Could use some advice
Cargo Master
Joined: Mar 2008
Posts: 3,098
Likes: 136
I'm with Tom on this one. It's just a hunk of metal and plastic. I used to think that whatever truck I had was the "last one" I'll ever need for some time. My 06 F250 was a fine truck but the doors were starting to show signs of starting to rust through. Paint was peeling everywhere. The bumper was brown with rust showing on 40% of it. It needed new tires and the hubs were shot. Instead of dumping $4,000+ into that truck I just put that money down into the next one. I got a decent amount for a trade and actually pay less per month for the newer truck. Some will tear down a vehicle and fix and repair every last part The only time i have is to repair needed parts, not fix cosmetic or other issues.
My hopes are to hang on to the current rig for a while and the only thing keeping me in it is daycare payments to the tune of $1400/month. I can't afford newer trucks but if the trade or sale price is good on my most current ride I won't hesitate to bump up as long as I'm in the same payment category. I no longer have that attachment to "stuff" i had years ago. I've averaged about 3 years with a truck before it gets sold. That daycare will push that average up though.
I had a recent talk with my father and he says in the coming years he's just going to keep trading when a vehicle is out of warranty. He's done doing repairs and just wants to get in and go and let the maker handle warranty repairs. But he's retired.
My hopes are to hang on to the current rig for a while and the only thing keeping me in it is daycare payments to the tune of $1400/month. I can't afford newer trucks but if the trade or sale price is good on my most current ride I won't hesitate to bump up as long as I'm in the same payment category. I no longer have that attachment to "stuff" i had years ago. I've averaged about 3 years with a truck before it gets sold. That daycare will push that average up though.
I had a recent talk with my father and he says in the coming years he's just going to keep trading when a vehicle is out of warranty. He's done doing repairs and just wants to get in and go and let the maker handle warranty repairs. But he's retired.
Fleet Owner
Joined: Mar 2003
Posts: 24,724
Likes: 74
From: Blue Hill Township
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Fleet Owner
Joined: Mar 2003
Posts: 24,724
Likes: 74
From: Blue Hill Township
For some that's certainly true. Not this guy though. I've averaged buying/selling a vehicle more than once a year for the past ten years. The second it doesn't suit my needs and there's another viable alternative it's GONE.
I like my F150 a lot, it's a great truck. But if something were to happen to it I'd move on to the next without giving it a second thought. It's just a collection of plastic and metal parts anyway, they make more every day!
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Fleet Owner
Joined: Mar 2003
Posts: 24,724
Likes: 74
From: Blue Hill Township
I'm with Tom on this one. It's just a hunk of metal and plastic. I used to think that whatever truck I had was the "last one" I'll ever need for some time. My 06 F250 was a fine truck but the doors were starting to show signs of starting to rust through. Paint was peeling everywhere. The bumper was brown with rust showing on 40% of it. It needed new tires and the hubs were shot. Instead of dumping $4,000+ into that truck I just put that money down into the next one. I got a decent amount for a trade and actually pay less per month for the newer truck. Some will tear down a vehicle and fix and repair every last part The only time i have is to repair needed parts, not fix cosmetic or other issues.
My hopes are to hang on to the current rig for a while and the only thing keeping me in it is daycare payments to the tune of $1400/month. I can't afford newer trucks but if the trade or sale price is good on my most current ride I won't hesitate to bump up as long as I'm in the same payment category. I no longer have that attachment to "stuff" i had years ago. I've averaged about 3 years with a truck before it gets sold. That daycare will push that average up though.
I had a recent talk with my father and he says in the coming years he's just going to keep trading when a vehicle is out of warranty. He's done doing repairs and just wants to get in and go and let the maker handle warranty repairs. But he's retired.
My hopes are to hang on to the current rig for a while and the only thing keeping me in it is daycare payments to the tune of $1400/month. I can't afford newer trucks but if the trade or sale price is good on my most current ride I won't hesitate to bump up as long as I'm in the same payment category. I no longer have that attachment to "stuff" i had years ago. I've averaged about 3 years with a truck before it gets sold. That daycare will push that average up though.
I had a recent talk with my father and he says in the coming years he's just going to keep trading when a vehicle is out of warranty. He's done doing repairs and just wants to get in and go and let the maker handle warranty repairs. But he's retired.
Your father is a smart man. Heh. There is something to be said for always having something you don't have to worry about repairing. This is part of the reason businesses but new vehicles rather than continually repairing old ones. Down time costs money.
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Fleet Owner
Joined: Mar 2003
Posts: 24,724
Likes: 74
From: Blue Hill Township
Aren't kennels cheaper???
I would be parent of the year!
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I would be parent of the year!
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Fleet Owner
Joined: Mar 2003
Posts: 24,724
Likes: 74
From: Blue Hill Township
Yup, forgot about that. Employees also tend to take better care of a newer nicer vehicle than an old clunker.
