Since you put it that way, nope, 84 months to pay off a vehicle that is used for your primary transportation is not a good idea.

On the other hand, some time in the next year or so I'll be replacing my F550. As you can tell by my sig I'll probably keep it a long time and not put very many miles on it. (4.88 gears suck the fuel and it does not move without a load on it) When I sell the two trucks I have now hopefully it will be a large part of the purchase price and if I could find an insanely low rate (>2%) with long terms I'd jump all over it. It will be my heavy hauler for the next couple of decades. The draw back is the long term loans usually do not have good rates. Low monthly payments that I can set up automatically and forget about would make the pain of upgrading less.

On a similar note, I've got a john deere tractor @ 1.9% and a side x side at 0% with insurance that lasts the life of the loan. I have exactly zero incentive to pay off these loans especially since JD does not report these type loans on your personal credit. It would be crazy not to let the loans mature.

 

I read this forum and have to laugh a little. Some folks think you need to employ math to determine if debt is better or cash is better. Some people want to post net worths and how much you earn. Some folks post partial pictures of checks.

The way I was brought up, debt is bad. It makes a person a slave to the debt and holds them in bondage to that debt until the note is paid. Debt frequently creates stress and uncertainty...and this can cause trouble in marriages. Financing has had the affect of removing the value of savings and patience from many people today. The older generation knew these values but many younger folks do not.

That said, some debt cannot be avoided. Although there are some very fortunate and well off people, most of us need to borrow for life's biggest purchases. Being prudent, however, is the best way. A modest home and vehicle is all that is really needed. Some people feel they need very expensive things to be happy, but what I've learned is that happiness occurs at all levels throughout all walks of life to the same intensity. What I mean is that a person living in a modest home or apartment can experience the exact same level of happiness as someone who drives a Rolls-Royce and lives in a mansion by the sea.

So that's my way of thinking, but we're also human. It's nice to have something expensive like a Super Duty that represents our hard work. I have no problem with people having tremendous wealth and owning very expensive things...if you earned it, enjoy it. But always try to remember to help people, too. Not "forced" help in the form of socialist governments who think the rich need to be taxed to the hilt. Just voluntary help where you can. And keep in mind when you buy a new Super Duty Limited because "you need it for work," an XL version of the same truck will do everything a Limited will in terms of "work."

 

It's amazing to me that this thread has generated over 100 posts...... "whoever said money can't buy love, health or happiness, just doesn't know how or where to shop"......LOL

^^^^^^^ troverman...well said!

 

 

And in the end... it all won't matter. You'll go to the grave with nothing in your bank account and a sweet setup or a crap ton and an OK setup or nothing at all. Does it really matter in the end? Just make sure you have enough in insurance or savings to cover your death and not put your loved ones in a tight burden and you're good....

 

Lots of interesting reading, for me it's the amount of the monthly payment that gets me and not the length. I raise 6 kids and work 2 or 3 jobs at a times to make ends meat. Now that the kids are out of the house there is more money for toys. But I still can't get over the high monthly payments that some are paying. My 2017 Ram Power Wagon payment is $336.per month for 76 months @ 1.79% I also put $30,000 down (trade in).

 

Which, as many in this thread have demonstrated, is not necessarily accurate. But ... to each their own.