How do you guys afford it? Since my 2000 is crapping out I've been on the prowl for a new one. I'm looking at all of them, yes including the Dodge and Chevys. But I keep getting stopped at that damn price tag.

See I think part of it is because I recently bought a house and now I'm poor again. But I'm looking at about 300 a month after trade-in and any cash I can scrape up. There's no way I can ever see myself having a spare 300 a month to shell out.

Is it the house that did me in?

 

probably, but then again the house is actually a better investment and a good choice. Not to degrade our trucks but lets get real paying rent you might as well take your money out and burn it.
I am paying $600/month for the wifes expy. how do I afford it? simple the house is paid off and we don't have any kids at home anymore.

 

That's what everyone keeps telling me, I'm not quite ready to believe it yet. I guess after I finally pay off my SallieMae I'll be doing much better, 5000 left getting close...

Uhhgh. Actually me and buddy are gonna work over the engine tommorrow and see if we can't get that puppy running decently again. You'd think two mechanical engineers would be able to solve a simple pinging problem lickety split - NOPE! We can totally rebuild his Gran Torino Sport no problem. Life was simpler when all you had was a carb, manifold, and a 351 Windsor.

 

Amen to that.

Attempt to fix it...it can last you long enough to get into a better financial situation, then you can look at used or new trucks as you see fit.

 

The price tag doesn't bother me, the payment does. I bought a new 01 ranger xl 4 cylinder 5 speed for 220.00 a month, it was a good little truck, but not many options, My current 04 ranger sc xlt 4x4 run's me 350.00 a month, and thats with 0 percent financing. There's alot of barely used rangers for sale at a good price, actually the market is loaded with them, Leasing is an option, but thats throwing money away worse than buying a vehicle. I would try to fix your ranger if you really like the truck. But if you decide to buy, shop around, and take your time, you may be surprised at some of the deals you can run a cross.

 

You can do whatever you like, but I'm gonna give you some fast and friendly advice here that has made a world of difference in my life. For things that appreciate in value, financing done right can make sense (it's called the principle of leveraging). For things that depreciate in value (like motor vehicles), ONLY pay cash. That's right, you buy your new or used car/truck/motorcycle/boat/motorhome/quad/etc and you make one and only one final payment....before you leave the place of sale. Credit cards are fine now and then, and the balance is to be paid off in full when the bill comes once a month. If that is not possible, then a guy can't afford to buy whatever is on his mind and he needs to wait. Most of getting ahead financially involves devising a solid plan at an early age, modifying your plan as the years roll on, and practicing discipline. I know, it sounds easy and I know it sounds insurmountable, but it really can be done. It takes patience, effort, research, the courage of conviction, taking on risk, but in the end it will pay off. There's so much more but this is a good start...................if you want to know more ask away and I'll do my best to fill you in on what the majority of America seems to have problems figuring out. Of course, what's right for me may not be right for you, only you can weight it all out but I can surely enlighten you on ways that will help you financially 20 years from now.

BTW, that house, if you live in it for awhile, should prove to be a wonderful investment. Much better than being a renter unless your timeframe in the property is short.

 

My moto is: go into debt up to your eye *****, and then die. It's good to have money, but you can't take it with you, it just gets left for someone else to enjoy. You only live once, so enjoy it. I've allway's perfered things over money, to me, money is just a tool I use to get the things that I want. Money in it's self has no value, it's what you can do with it that has value. I need to strike a balance, and have things, and some money, not just having things and no money. I don't have a thing against debt, it helps the economy, I should be part owner of ford motor company ha ha. I wish I liked to save as much as I like to spend, but thats not the case. as I have failing health, I do need to rethink my stradegy. My 04 ranger is the longest I have kept a vehicle in 12 years, I plan on paying it off, and chilling. I'm getting to old to buy everything that isn't glued down. True happiness can not be bought anyway, the thrill of buying something new is short lived . True happiness comes from love of God, family, and friend, and doesn't cost a penny, but does take effort. It's to late in the night Billy, were getting too philisofical (spelled wrong I'm sure) It sounds like the plan you have for your life is on track with the land and all, you seem like a very wise fellow.

 

CowboyBillie9Mile, I am with you 1000%!



"If you're willing to do what most people will not for 10 years, then you'll be ABLE to do what most people cannot for the rest of your life."

Or:

"If you don't learn to control your money, then the lack of money will certainly and forever control you."


Unless you were born rich, there is no escape from these truths.


In America it certainly is possible. I did it. My house is long paid for, I buy my vehicles for cash. Actually I buy EVERYTHING except real estate for cash. I'm not rich, but I don't worry about the economy or being fired or having to endure some A-hole boss.


I stopped working for others or fighting traffic 30 years ago.


Now the only ones who can scare me are the IRS and SHMBO. All the rest are easy to handle. Even the two that can scare me are easy to handle: simply do exactly as they say! (I can't get the smilie to work -- so insert BIG GRIN here).


Your house over the long run will increase in value. New vehicles, pretty and fun as they are, will suck you dry for life if you keep buying them.

