Advice on Buying
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New User
Joined: Apr 2016
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Advice on Buying
Currently I drive a 2002 f150 king ranch and I am looking to buy a new truck. I really don't want a used one because I live in Ohio and rust is just everywhere. I'm 18 and this would be my first NEW vehicle. I make about $15/ hr before taxes and also pay for my college upright so I don't have to take out loans. Tuition is about $5,000/ semester so I just make monthly payments. I'm looking to start a job in the insulation Union so I'll probably start making $18-$22/ hr. I fell in love with this truck when I saw it and if I get it, will probably get the King ranch with 8' box and Diesel engine 4x4. I know it's going to be a lot of money and I'm trying to save for a big down payment. What are your thoughts on what I should do?
Senior User
Joined: Mar 2016
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I'm 31 and have never driven a new vehicle. I'm sure there are others here with more age that can say the same. Enjoy your current truck, keep driving, working, saving. Just my opinion. At 18 I was happy to have something that started when I turned the key. But I get it...18 year olds today want way, WAY more because status and status symbols matter.
Cargo Master
Joined: Dec 2003
Posts: 2,290
Likes: 2,037
From: Central MO
My thoughts? If you make $15/hour (or even $22), save up until you can pay for 75-80% of it in cash. Otherwise you will be saddled with debt for a vehicle for years and years and will regret it when you want to buy a house.
Another idea, buy an XLT, while still saving up 75% as a down payment.
Another idea, buy an XLT, while still saving up 75% as a down payment.
Cargo Master
Joined: May 2007
Posts: 3,336
Likes: 4
From: Western New York
I purchased my 2001 F250 PSD Lariat used in 2001. 22K miles saved me $12K. And it was exactly the truck I wanted even the color. After 15 wonderful years with the truck I am purchasing a brand new 2017 F350 etc. I can now afford it, pay cash and have lots left over to do the things I have planned for retirement. DO NOT over buy what you can afford. Just affording a vehicle leaves nothing to live on and when everyone else is out enjoying their not so perfect not so brand new truck you'll be home wishing for a tank of fuel or whatever and then grow angry with the vehicle as a ball and chain keeping you from actually doing things to enjoy the motoring world. Set your sights as high as you can afford but don't drown in debt for lack of foresight.
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Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
He doesn't have any money, and he's going to school. He needs a new truck like he needs another hole in his head. Did kind of the same thing when I was young, it was stupid then, and it's stupid now too.
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Elder User
Joined: Aug 2004
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At $20/hour, 8 hours a day, 5 days a week, you will be making $38400 a year.
minus state, federal, local, social security taxes, that takes about 20 % in taxes, leaving you with 30,720 a year.
That's $2560 a month, before rent, food, car and health insurance, phone, internet, and all your other bills a month.
If you take out a $50k loan, at 3% (assuming your qualify), and put $10k down on a KR, you still have a payment of close to $900 a month.
Auto loan calculator - Bankrate.com
That's ridiculous, but whatever.
minus state, federal, local, social security taxes, that takes about 20 % in taxes, leaving you with 30,720 a year.
That's $2560 a month, before rent, food, car and health insurance, phone, internet, and all your other bills a month.
If you take out a $50k loan, at 3% (assuming your qualify), and put $10k down on a KR, you still have a payment of close to $900 a month.
Auto loan calculator - Bankrate.com
That's ridiculous, but whatever.
Thread Starter
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New User
Joined: Apr 2016
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Thanks everyone for the advice. As I do in fact really want this truck I realize now that it would consume a majority of my income and I wouldn't have any money to live on. I think what I might do now is buy 2015 super duty (not quiet the same features, but I can compromise) because I plan on hauling RVs and trailers on the weekend and I think the 2015 has the power to do so and also more of the most recent features. I was wanting the 2017 because of all the gadgets it had ( 7 cameras, ford Apple CarSync, etc.) but they were more of a want than a need. I will splurge a bit on the '15 though because it has the nav system and SYNC in it. Again, I appreciate all of your opinions and realize that the 2017 is a bit over budget