Introduction
You’re here because you want to know how to make more money in trucking. You may have heard that truck drivers make $45,000 to $80,000 a year. While that may be true for some, the reality is there is no easy answer to how much you can make as a truck driver.
The truth is that a truck driver salary depends on many factors such as demand for truck drivers, your experience level, and the type of trucking job you have. In this post, we’ll cover some of the things that affect truck driver salaries and give you the inside scoop on what will impact your pay as a truck driver.
By understanding these factors, you’ll be able to maximize your take-home pay and achieve your financial goals as a CDL driver!
What’s Included in Truck Driver Pay
Base Pay
Base pay is the amount of money you’ll see on your paycheck as a truck driver. There are different types of trucking pay structures and the base pay you get can vary from company to company.
CPM (Cents Per Mile): Many truckers are paid cents per mile, which can range from $0.28 to $0.55 per mile. The average CPM in 2024 is around $0.45.
Salary Pay: Some companies pay a fixed salary, which can range from $50,000 to $70,000 per year for company drivers. This type of pay provides a stable income regardless of miles driven.
Factors Affecting Pay
Other factors that affect how much drivers earn include the type of cargo they’re hauling, the route they’re driving, and the demands of the job. For example, hauling hazardous materials (hazmat) or driving ice road routes typically pays more than hauling general cargo or driving shorter distances.
Bonuses and Incentives
Sign-on Bonus
Many companies offer sign-on bonuses to attract new drivers. These bonuses can range from $1,000 to $10,000, depending on the company and your experience level.
Safety/Compliance Bonus
Safety and compliance bonuses are awarded for safe driving records and compliance with regulations. These can range from $500 to $3,000 annually.
Fuel Efficiency Bonus
Bonuses for fuel-efficient driving can add up to $2,000 per year. This encourages drivers to adopt fuel-saving practices.
Benefits
Health Insurance
Health insurance is a significant benefit, and some companies cover 100% of the monthly premiums for their drivers.
401K and Retirement Plans
A 401K retirement savings plan with employer contributions is a common benefit. This can significantly enhance your long-term financial security.
Trucking Style
The type of truck driver salary you will earn depends on the type of truck driver you are. For example, team truck drivers will earn a different amount than regional truck drivers, solo drivers, or local drivers. The average annual salary of each of these truck drivers will be different as they deal with different loads and demands. You will also earn more if you handle difficult loads or a hazardous route type. Regional drivers will often work fewer hours than over-the-road truck drivers, so they may not earn the same in bonus pay or average salary.
An owner-operator who owns their own commercial vehicle may seem to have a higher national average salary, but when you consider that they are not getting any of the benefits of OTR drivers and have to pay all of the service costs, insurance, etc, they can actually earn less. If you are trying to find out how much you will earn it can be beneficial to lean on another driver’s experience and see what their average annual salary is based on their style of trucking and the company they drive for.
Your salary may also depend on your CDL class. The type of industrial machinery you are operating can significantly impact the amount of money you are earning. A solo driver with a class A CDL who is driving long distances every day will earn more than a local driver with a class B CDL.
Conclusion
Many factors impact truck driver salaries, including demand, bonuses, and additional pay. Negotiation can help you secure a fair base pay, and benefits can save you money on other costs like insurance.
By considering these factors, you can find the right trucking job that meets your financial goals!