Learn to handle your finances and you'll be able to buy your toys (cars, etc.) for cash for the rest of your life.

Go for it.


matis

 

wait till you get that bug to go from a Ranger to a SuperDuty. I've been a big fan of the Rangers for a long time. Owned a 85, 91, 93 and a 96. About a year ago decided to go bigger..so i could tow my Ranger 4x4 around when i go wheeling. So i got the 2005 F250 SuperDuty diesel 4x4. Talk about almost doubling a little Ranger payment.

 

Thanks for the responses all, I think I was in a stress letdown depression last night - tough week at the office and all that.

The thing is, is that the trucks haven't gotten more expensive since I purchased mine. I paid 400 a month for my 2000 Ranger, and I paid about the same for my 1998 Ranger. So in a sense the cost for them has leveled off.

It makes me wonder, does anyone here worry or question the quality of the Fords coming out, seeing how Ford is not doing well financially? As an engineer I hesitate, because when companies do poorly they start cutting corners to stave off the inevitable.

 

I promised myself decades ago that i would never buy a car or truck from a dealership, and only went back on it once - because the Taurus wagon in my front yard looked like such a sweet deal.

I own an F250 diesel flatbed, a mildly lifted F100, a Taurus (currently a parts car), and a Ranger. Every single one of them is paid off.

A big part of my vehicle strategy is always owning something that I KNOW I can work on, wether for repair or modification. I thereafter will not allow any other mechanic to touch them if I can possibly help it.

That by itself has saved me so many thousands of bucks it's staggering... I cannot imagine paying what other people do to have things done on my machines. Particularly since very often "professional" repair people wreck things by taking shortcuts.

My own ethics at work are to imagine that whatever I am working on is something of my own. The only trouble I have had with that is that I have to remind myself that all I am supposed to do is what is asked for on the repair orders...

I also avoid paying cash for anything whatsoever that I can trade something I don't need for. This cleans up my leftover parts inventory, and gets me what I need for near nothing. Case in point: A while back I acquired a set of four fifteen inch rims for some stuff I did that ran me about $12 in electrical parts. Two of those rims are going to the track with me in a few minutes to trade for another pair of rims with tires on them... It goes just like that.

I convert "STUFF" into more and better "STUFF"!

 

There are many ways to haggle with a dealership over a vehicle. Rangers are hard to haggle over because Ford doesn't really have a problem selling them. They are having problems most recently with the gas guzzlers and SUV's. Gas prices are here to stay, and a Ranger right now is the best choice to make. Always shop at a dealership with a large inventory because of choice, and they need to move vehicles. Shop at the end of the month because of volume discounts, and they will want to sell the vehicle short of their cost. Don't reveal your cash or trade until they SET the price on the vehicle you want. Read the sales Mgr. like a book because regardless of the salesman; He will either make the deal or not. If a dealership won't work with you, drive out and leave them your phone number. They will call back for sure. Lastly; Shop on the internet on sites like autotrader or cars.com. They have some tremendous deals and will come down on their prices sometimes. Nothing like a new Ranger!

 

My 2004 Ranger stickered for $26,510 and I got it on 0% nothing down, traded in my F350 Diesel(wish I hadn't) and my payments are $300 a month. I have owned the truck since May of 2004 when it was just a month off the assembly line and I now have it paid down under $14,000. Last I looked if I remember right it was like $13,857 or something like that. I'm halfway there WOOOOOHOOOOOOOOOO.

 

Actually, leasing is usually a lot better deal if the residuals are right. On average a person wants to trade vehicles about every 2 or 3 years. In 2 or 3 years you cant pay enough of the principal on your loan down to come out even or ahead on the note so you end up being "upside down" on your note. People always throw in the comment that they want to "own" the vehicle, which makes no sense since most people finance for 5 years and trade in 3 so they never really own the vehicle anyway. On a lease, you can get different length/mileage terms and if you stick to the terms, when you are done you can drop the keys off and walk away without any commitment to the vehicle or you can take the option to buy it at fair market price. I used to sell cars and leasing was the smart way to go. Just my 2 cents.

 

One thing to think about when it comes to leasing is that the person is paying interest on the residual which is something they never will "own". Unless however, they choose to buy it at the end of the lease. Cool (for me anyway since I profit), making payments for a longer perioid of time than buying; I've seen a few people sadly go this road over the years. Another thing to consider is that with leasing a person never owns anything, instead committing to making a monthly payment forever if they dump it at the end of the lease and repeat. This is a lot like renting a place to live, paying money to use something but never building equity. Someday folks realize "hmmmmm, this vehicle costs X dollars per month, this rental house costs X dollars per month, insurance costs X dollars per month, etc, hey wait a minute.........I won't be making that kind of money when I retire..........what am I gonna do?" When this happens at a later age, they discover that they will have to work forever, and most likely for somebody else, to keep their ship afloat. I guess that's why every now and then I see people that have GOT to be 70 or more years old working in WalMart or McDonalds. Sure sounds like a miserable way to spend what should be ones golden years.

*I've always found that the best interest paid is the interest other people pay to me.