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How do you pay for your truck?
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Originally posted by TB80 View PostThe recent thread on truck prices got me thinking, which is dangerous. But how do you pay for your truck? Cash? Loan? Lease? If you pay through a loan, how the heck do you afford those large monthly payments?
My 2017 F250 got paid off last year and the note was around $650 for 60 months but I paid over every month on it.
I basically go into it with wanting to keep my note less than $650 and use trade in and cash to get my note where I want it for 5 years.
For example if I buy a 80k truck and they give me 45k for mine I put that down plus 15 to 20k and finance the rest.
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Originally posted by gingib View PostFor the new truck guys, there is no such thing as a good deal.
Funny to listen to some of this
Pretty accurate. Buying anything that’s worth less than you paid for it, two hours after paying for it, is never a good deal. So then you have to consider the difference as a form of entertainment I guess. Some people are entertained by new vehicles.
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I have a number in my head I'm willing to spend, an interest rate I'm willing to pay, and a number of months I'm willing to pay it. Then I do some online shopping to know what my expectations should be in a vehicle. Then I generally do lots of haggling over weeks to get what I'm after. I never buy new, and drive for years. My current truck is 13 years old with 275k, hoping to get 500k out of it. I bought it 2 yrs old for 32k, had the window sticker in glovebox with a 52k tag on it. It's been pd off for 9 years.
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Originally posted by gingib View PostFor the new truck guys, there is no such thing as a good deal.
Funny to listen to some of this
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It’s all in the equity of your current vehicle. If you start off small, pay it off, trade it in a few years later for a little upgrade, driver it for a few years, trade it in for an upgrade, eventually, you have enough equity to buy a 50-60k truck and not break the bank. My Tundra currently has about $33K in equity. I could go trade it in for a brand new one and walk out the door only owing about $15K. If someone on the road sees me in my new Tundra with new tags, the general consensus is “I wonder what kind of payment that guy has”. When really, it’s probably less than theirs lol.
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