What does it cost to buy a trucking company?

The short answer: it depends on how many trucks. A one-truck owner-operator is about $200,000, a 12-truck fleet about $2.43 million, and a 35-truck fleet about $4.69 million. Same business, very different economics.

The short answer

Three sizes of the same business, modeled from the calculator's trucking preset — costs per ATRI 2025, owner-operator books per ATBS 2025, rates per DAT contract van. The pattern to notice: as the fleet grows, the margin falls and the multiple rises.

Prices are the calculator's defaults, rounded to the nearest $10,000. The 1-truck price is about 2.0× SDE — $101,888 × 2.0 is $203,776, rounded to $200,000.

Why scale changes everything

The margin falls as the fleet grows — 55%, then 23%, then 15% — while the multiple rises: about 2.0×, then 3.0×, then 3.5× SDE. Both moves have the same cause. A one-truck business is the owner driving; a 35-truck business is a company with dispatchers, safety, and a terminal. The bigger the fleet, the less of the earnings depend on one person — and the more a buyer will pay for each dollar of earnings.

Read the 55% carefully. At one truck, that $101,888 of SDE is mostly the owner's own driving. A buyer who hires a driver to do the same work loses about $78,000 of it. The buyer is buying a job plus a truck, not a standalone business — and the 2.0× multiple prices it that way.

At 12 trucks the owner is still close to the work, but the fleet earns its keep from hired drivers and contracted lanes. At 35 trucks the owner is a manager, and the business is priced more like a company than a job — which is also why the margin is thinnest there. More people, more overhead, more of the revenue going to wages, insurance, and dispatch. Revenue per truck peaks at 12 trucks ($293,250) and settles to $255,000 at 35 trucks, where the mix shifts toward contracted freight.

The lender's math

Most buyers borrow most of the price. At 85% financing, the loans run $170,000, $2,065,500, and $3,986,500. The rate is 10% — prime at 7.00% plus the 3.0% maximum spread for SBA 7(a) loans over $350K — over 10 years.

Divide earnings by debt service and you get the debt-service coverage ratio: 3.78× at one truck, 2.47× at 12, and 2.12× at 35. All three clear the SBA's 1.25× benchmark on the modeled numbers — but notice the direction. DSCR falls as the fleet grows, because the debt grows faster than the earnings. The bigger the deal, the less room for error.

Cash to close is the other number that surprises buyers. At 12 trucks, 15% equity ($364,500) plus 2% closing costs ($48,600) means $413,100 out of pocket — before working capital. At 35 trucks it is $703,500 plus $93,800, or $797,300. SBA 7(a) requires at least 10% equity on a first-time acquisition, so 15% is a typical buyer contribution, not the floor.

And 35 trucks is about as big as SBA financing stretches. The loan there is $3,986,500 — under the $5M SBA 7(a) cap, but not by much. Go much bigger and the deal needs conventional or mezzanine financing the calculator's SBA math doesn't model.

What can go wrong

The owner-operator trap

At one truck, the "earnings" are the owner's own driving. If you buy it and hire a driver, about $78,000 of the $101,888 disappears. Price it as a job plus a truck, and make sure the truck itself is worth close to what you're paying.

Driver cost

Drivers are the largest cost line once the fleet has hired help. Wages, benefits, and turnover all hit margin directly, and a fleet that can't keep seats filled doesn't run its miles.

Fuel and utilization

Fuel is the largest variable cost, and revenue only happens when trucks move. A truck sitting still still costs money — insurance and loan payments don't stop. Before you trust the revenue, ask how many miles each truck actually runs and at what rate.

The debt paydown pace

The 35-truck fleet earns the most EBITDA but keeps the least cash early. Its first-year free cash flow runs about −$62,000, after a $578,000-a-year paydown on $2.9 million of fleet debt. That debt is retired in five years, so cash builds from Year 2 — but Year 1 is tight, and a buyer who isn't ready for it will feel it.

Frequently asked questions

How much cash do I need to buy a trucking company?

At 15% equity plus 2% closing costs: about $34,000 for one truck, $413,100 for 12 trucks, and $797,300 for 35 trucks — before working capital. The SBA minimum is 10% equity, so the floor is lower, but 15% is what a typical buyer puts in.

What DSCR does an SBA lender require?

1.25×, tested on historical earnings under SOP 50 10 8.1. A modeled DSCR above 1.25× is encouraging, but it is not the test — the lender looks at trailing earnings, not your forecast.

Why does the multiple rise with fleet size?

Because the earnings get less dependent on one person. A one-truck business is the owner's job, priced at about 2.0× SDE. A 35-truck fleet has dispatch, safety, and contracted lanes, so a buyer pays 3.5× — less key-person risk, more of a company.

Is a one-truck business really worth $200,000?

Mostly what you're buying is the truck plus the owner's job. The $101,888 of SDE is largely the owner's own driving — hire a driver and about $78,000 of it goes away. Judge the deal on the truck's value and whether you want the driving job, not on the 55% margin.

Is the calculator really free?

Yes. The acquisition calculator is free to use, with 19 industry presets and the same lender math shown on this page. There is a $49 full 10-year Excel model for trucking if you want the complete workbook.

Want the full 10-year workbook? The trucking acquisition model is $49 on Gumroad.

Want a custom model built for your deal? David offers custom model builds, valuations, and FP&A advisory on Contra.