Should I buy a new truck

[panhandlehunter]

I say keep it. My truck is a 2010, been paid for for years. I continued to make the payments but to a savings account. That covers all repairs and maintenance you need, and gets you a nice savings too. $800/month x 6 years is a significant amount of money saved. Even better when you own a Toyota so you don’t have to worry about repairs. Lol

[BrandonH]

You can do a lot of repairs for $60k. I bought my truck in 2003 and am still driving it with approx. 400k miles on it. Yes I've done a lot of maintenance and repairs over 17 years, but those costs averaged out to a lot less than a monthly note. I'm hoping to get at least 3 more years out of her.

Sent from my SM-G973U using Tapatalk

[Kingfisher789]

I saw some nice New Chevrolet “work trucks” for as little as $38k today. New. W a warranty

[Kingfisher789]

That’s a beautiful truck you bought but I can put 20 transmissions in mine for what you spent! That’s what I have to keep telling myself.


Sent from my iPhone using Tapatalk

You just keep whispering...don’t make him feel bad.

[JVasquez]

No. I plan to drive my 2002 5.9 until the wheels fall off. At 166,000 miles I will get another 100,000 out of it and stack that monthly cash in the bank.

[Fordnandez]

If you like the truck keep it and fix the issues that come up. But if deep down you really want a new truck then you will regret spending a bunch of money on your existing one.

The new truck I want would cost me at least 1k a month on a 5 year note. I keep on doing modifications to my existing truck to keep me interested in it and deep down I still love the truck. Spend 300-500 bucks on it every other month is a lot less than the note of a new truck and I enjoy doing the modifications.

The one wild card is when the engine is going to blow up because if that happened you would have wished you got rid of it and now the truck that you did have with a good engine in it was worth 15-20k is now worth 4-5k with a blown engine.

[Slicefixer]

I'll get on the fix the one have boat. Vehicles are a hole that you throw money into every month and you never get it back. Take the $600-$700 a month and put it in the bank. A large portion of the things that break/wear out on a vehicle can easily be replaced in your driveway with hand tools and Youtube. I want a new F250 with 7.3 gas in it so bad I can't stand it but I talk my self out of it every month.

You will hear arguments that it makes no sense to spend $7-$8k to fix a truck that is only worth $10-$15k. I don't agree. That $60,000 truck you buy today is only going to be worth $10-$15k one day. There is just no feasible way to justify the expense of a new truck unless you make your living with it and/or downtime is something that you can't afford. I drive a 2002 F250 with the 7.3 and I have a Honda car. I can put 3 new engines and 3 transmissions in my truck for less than what it costs to buy a new truck. If there is something wrong with the truck and I am working on it I just take the car.

Now if you just like the new smell, go for it....I'll never begrudge a man for spending his money how he sees fit provided his family is taken care of.

A M E N.....

Debt is something to avoid at ALL costs IMOP. To purchase a home.... absolutely. To start a business that makes fiscal sense.... of course.

However, to purchase something that's GOING to depreciate like you drove it off the side of Everest....H#ll no....not me.

Now, IF you can use the vehicle in your business and utilize the tax deductions... then I get it. However, you can drive your "old" vehicle (provided it's road worthy), take mileage instead, and quite often come out even better.

Honestly, I don't understand how people, once they reach a level of maturity, can justify financing ANYthing that will "just be a thing when the new wears off." Boats, UTV's, etc etc etc.

My father, a very highly regarded prosecutor and TX State Judge for over 40 years taught me many wise things. He came from VERY humble beginnings in rural east Texas, but, from a close knit family. One of the things he taught me was this....."with the exception of your home, never finance.... If you can't afford to pay cash you can't afford it." Too many people nowadays confuse the terms "afford" and "qualify."

The only caveat to that rule I've found is if your money is returning substantially more than the current interest rate you can qualify to receive. In that circumstance it makes sense to finance and pocket the difference. That I TOTALLY understand...

JMOP.... but you asked for em.

[hoythunter02]

Keep the Cummins....rebuild the Transmission. Still alot of life in that beast.

Sent from my SM-G955U using Tapatalk

[Slicefixer]

If you like the truck keep it and fix the issues that come up. But if deep down you really want a new truck then you will regret spending a bunch of money on your existing one.

The new truck I want would cost me at least 1k a month on a 5 year note. I keep on doing modifications to my existing truck to keep me interested in it and deep down I still love the truck. Spend 300-500 bucks on it every other month is a lot less than the note of a new truck and I enjoy doing the modifications.

The one wild card is when the engine is going to blow up because if that happened you would have wished you got rid of it and now the truck that you did have with a good engine in it was worth 15-20k is now worth 4-5k with a blown engine.

Glad to know somebody else is out there.... hehehe (I just pulled mine and installed a re-man.... Purrs like a Bobcat kitten... wee bit of growl)

[Ryan81]

Don’t just think you’ll be good for the next several years. You should be but you never know. I was in the same situation. I have a 2010 Ram 1500 with 200k and was just getting tired of putting money into it so two weeks ago I bought a new to me 2014 Ram 2500 with the 6.4. It had right at 68k miles when I bought it. Real clean truck inside and out. I know the previous owners well and knew it was treated right.

12 miles down the road after picking it up the check engine light comes on with a torque converter code. Thankfully, it still has a powertrain warranty and the sellers said they will cover any repairs if it’s not covered through warranty.


Sent from my iPhone using Tapatalk

[12RingKing]

Fix that thing and you will be good for a lot longer than a few years.

6k is a lot better than 60k. It's simple math

[Smart]

I threw money at my 01 7.3 for about two years too long and the last year really cost me a lot. 308K on it but I kept saying I should keep on repairing it to not have a car payment. We finally said enough is enough and man what a good decision it was.

If there is one thing I learned after trying to milk it for 19 years, you cannot put a price on peace of mind...


That being said you still have a while mileage wise to get where I was...Question is would the $6-8 K be better spent else where. I know the $5-6K I spent , at year 18-19, would have been spent better elsewhere in hindsight..


.

[Acameron52]

Life’s short... buy the truck!

[Mathewsshooter]

Gonna have a lot of depreciation yearly on that new truck and insurance is going to be more as well especially if it’s financed. If you need it for work or are buying it with cash I’d say go for it. Transportation cost is the second biggest killer of net worth in America

That said if I want a new truck I would buy one, I just work to hard for my money to part with it for a new truck

[laredoarcher]

Life’s short... buy the truck!

Amen to that