buying a used vehicle for under $5k as your daily driver

[BearkatHunter]

1 payment family here. 2007 Tahoe is paid off with 130K miles. Runs good and all maintenance is up to date. Hopefully will last to 200k. 2012 PSD is on note. Plan is to pay the truck off in 5 years and then buy the wife a new one. Basically keep a vehicle for 10 years and then get a new one.

[Scout]

Until you lose your job and still owe $25000 on a car worth $17000. Then you have to sell it and take a huge loss, or it gets repo'ed and you don't have a car at all.

I will take my "1% loss" and keep my security that my cars are mine and no one can take them from me!

This of course is the potential negative of this idea. For those of you asking about the rate what has the stock market averaged over the last 10 years.

[captainsling]

Two more payments on the wifey's 07 Tahoe. After that we put her payment extra toward my 2010 Silverado to pay off early. I will never have 2 payments at a time again. We could have bought another house for what we are paying on two trucks.

[Smart]

So just curious, I'm currently a two car payment Guy and plan on driving both till the wheels fall off....Just the thought of keeping two payments for the rest of my life is unsettling. Just wondering how many guys either just do one or no car payments and just keep buying something cheap and used till they need something else...thanks

My wife and my vehicles are paid off. She is in a 2009 with 15K miles and I'm in a 2001 F350 with 250K still running and looking great. I'm up next but, after finding such good used vehicles looking for my wife's and father in law's cars, I'm seriously thinking about not buying new again. I'd like to step into a 50-60K mileage gasser 4x4 truck and pay cash...or for sure not take that initial hit. Having the newest thing and exactly as I want it is not near as important these days as when I was in my 20s and 30s.

In a perfect world, I'd like to have that truck with a cheap dependable commuter car...but since I home office, the commuting is not as bad as it used to be. If you can work it out, I can't see a negative in keeping miles off a truck you plan on keeping a long time....not to mention the fuel mileage savings.

[M16]

This of course is the potential negative of this idea. For those of you asking about the rate what has the stock market averaged over the last 10 years.

Who cares what the market has averaged over the last ten years. A home is not always a good investment. Neither is a stock that drops 50%. In Texas your house can not be taken from you unless you don't pay the property taxes or the IRS. It's nice to have a paid for home that is secure even if you had to file bankruptcy.

I had an insurance guy stop by my house one day. He asked how long I had my house financed. I told him it was paid off. He told me how stupid I was for not investing the money with him and keeping the house note. Last I heard he is flat broke, living off social security and has a long time left on his 30 year note.

[Dale Moser]

I've about had it with vehicle payments as well. I pretty well have to have a diesel for work anymore, but I'm hoping to need it less and less for work over the next year. I hope there's enough left of it when it's payed off in 2 years to park it at work, and buy a used Tacoma 4X4 to drive back an forth, and to deer camp....and to play with. You can put a 100$ head unit in anything now and plug your ipod into the stereo, make sure the AC works and what else do you need besides 4 wheel drive!

If mine doesn't make it that long......I'll buy something used, maybe a 3/4 ton gasser even. I got myself in a spot where I HAD TO HAVE a truck the last time and didn't get what I wanted.

[boomerball]

my truck has 5 more payments, then that money will go towards saving for the next vehiclr. hopefully wifes car holds up for a while so we can be ahead of the game when the inevitable repair/replace decision comes up.

[Outback]

Haven't had a car payment since 1998. We buy deals and drive them for quite a while. I am not a car guy and don't need others to think I'm someone by the cars I drive. Just need reliable transportation which can be had all day for $3-10k.

But, you have to save a car payment monthly to provide for a replacement when the time comes. And you will need cash for repairs. But so much a cheaper option than financing $60k cars and trucks.

[Draco]

I have only had vehical payments once and that was from 1974 to 1977. I said then that it would never happen again and it hasn't. I've always had a third vehical for work that I would buy cheap. I would drive them for several years then put a for sale sign on them for several hundred dollars more than I payed for them and keep on driving. Eventually some one would buy it for more than I payed for it. That is better than the stock market.

[TxTechBowhunter]

My Tacoma will be paid off in the next few months and then we are through with payments.

You can find a very nice and reliable car for 5K.

[MikeJ]

We are a three vehicle/driver family, counting a teen who will be 16 in two weeks. We haven't had a car note in this house in 6 years.

Our total combined mileage for the three vehicles is 575,000 or so. We drive them until the wheels fall off, then get new wheels.

Full disclosure: My wife has an itch for something different so we may have a payment soon, but you can bet it will be on a used car.

[scrapwave]

In the market for a good "cash" car for my 17 year old if anyone knows of a good vehicle. Not looking to spend any more than $3K...MAX. Craigslist kinda scares me because you never know what you are really getting.

[Booner Sooner]

Haven't had a CP for about 4 years now. Wife runs an '05 Tahoe. I'm in an '01 Supercrew.

Have an honest mechanic and can generally justify repairs by comparing against paying $600 per month.

[Dale Moser]

Why is it that people who don't care what they drive, assume that those of us who do, do so because of what everyone else thinks?

I love trucks. I don't pour money into add ons for mine anymore, but there was a time. But I just love a nice/functional/well-equipped....truck. Mostly I love the versatility, and ability they put at your fingertips. I don't give 2 wet farts what anyone else thinks of it. Yet people assume that those of us who occaisionaly bolt on somethin nice, or buy a nice one to begin with, do so because we're trying to impress......SOMEONE....

[JP8]

Why is it that people who don't care what they drive, assume that those of us who do, do so because of what everyone else thinks?

I love trucks. I don't pour money into add ons for mine anymore, but there was a time. But I just love a nice/functional/well-equipped....truck. Mostly I love the versatility, and ability they put at your fingertips. I don't give 2 wet farts what anyone else thinks of it. Yet people assume that those of us who occaisionaly bolt on somethin nice, or buy a nice one to begin with, do so because we're trying to impress......SOMEONE....

Agree.