How do you pay for your truck?

[bowhntrmatt]

I buy a new truck every 8 months or so. Just pay the amount I’m upside down on and keep gap insurance. Trade it once the smell starts to fade.



Just kidding. My 6 year old pickup has been paid off for over 5. I try not to finance depreciating assets. Hopefully I’ll drive it another 5. I did promise the wife a new bronco once they come out. I might finance it and pay off within a year or might pay cash depending on what’s going on at the time we purchase.

[IkemanTX]

I have always had a good chunk saved up to have a decent down payment, then I usually have the proceeds from the sale of my current truck. I finance for as short of a loan as possible. Then I drive the wheels off of it for as long as possible.

This is our move on everything.


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[8pointer]

My truck has been paid off since 2011 and the Tahoe since 2017. I have had the new truck bug like crazy lately. Finally at the stage in my life where I’m ready to pay cash for vehicles but the thought of letting go of that much money is sickening.

Driving vehicles in the ground is tough!!!!!!......but you sure can stack a helluva lot a cash

[duckmanep]

I cannot pee as far as you guys, so I'm unable to participate in this particular contest.

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[Austin]

Well I have stroked a check for my last two most recent was this past year on a 2020. My first ever new truck because the gently used market was within a couple K of new for a truck with 20k on the odometer. That said this it truck # 3 since I was a junior in high school. So I don’t buy often and pay cash. Buy what I need not what the neighbors have.

I don’t like payments or debt on depreciating assets. Would rather have it on something like my house that appreciates.

[Huggybear]

What a measuring contest!lol. I am the only TBH guy that gets 12mpg in his stock Tundra.lol.
When is hunting season AGAIN?????

[Traildust]

Figure out what I could pay in cash if I had to, negotiate a price, then take advantage of a 0% financing deal. I’m not paying that off early either as there is no reason unless I’m in over my head.

You'll never win the peter measuring contest with that mentality!

I'll use someone elses money till the end of time if it doesn't cost me anything. I like keeping my money in the bank!

[60 Deluxe]

I don't shop for a truck until I have the money to pay cash for it. But, I've found that a dealer is much easier to work with if you will finance for the minimum term. I let them shop the loan and once I know the rate, I make a determination of whether to finance and then pay it off in six months or just decline the loan and try to buy for the quoted price. Dealers make a sizeable portion of their gross profit from financing and extended warranty sales so cash price usually won't be as attractive as financed price. Anyway, that is how I do it.

[Colton]

I let my boss do it

Yep. I get a monthly allowance, so I just make sure my payment is under that amount.

[Jon Stewart]

I bought a 2020 ford last year. Tried to pay cash and was told that I had to finance a portion of the amount in order to get the $6300.00 in rebates so I asked to finance the minimum amount and still get the rebates. I financed $8400.00, made one payment and then paid off the remaining amount off.

Anyone can do this if you don't spend money like a drunk sailor and save.

Forgot to add that I use (don't abuse) my vehicles. I gave my grandson my 2011 Ford pick up with 180,000 miles on it after I bought the 2020.

[ken800]

A truck is a depreciating asset. In my opinion until you have reached the point in your life where your investment portfolio generates enough interest and dividends such that you can live off of those comfortably, you should not spend a dollar more than you have to to get basic reliable transportation. If you don’t yet have the investment account, you’re just adding time to your retirement age. Every dollar you put in a depreciating asset is a dollar you didn’t put in your appreciating assets...

[rtp]

well said!! When they offer 0% financing, they also offer rebates, you get one or the other, never both

Not true. I got both in February 2016 when I bought the truck I’m driving now. Dodge had their “truck month” and were offering both.

At the end of the day they are going to make theirs. They just slice it and dice it a bunch of different ways.


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[BowSlayer]

A truck is a depreciating asset. In my opinion until you have reached the point in your life where your investment portfolio generates enough interest and dividends such that you can live off of those comfortably, you should not spend a dollar more than you have to to get basic reliable transportation. If you don’t yet have the investment account, you’re just adding time to your retirement age. Every dollar you put in a depreciating asset is a dollar you didn’t put in your appreciating assets...

That's a little depressing.....true but depressing

My father in law was the most steadfast saver I know. He bought bare minimum in everything from vehicles to bath soap. He worked 7 days a week and allowed himself $20/week for spending money. I asked him one time what he was going to do with all that money and he said when he retired he was going to travel. He retired finally at age 72. Within a year of retirement he was diagnosed with cancer and fought that for a couple of years and "beat" it. He's now in a nursing home and doesn't know his name most of the time at age 78. He never traveled. He never had a truck with power windows. He never even went on a true vacation to anywhere. He does have over a million in the bank though. Fat lot of good it did him. I'll never be rich but if I want to roll down my truck window I'll push a button.

[ken800]

That's a little depressing.....true but depressing

My father in law was the most steadfast saver I know. He bought bare minimum in everything from vehicles to bath soap. He worked 7 days a week and allowed himself $20/week for spending money. I asked him one time what he was going to do with all that money and he said when he retired he was going to travel. He retired finally at age 72. Within a year of retirement he was diagnosed with cancer and fought that for a couple of years and "beat" it. He's now in a nursing home and doesn't know his name most of the time at age 78. He never traveled. He never had a truck with power windows. He never even went on a true vacation to anywhere. He does have over a million in the bank though. Fat lot of good it did him. I'll never be rich but if I want to roll down my truck window I'll push a button.

Sad story for sure. I'd still rather be prepared...

[Stetsonoverton]

That's a little depressing.....true but depressing

My father in law was the most steadfast saver I know. He bought bare minimum in everything from vehicles to bath soap. He worked 7 days a week and allowed himself $20/week for spending money. I asked him one time what he was going to do with all that money and he said when he retired he was going to travel. He retired finally at age 72. Within a year of retirement he was diagnosed with cancer and fought that for a couple of years and "beat" it. He's now in a nursing home and doesn't know his name most of the time at age 78. He never traveled. He never had a truck with power windows. He never even went on a true vacation to anywhere. He does have over a million in the bank though. Fat lot of good it did him. I'll never be rich but if I want to roll down my truck window I'll push a button.

sad story but happens more than you think you cant take it to the grave with you