How much do truck drivers really make? A comprehensive breakdown of earnings and expenses

Key takeaways:

Earnings vary widely among truck drivers based on job type and experience, with median earnings ranging from $76,420 for truckload drivers to $186,016 for owner-operators.
Truck driver wages have not kept pace with inflation since the 1980s, mainly due to deregulation, leading to lower real earnings today.
Truck drivers face various out-of-pocket expenses that can impact their overall income. Company drivers have fewer costs, while owner-operators deal with higher operational expenses.

To many, a life on the road is appealing. Who wouldn’t want to get paid to travel the U.S.? In the media, movies, books, and even job postings, the life of a truck driver can be romanticized. But reality, aka money, trumps fantasy for most. This begs the question: How much money do truck drivers really make?

The answer to this question isn’t easily discoverable with a Google search, because the answer is complicated. Not only do you have to consider the different driver jobs available but also the expenses of an average truck driver. And like many other jobs out there, history hasn’t been kind to truck driver salaries.

The history of truck driver pay

According to data from the National Transportation Institute, driver wages in 1980 hovered between $38,000 and $39,000 annually. With inflation, this would be between $135,000 and $150,000 in today’s dollars. But spoiler alert: The average truck driver isn’t making this much money today.

So what happened? Simply, truck driver wages haven’t grown as they should have to keep up with inflation. Market conditions also have a major effect on truck driver pay, such as freight rates, driver supply, and capacity demand. According to the American Trucking Associations and its 2024 Driver Compensation Study, driver salaries have increased somewhat in recent years, but this hasn’t always been the case.

Many in the industry partially blame the Motor Carrier Act of 1980 for the lack of driver wage growth. This act, among other things, deregulated much of the trucking industry in the U.S. Trucking deregulation increased carrier competition, which some argue led to a decrease in driver pay.

A breakdown of truck driver pay

To understand how much truck drivers earn annually, it’s best to look at the numbers for different types of drivers; not all drivers are paid the same.

Here is how ATA broke down driver pay with 2023 numbers:

Median annual earnings for truckload drivers: $76,420
Median annual earnings for linehaul LTL drivers: $94,525
Median annual earnings for local LTL drivers: $80,680
Median annual earnings for private carrier drivers: $95,114
Median annual earnings for leased-on independent contractors for truckload carriers: $186,016

It’s important to note that these are median numbers, and drivers are paid based on their level of experience, safety history, pay type, geographic location, equipment, employer, etc.

How truck drivers are paid

The most significant difference in truck driver pay depends on how drivers are paid. For example, a salaried company driver’s pay is fixed at a specific range. But not all drivers are salaried. Unsalaried OTR drivers may be paid by either mile or load.

By mile: A driver is paid a certain amount for every mile driven. That amount depends on the company and has been the most common way to pay drivers since the 1930s.
By load: A driver could receive anywhere from a 25% to 85% cut of a load, according to Truckstop. Depending on the load, this could lead to major earnings or barely breaking even.
Hourly: Some regional and delivery operations will pay drivers an hourly rate. Generally, these are private fleet drivers whose jobs also include non-driving tasks such as unloading and stocking store shelves.

Owner-operator pay varies more wildly since they control which loads and how many loads they accept in a year. Though owner-operators may seem to make more money than other truck drivers, they also have more expenses. Non-contracted owner-operators’ income can be as volatile as freight markets and spot rates.

What are a truck driver’s expenses?

Unlike other professions, truck drivers tend to have more expenses to pay, depending on their circumstance and their employer. It’s important to take these expenses into account when calculating total driver pay.

Company driver expenses

Both for-hire and private fleet drivers experience fewer expenses than owner-operators since their companies absorb those fees. However, these drivers will still experience some expenses on the road.

Food: While on the road, drivers pay out of pocket for eating out or buying food at truck stops.
Truck parking: While free truck parking exists, it isn’t always easy to find safe, available spots in a timely manner. If drivers are pressed for time, they might have to use paid truck parking. And unless their company works with a paid truck parking service, the driver will often have to pay for their parking out of pocket. Some drivers can be reimbursed for parking by their employer, but this varies by company policy.
Licensing: To get started, drivers need to pay for training and the testing process in order to get their CDL.

Owner-operator expenses

Owner-operators rack up more expenses than company drivers due to being self-employed. The following are expenses that owner-operators are solely responsible for:

Fuel: Diesel, diesel additives, etc.
Equipment: Buying or leasing a truck and additional trucking equipment
Maintenance: Truck repairs and additional maintenance
Truck parking: Paid truck parking, when applicable
Food: Eating out, buying groceries, etc.
Technology: TMS, dash cams, etc.
Insurance: Truck insurance, health insurance, etc.
Taxes: Self-employment taxes, federal income taxes, state income taxes, etc.
Licensing: Business licenses, DOT registration fees, vehicle inspection fees, IFTA decals, etc.

Should truck drivers be paid more?

Considering the difficulties of the job, inflation, and other economic challenges, truck driver pay can be a heated topic. But better pay could do more for the industry than just fill driver pockets. Increased pay could:

Improve safety: Studies have shown a connection between higher driver pay and lower crash rates.
Increase retention: Like with any job, good pay and raises can help incentivize drivers to stay with their fleet rather than switch jobs in the search for better pay.
Attract more drivers: The industry has been grappling with a driver shortage for years. Offering more money to potential drivers is one way to help relieve this shortage.
Affect the economy: The trucking industry, supply chain, and U.S. economy are intertwined; if one flourishes or falls, the others feel the effects. If offering higher driver pay boosted the industry, both the supply chain and economy would benefit.

Of course, paying drivers more is easier said than done. But that’s a problem for the trucking companies to figure out!