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Cargo Master
Joined: Mar 2008
Posts: 3,098
Likes: 136
Yea it's an insane amount of money but the place is fantastic. Life as single or DINKs (dual income no kids) gets you "stuff" in life. But I couldn't imagine life without my two boys. What they need or want is far more important than my wants. But once that daycare is gone and hopefully my business keeps picking up year to year that new truck will be tempting for sure. But then again I want an addition on my house, a separate garage in the back to disappear into, new kitchen, new bathroom, and a lot of other things that I would rather have than a shiny piece of metal in my drive.
Tuned
Joined: Jan 2009
Posts: 429
Likes: 0
If you think daycare is expensive, wait until your kids are in college. Both my girls stayed in-state, and it was costing me about $25K per year. My oldest graduated early and is working in a good job now and is saving for a home. My youngest is done with her undergrad work, will be getting her Master's this spring, and is continuing on to her Doctorate. The great thing is that her Master's and Doctorate programs are not coming out of my pocket -- scholarships are covering her tuition and research grants are paying her a monthly stipend to cover her rent and other living expenses.
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
There's been some good advice haven't read through all of them. The bottom line is you don't want to put yourself in the kind of debt you are talking about. Sharpen your pencil and see if it makes sense for You.
19 and have a truck in the shop. The little gremlin on your shoulder is saying "psst... Buy a New One! You _deserve this_." Yeah, right! If you can put half down and have the insurance premiums saved up, then you might be OK. Financing to buy a vehicle is just stupid, there's no way around that. This IS a Truck website, but thems the facts.
I just crunched the numbers and realized that I had financed car purchases for only one new car, and spent six (6) years paying it off, but it was at the worst possible time for me financially. When just starting out in life. What happens is you'll find yourself at 29 or 39 with that monthly payment still around for so long you think it's a pet. And the insurance, plates and registration, repairs, fuel, oil, tires, etc.
The problem with financing and credit, you will be tired of whatever it is you bought on time and will owe way more than it is worth. 3 year notes are the maximum that will pencil out. You can sell it at a loss, owe the remainder, and have nothing to drive. Or double down and trade it in at a loss and extend the albatross around your neck for another 5 or 7 years or whatever. Another thing, when things are paid for with cash it's just different. People take better care of them for one thing. Years ago it was tough to buy insurance on a financed car. They thought the buyer was a bad risk. Maybe they were correct? Dunno.
Your friendly insurance man charges 19 year old men a bit different Rates than other folks. See where I'm going with this?
19 and have a truck in the shop. The little gremlin on your shoulder is saying "psst... Buy a New One! You _deserve this_." Yeah, right! If you can put half down and have the insurance premiums saved up, then you might be OK. Financing to buy a vehicle is just stupid, there's no way around that. This IS a Truck website, but thems the facts.
I just crunched the numbers and realized that I had financed car purchases for only one new car, and spent six (6) years paying it off, but it was at the worst possible time for me financially. When just starting out in life. What happens is you'll find yourself at 29 or 39 with that monthly payment still around for so long you think it's a pet. And the insurance, plates and registration, repairs, fuel, oil, tires, etc.
The problem with financing and credit, you will be tired of whatever it is you bought on time and will owe way more than it is worth. 3 year notes are the maximum that will pencil out. You can sell it at a loss, owe the remainder, and have nothing to drive. Or double down and trade it in at a loss and extend the albatross around your neck for another 5 or 7 years or whatever. Another thing, when things are paid for with cash it's just different. People take better care of them for one thing. Years ago it was tough to buy insurance on a financed car. They thought the buyer was a bad risk. Maybe they were correct? Dunno.
Your friendly insurance man charges 19 year old men a bit different Rates than other folks. See where I'm going with this?
Cargo Master
Joined: Mar 2008
Posts: 3,098
Likes: 136
If you think daycare is expensive, wait until your kids are in college. Both my girls stayed in-state, and it was costing me about $25K per year. My oldest graduated early and is working in a good job now and is saving for a home. My youngest is done with her undergrad work, will be getting her Master's this spring, and is continuing on to her Doctorate. The great thing is that her Master's and Doctorate programs are not coming out of my pocket -- scholarships are covering her tuition and research grants are paying her a monthly stipend to cover her rent and other living expenses.
Don't even remind me. That's why I'll be pushing grades and not pipe dreams of sports. Get those undergrad scholarships!!!
Thread Starter
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Post Fiend
Joined: Aug 2010
Posts: 13,710
Likes: 5
From: Manchester, CT
Yea, i definitely dont want to be stuck with a payment that big for another 5 years, especailly when ill be trying to move out at that point and need money for a house or whatever. Sticking with the 265 a month for another 3 years seems a lot more logical. And im hoping from side jobs this summer on the weekend ill get some extra money to put down towards paying it off