Im thinking about doing it!!!
FTE Leadership Emeritus
Joined: Sep 2000
Posts: 23,174
Likes: 1,678
From: Stephensville WI
Right, look at it this way.
Say you have 4 bills, $400 a month for the truck, $200 a month for a credit card, $300 a month for a line of credit and $250 a month for a credit card. You have $400 spare cash each month.
Instead of doubling the truck payment (the largest bill) put the extra money into the $200 a month card (the smallest bill). It'll get paid off fast, now you have $600 a month extra.
Pay off the $250 a month card with the $600 a month extra and the normal $250, it'll go fast and suddenly you have $850 a month extra !
Dump that on the line of credit, pay it off fast, now you have $1150 EXTRA to dump on your truck payment to get it paid down fast!
Say you have 4 bills, $400 a month for the truck, $200 a month for a credit card, $300 a month for a line of credit and $250 a month for a credit card. You have $400 spare cash each month.
Instead of doubling the truck payment (the largest bill) put the extra money into the $200 a month card (the smallest bill). It'll get paid off fast, now you have $600 a month extra.
Pay off the $250 a month card with the $600 a month extra and the normal $250, it'll go fast and suddenly you have $850 a month extra !
Dump that on the line of credit, pay it off fast, now you have $1150 EXTRA to dump on your truck payment to get it paid down fast!
Junior User
Joined: Oct 2005
Posts: 87
Likes: 0
From: Salt Lake City, Utah
Countermaker, you mentioned delivering countertops. What type? My family business is granite, marble, etc. counters. I grew up in the granite biz.
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Tuned
Joined: Mar 2005
Posts: 330
Likes: 0
From: SW Oklahoma
Countermaker, I'm going to jump on the don't sell it bandwagon. I bought my first new truck at 23, and from then for the next 15 years I traded darn near every time my situation changed and I felt like I could afford more or I got worried I was paying too much (like every 1 to 2 years on the average). Looking back, I don't even want to add up how much money I lost playing that game. If you can afford to keep it, I highly recommend doing that. As others have said, you probably won't be happy in a Civic (or whatever), and in the long run, you'll lose even more money getting yourself back into something you can be satisfied with again. Stick it out, at least until you can break even on it. Of course, then it won't seem like such a bad deal to keep it and keep on building equity in it - it's a good investment then, 'cause unless you really pile up the miles on it, these trucks are always going to be worth something.
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1980 - 1986 Bullnose F100, F150 & Larger F-Series Trucks
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Apr 16, 2013 04:49 PM
