is little support for independent owner operators. In theory they should be eligible for the expanded unemployment (in the past they are ineligible) and for PPP loans. In practice it is unlike that they will receive either. Trucker have neither a set income nor often a bank with which they have a loan history. Most trucks are financed through "finance companies" as trucking is seen as "too much a risk" for most banks.
With the median age of trucker around 60, most will not recover from this, and those that loose their trucks via repo or bankruptcy, will likely see their retirement plans gone. At that is if they don't get sick from Covid.
I am winding down my trucking career, and will not likely go back to full time trucking even after this pandemic has past.
I had hoped to sell 1 or 2 of my trucks by now. I am getting too old to do the work on them like I used to and can't find good shops that will take on the work. Doing my own work is what made trucking profitable for me. Even if I am willing to pay for a shop to do the work, I am find few that will take on the jobs I need done.
Having multiple trucks from which to use has been a god send in these times .Having a trailer full of used parts has kept things manageable. I just don't see how trucking is going to make it through this. The young one who go to a "truck driving school" and then hire onto a big company find it no picnic and not what they thought, many do not stay in it long enough to pay off their training. The ones that do, often are so broke they can't afford to move up to owning their own or even changing employers. Often you take a big "hit" in pay when you "jump ship". Unlike hourly workers, your pay is based on things you can't control, and the new guy always get the short end of the stick.
I wonder what will happen to our economy when we do finely get beyond Covid and there isn't the transportation sector robust enough to pick up and go on?
I just keep thanking my lucky stars that this didn't hit years ago, when my wife was battling cancer and I was the sole source of money. I know I would have to be out there banging my head against the wall trying to earn more with few loads and lower rates. It was tough enough then.