Don't forget to factor in the use of the truck, guys. If you are using that truck to help you make a living and the government is subsidizing you, is one thing to finance but if you are using that thing as a status symbol, perhaps we need to evaluate the purchase.

 

i don't know or think it would cramp my lifestyle that bad to be honest. I mean this would be my biggest bill for 4 years. My gf and I are pretty much going to be married in a few years too. We have did the math of our combined income and hit around 2k extra a month.

Im open to answering any questions here because I appreciate advice.

 

I'm with Frantz, If you really want a diesel do you need an $70k diesel? A $718 payment means you are financing nearly $50,000. You could get a $55k xlt diesel pretty well equipped and financially you would be way better off. Then you're only financing around $40k, and your payment is now $600/month and you can invest that extra $120 in paying off the truck sooner. You now have your truck paid off before you start building your house.

 

Yes adjust your dependents. After doing you taxes, repeat the process using the numbers you expect for 2017. Take your total taxes, subtract what you have paid so far, then divide by the number of paychecks remaining in 2017. Use tax table to find withholding that is closest to that number.

 

A good rule of thumb is don't spend more than 50% of your income on a vehicle and don't spend more than 200% of your income on a house.

 

I feel like you guys are speaking from experience and I feel like
im being scalded for wanting the new super duty


so im guessing you guys think I'm making a bad decision. Which is disheartening and i take advice to heart.

What at if I saved up more to
put down?

 

I think it is also where you are in life. IfI was just starting off, with no house, thinking of getting married in the next yr, had young children,a I probably wouldn't have bought a SD to just drive. The wife and I are retired with no house payments, we both have good pension. We bought both to start doing some traveling. We will be hosting at a RV park 6 months out of the yr and may or my not full time in the next few yrs. It's about a wash with interest I would make compared to interest I'm paying. If I wanted to or had to, we could pay both off. I just don't want to let go of 120k of savings...I just feel better knowing it's there.

 

Just one old man's opinion, but weigh that want against need. No, we are not being critical, just trying to get you looking at the big picture, all your options.

 

I'll think it over some more but I really want it. I have no kids - nothing to take care of besides mowing the grass on the land I got. I spoke with my gf and she finishes college in 4 years and we talked about building a house then with our combined income.

She told me if i want the truck and if im
smart and save up a down payment to get it but if I got it know that I'm not getting another one for a long time. Which is another reason for looking at the diesel. If I'm going to drive it for a long time then the longevity of the thing would be ideal if I keep it. Cause there is no way I'd go buy another new car with a mortgage.

On the other side I have seen a f250 16 lariat ultimate for sale and they want 55k for it. I asked on another thread if that would be a good choice and I was told
id regret not getting the 17 if I chose the 16

 

There are plenty of 16 and 15 F350 diesels running around, these buyers did not up to the 17 for a reason. Do your math and make your decision based on your long term plan. At your stage, I bought a SD F350 gas, in 2000. No way I could swing the crew diesel. As your income progresses you have more options. Or, as you increase your down payment. What I did was wait for Ford Credit at 0% and the deal I wanted at per month cost was my target. It meant going down to a lariat ultimate from a platinum ultimate. But I am a very happy with the truck, and b happy with the deal I did. You have to wait for the invpcentives to be good enough and the ford financing to make the deal you want, and can afford.

 

It is not my intention to scald you. I see a young person who is in a great position to not make the mistakes many of us made as a young person that are now coming back to bite us as we approach retirement. You are in a great position, with a few sacrifices, to be out of debt, living on a cash basis and saving for the future. You and your gf have the potential to be millionaires by 40 yrs old (assuming you are in your early 20's) if not earlier. Also, living on a cash basis and having savings will give you and your future spouse flexibility if either of you get laid off, either of you are disabled, or either of you want to stay home with the children.

 

I'd like to add something to this. Since you are younger and have no kids, keep in mind that once your GF becomes your wife, that's around the time lots of folks start thinking about kids. By accident or purpose, it is quite conceivable that you'll become parents before a 72 month truck is paid off.

A new marriage has the potential to be much less stressful if the newlyweds are not financially strapped. My parents gave me a book, The Millionaire Next Door, as I was moving away from home. They always gave me good financial advice. Dave Ramsey would be good for you to listen to, or see if Financial University is available near where you live.

You have not said anything about how much you are putting towards retirement, but those dollars you save now will reap huge rewards as you get older and they multiply and grow. I started putting 10% into a 401k as soon as I started my career, I increased my deduction as I received raises. It adds up. You won't miss the money once you learn to live on less. Pay yourself first, eliminate debts, and live on what's left. This assumes you already have an emergency fund....

Do remember that most of the guys on here are probably older and further in their careers than you. Their financial situations are probably much different than yours. It's definitely your choice, but your life will be much easier if you buy what you need and forego some the things you just want.

 

Damn good advice on The Millionaire Next Door . I, too have given that book to deserving people.
And yes, Dave Ramsey is a good program for someone getting serious about finances.
That need vs want is something to base any spending on.

 

House first, then truck in that order, be smart. You will not want that truck payment on your application when you sit down to negotiate a home mortgage or construction loan, not at your income.


You are going to lose at least $30,000 on the truck, its a guaranteed loss. If you instead put that $30k into your house not only will you not lose your money, it grows tax free as the home appreciates.


Wait, buy a new shiny truck when you can afford to flush $30k to $40k down the toilet, at your current income your not there yet.


There's a book called Rich Dad Poor Dad, you should read it before buying this truck.

 

[QUOTE=coolidge54;16905807]House first, then truck in that order, be smart. You will not want that truck payment on your application when you sit down to negotiate a home mortgage or construction loan, not at your income.


You are going to lose at least $30,000 on the truck, its a guaranteed loss. If you instead put that $30k into your house not only will you not lose your money, it grows tax free as the home appreciates.


I totally agree with Coolidge54 and the other posters urging restraint. If you need/want a SD, look for a '16. In my area, dealers are making incredible deals and I believe 0% financing available. Extremely cost-effective approach.