Truck drivers have a challenging job. They must drive for hours on end and through all types of weather conditions. They must be able to successfully navigate tight city streets, especially in the bigger United States’ cities. And, they must be willing to be away from their families for days at a time. While many people can accept these challenges if they’re paid well, often truckers aren’t paid as well as they should be. A smarter, more lucrative move may be to invest in trucking without driving.
How to Invest in Trucking without Driving
You can choose between several different ways to invest in trucking, including these two popular ways:
Invest in Trucking Stocks
The easiest, passive way to invest in trucking without driving is to invest in stocks. Pick your stocks and sit back and watch the market. There are 21 trucking stocks in which you can choose to invest. However, if you want to start small, consider these three trucking stocks, which all cost less than $10 per share:
- Daseke, Inc.
- Yellow Corporation
- S. Xpress Enterprises Inc.
Buy and Renting Out a Semi-Truck
If you’d like a more hands-on experience, consider buying a semi-truck.
Buy a Semi-Truck
Be advised that buying a semi-truck is not cheap. Used semi-trucks can cost upwards of $30,000 to $40,000. If you plan to buy a brand-new semi-truck, plan on spending $130,000 or more. If you can pay cash, great, but otherwise, you should be able to get a loan for your purchase.
The best place to find used semi-trucks for sale is on Craigslist and Facebook Marketplace. You can also buy a new semi-truck at a dealership, but this likely won’t give you the best buy for your money. If you’re just getting into this business, used is the way to go.
Other Necessary Essentials
Next, you will need a place to park the semi-truck when it’s not in use, a regular mechanic you can depend on to service the semi-truck, and a driver if the company you rent to doesn’t offer drivers.
How to Find Companies to Rent The Truck To
Once you have the semi-truck, you will be able to rent it on a daily or weekly basis. You can find loads for your truck through sites like Convoy and Uber Freight. Or, you can call local trucking companies in your area and see if they need to rent any more semis.
How Much Can You Make?
Rates vary, but after expenses, you may take home a grand a week (Side Hustle Nation).
Investing in trucking without driving can be a lucrative income stream. You can choose between investing in stocks for an easier, passive way to earn money, or buying a semi-truck and renting it out for an income stream. The latter can bring in more money than the former but will also require more time and attention.
Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York where she loves the natural beauty of the area.