Money · January 25, 2023

How To Make Money Towing

How To Make Money Towing – Hauling RVs across the country is an attractive side hustle for many people, especially truckers. All you need is a three-quarter ton truck (minimum) that was built in 2005 or later and you can pay to see the country. However, many people are still not sure how much money they will earn by following this option. This article hopes to clarify for you.

Driver recruiters for Wave Express aren’t able to give a simple answer when potential drivers ask how much they’ll make to haul RVs. Each driver has a unique situation and will earn a different amount. However, the process of figuring out how much you can earn is the same for everyone. Here are the steps:

How To Make Money Towing

How To Make Money Towing

Let’s walk through these steps with an example. In this example you will be hauling RVs from Goshen, Indiana to Dallas, Texas once a week in your 2020 Chevrolet 2500 4WD crew cab, regular bed.

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Before you can start calculating how much money you’re going to make driving RVs for Wave, you need to figure out the logistics that allow you to deliver RVs. Do you have a ¾ ton truck or a full 1 ton double? How much weight are you comfortable carrying?

The answers to all these questions are going to provide you with the clarity you need to calculate your income. Depending on what is possible for you, you will get a different CPM compared to other drivers.

You also need to know how far you are willing to travel and how often you are looking to deliver the RV. Wave doesn’t force you to run a fixed amount of load, it’s completely up to you.

Now that you have determined your supply, you can calculate the income you can earn. Revenue means the amount of money you’re bringing in before deducting any costs.

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The smallest amount you’ll get driving outside of Indiana is $1.70 per mile for Wave Express. The maximum is $2.20. Take your CPM and now estimate how much you will be driving. If you are based in India, you have the option to drive anywhere in the US.

Once you have the distances you will be driving and your CPM will add them up. For example, if you are going to Goshen, Indiana and delivering a 13,000lb trailer to Dallas, Texas then you will receive $1,781.60 ($1.70 X 1,048 miles).

$1,781.60 is the income you will earn for that trip. Take that dollar amount and multiply it by the number of trips you expect to take in a year. Planning to travel once a week? Your monthly income will be $7,126.40 (1,781.60 X 4), and your annual income will be $92,643.20 ($1,781.60 X 52).

How To Make Money Towing

Continuing to build on the example, you can use trip mileage to calculate your fuel costs. If you are driving a 2020 Chevy Silverado 2500 then your truck has a fuel economy of 10 mpg highway loaded and 15 mpg loaded.

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The drive from Goshen to Dallas is 1,048 miles. 1,048 miles / 10 mpg = 105 gallons of gas used one way with a trailer loaded. Driving back to Indiana unloaded will take 70 gallons of gas (1,048 miles/15 mpg).

Round trip, you will use 175 gallons of gas. The Chevy Silverado 2500 has a gas tank that holds 36 gallons. 175 total gallons / 36 gallons per tank = 5 tanks of gas needed to be purchased.

The national average price per gallon is $5.794, and driving for Wave gets you a fuel discount of 25¢ – 45¢ per gallon. You can safely estimate that you will spend $997.92 on fuel round trip ($5.544 X 36 X 5).

To tow RVs for the Wave, you need at least a ¾ ton pickup truck. Vans and SUVs are not allowed. Considering that you will need to drive across the country, leasing a pickup truck is not recommended.

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A 2020 Chevrolet 2500 4WD crew cab, regular bed goes for $41,945. Assuming you had to take out an auto loan to buy this truck, your monthly payment would be $960. That monthly payment is calculated with a zero down payment, an interest rate of 4.66%, and a loan term of 48 months.

Hauling an RV across the country is going to take a toll on your truck. This is why it is important that you use a truck that was manufactured in 2005 or later. Regular maintenance is essential to keep you safe and the costs cannot be ignored.

You will need to bring your truck in for an oil change and tire rotation every 6,000 miles.

How To Make Money Towing

If you are driving from Goshen to Dallas and back each week you will drive 2,100 miles. Every three weeks you should change your oil. That is 18 oil changes throughout the year. Considering the average oil change is $100 that is $1,800.

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In other terms, you will be paid 0.016¢ per mile in maintenance costs ($1,800 / 109,200 annual miles).

Now that we have estimated your annual income and your annual expenses, you can now estimate how much you will pocket before taxes.

Driving RVs for Wave Express from Goshen Indiana to Dallas Texas once a week for an entire year would generate $92,643.20 in annual revenue.

That same weekend trip would generate an annual cost of $65,211. Expenses include road trip expenses, truck expenses, and truck maintenance. These prices will vary slightly if you make more stops along the road or eat more.

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Using this example, your annual income before taxes is $27,432.20 ($92,643.20 – $65,211). Keep in mind that this is an estimate. There’s the possibility of optional reloads giving you extra income, and there’s the chance of random expenses.

There is no cookie cutter answer when you ask your employer how much money you will make driving for Wave Express. However, everyone looking for their income will follow the same process. You will estimate your annual income, calculate your annual expenses, and then subtract your expenses from your income to calculate your income. Cars are either parked on the side of the road or parked illegally every other day. A towing business transports these vehicles to either repair shops or other locations as directed. A towing business can also offer emergency roadside assistance services.

If you’re planning to start a tow truck business, it’s no different than any other type of business, and in fact, the process can be very similar to starting any other business. For this you need to get the right business registration and license, and a permit to start your own towing company. You may need financial support or look for potential investors if you plan to start it on a large scale.

How To Make Money Towing

The first step toward starting your own towing business is knowing what paperwork is required for registration and permits for the state where your business is located. You should also have a business plan to guide you as to whether your business will be economically viable or not.

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There are many other factors that may be relevant to consider when you are starting your own business. It is important that you do your research properly, and do your homework regarding your business financing capabilities as well as your knowledge of the trucks you will be driving and looking to purchase. Are you making the right decision? Having the above information can certainly guide you if you are on the right track and once you have made up your mind regarding this new business venture – this guide will help you get started too! Running a towing business is a capital intensive business because most of your heavy equipment is not cheap and not only will the upfront capital cost to get started, there will also be significant operating costs to maintain these vehicles. Paying for gas, drivers and other maintenance.

As a leading provider of small business loans and equipment financing for over 10 years, small businesses turn to Liberty Capital Group for quick, simple funding.

By continuing you give us unconditional consent to contact any business or partner we may use including lenders, banks, credit reporting services or may use in the future. By checking the box, you also consent to us and our affiliates and related partners obtaining a personal and/or business credit report regarding the business or its owners provided in this application. How To Get Towing Leads: Top 37 Towing Marketing Ideas Get More Towing Cash Calls & Towing Business [Infographic] July 13, 2021 Business Tips Online/Digital Marketing

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