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Owning<br />
the wheel<br />
Scan the code<br />
to visit<br />
thetruckerjobs.com<br />
to search for<br />
truck-driving jobs<br />
by state, driver type and more!<br />
If you’re thinking about purchasing a truck, however,<br />
expect that it will be hard to find — and you’ll pay more. If<br />
you already own a truck, take good care of it. You might be<br />
stuck with it for a while.<br />
Two major negatives for a trucking business are fuel<br />
prices and inflation. Prices for food and many other products<br />
have been on the rise. Those prices will remain high, or they<br />
might go back down as the economy recovers, depending on<br />
which economist you’re following today. It will definitely<br />
cost more to purchase a truck, and that holds true for parts<br />
and repairs, too.<br />
Another potential downfall of inflation is interest rates.<br />
Inflation often results in an increase in interest rates as the<br />
government attempts to keep rising wages and prices under<br />
control. If you’re thinking about purchasing a truck on<br />
credit, watch for interest rate increases.<br />
In addition, diesel fuel prices have risen to their highest<br />
point since October 2014 and aren’t expected to decline<br />
any time soon. Demand for oil has increased significantly<br />
as the global economy returns to normal. In many cases,<br />
fuel surcharges make up for most or all of the increased fuel<br />
costs, but truck owners must be diligent about making sure<br />
total compensation covers the fuel cost.<br />
It’s important to note that trucking is a cyclical business.<br />
When there aren’t enough trucks to haul all the freight, rates<br />
go up and more trucks are sold. At some point, the balance<br />
tips the other way and there are too many trucks. That<br />
condition drives rates downward. It’ll happen this time, too,<br />
but since carriers can’t buy all the new trucks they want, the<br />
current conditions should last a while longer.<br />
Even the best of conditions don’t guarantee success,<br />
however. It’s always a good idea to arm yourself with the<br />
latest industry news and information. Industry publications<br />
like The Trucker (thetrucker.com) are a good place to start.<br />
Larger carriers often use industry analysts to provide more<br />
detailed information. Firms like ACT Research (actresearch.<br />
net), FTR Intel (ftrintel.com) and Cass Information<br />
Systems (cassinfo.com) offer in-depth analysis, but charge<br />
their clients for the information. All of them, however, offer<br />
free email newsletters and blogs that can help any trucking<br />
business owner keep up with current conditions — and, of<br />
course, The Trucker works to keep its readers apprised of<br />
information provided by these services.<br />
Load boards like DAT (dat.com) and Truckstop.com<br />
offer general pricing trends and other information. If you<br />
subscribe to these or other load boards, you’ll be able to get<br />
a feel for freight availability and rates in different parts of<br />
the country.<br />
The coming year looks to be a good one for truck and<br />
small fleet owners. It’s important to learn as much as possible<br />
about the freight market, and budget carefully against the day<br />
when conditions turn downward. Owners who manage their<br />
business carefully, including keeping debt under control, can<br />
see success in the coming year.<br />
36 THE TRUCKER JOBS MAGAZINE | DECEMBER 2021 WWW.THETRUCKERJOBS.COM
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