Owner-Operator Truck Maintenance Fund

As an owner-operator, your truck must be in good running condition. Your truck is your moneymaker, and every mile you haul is important to the success of your trucking business. But – there are going to be days where your truck may break down. And while sometimes breakdowns cannot be avoided, it is best to be prepared for them.

Having a truck break down alongside the road is not the same as a car, and you often cannot just fix the issue and keep going. Instead, when your big rig breaks down, you often have a long downtime, which results in no income. So, when your truck is not running its best – now is the time to break out the wallet. Frequent services on your truck can keep you running and delivering loads.

Most owner-operators do not have a backup plan if they experience an unexpected expense. So, what do you do to prepare for when your truck breaks down? You set aside a maintenance fund.

What are Maintenance Expenses

Maintenance costs are the second largest expense for an owner-operator, and the first most expensive expense is fuel. Vehicle maintenance costs are typically estimated to be about 5-10% of the total out-of-pocket costs. While the cost may vary depending on the age of the truck, make and model, maintenance decisions, and quality. Large truck repairs are expensive, and the average labor cost by itself is about $130 an hour.

Below are some common truck repairs that often need a professional to repair:

  • Servicing brakes

  • Checking and maintaining drive axels

  • Inspecting and maintaining wheel seals

  • Inspecting and maintaining the transmission

  • Checking the batteries

  • Checking and maintaining the exhaust system

  • Inspecting and servicing the driveline

  • Checking the suspension

  • Inspecting and maintaining the steering, clutch, and engine

Costly Truck Repair Costs

  • Replacing a turbo - $3,000 - $5,000

  • Fuel pump replacement/repair - $1,000

  • Clutch - $5,000 - $6,000

  • Injectors - $1,000 each

  • Drive tire $500 - $600 each (there are eight drive tires)

  • Steer tire $400 - $500 (there are two steers)

Maintenance Fund Amount

When an expensive repair can run you up to $22,000 – it is hard to decide exactly how much you should put back into your maintenance fund. Often, owner-operators are encouraged to put back a certain amount each week for their maintenance fund. Setting aside between .05 - .10 a mile can be a good idea. Also, it would be best if you did not dip into this fund for any reason other than truck repairs.

Having a maintenance fund adds some reassurance to a driver. It is nice to know that if a problem does arise, you have the money you need to fix it and reduce your downtime to get back on the road making money.

Breakdowns can be stressful enough. Do not find yourself on the side of the road without the means to fix your truck and continue making money. If you do not already have a maintenance fund – now is the time to start creating one.