Payments?
Cargo Master
Joined: Nov 2004
Posts: 2,751
Likes: 3
From: So Oregon
Originally Posted by one_wicked_element
That had me laughing. 
If you want a cheaper payment, look for used?
If you want a cheaper payment, look for used?
Tuned
Joined: Dec 2007
Posts: 338
Likes: 25
From: Hooterville, WI
Originally Posted by one_wicked_element
So, how much did you save a month to be able to pay cash for the truck? You did a "truck payment", but just different then the rest of us.
Hotshot
Joined: Aug 2006
Posts: 17,398
Likes: 317
From: Whittier, CA
Originally Posted by fivonut
I've been putting away a couple 100 a month for a couple years here and there. Part of it was tax return money from this year and another part was form selling my Exploder. You're right though, I did make monthly payments, only to myself and into an account that earned interest instead of paying it to someone else. I haven't had a lein on a vehicle in 7 years. I always tell people that if you have a reliabel vehicle to drive, then take the money that you'd be paying on a loan and put it away for a couple years, then pay cash. In the long run you end up with a lot more money in your pocket and greater buying power.
Bill
Tuned
Joined: Dec 2007
Posts: 338
Likes: 25
From: Hooterville, WI
Originally Posted by bpounds
A good way to segway into that is to make your current truck payment an automatic debit on a savings account, and have a portion of your paycheck automatically deposited in that account. Credit union is an easy way to do that, but your bank can do it too. Then, when your current truck is paid for, DO NOT stop making the automatic deposit. Your budget is already working with that payment, but now you'll be making the payment to yourself. In about 3 short years you'll be able to pay cash for your next truck.
Bill
Bill
FTE Leadership Emeritus
Joined: Jul 2002
Posts: 42,561
Likes: 420
From: Long Island USA
In my case, I'm still paying 2 more years of a $10K loan at $271 a month.
What happened, was, the consulting firm I worked for would lease a vehicle for me. I chose the truck. They leased it at around $650/month for four years.
The buy-back at the end was $9K. So, I took out a four-year loan for $10k (rolled in sales tax) and bought it myself.
Investigate a lease as well... if you know you're not going to beat on it, and you know that you won't go over the mileage (and I do mean KNOW you won't), the payments might be favorable to a loan.
In my case, I didn't pay the first $31K of lease payments... I worked for it, though.
Overall, my truck will cost $44,000 in payments, with around $29K as the brand-new price negotiated with the dealer.
And, leases are attractive when you are using it for a business, in terms of tax deductions.
But not so much when you intend to own it forever.
What happened, was, the consulting firm I worked for would lease a vehicle for me. I chose the truck. They leased it at around $650/month for four years.
The buy-back at the end was $9K. So, I took out a four-year loan for $10k (rolled in sales tax) and bought it myself.
Investigate a lease as well... if you know you're not going to beat on it, and you know that you won't go over the mileage (and I do mean KNOW you won't), the payments might be favorable to a loan.
In my case, I didn't pay the first $31K of lease payments... I worked for it, though.
Overall, my truck will cost $44,000 in payments, with around $29K as the brand-new price negotiated with the dealer.
And, leases are attractive when you are using it for a business, in terms of tax deductions.
But not so much when you intend to own it forever.
Hotshot
Joined: Aug 2006
Posts: 17,398
Likes: 317
From: Whittier, CA
I'm not a fan of leases at all for individuals. But it can make sense for someone who likes a new vehicle every 2-3 years. I tend to drive them until the wheels fall off. To each his own. Leasing make no financial sense at all for those who like modifications.
Bill
Bill
Hotshot
Joined: Apr 2004
Posts: 13,589
Likes: 2
From: NW burbs of chicago
I bought mine used, put 10k down, payments were 329 a month for 4 years, paid it off almost a year early, by putting anywhere from 450-650 a mopnth at it. now I make a 450 doller payment to my savings account every month 
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Tuned
Joined: Apr 2005
Posts: 396
Likes: 2
Originally Posted by dkf
..........The F-150 I priced at the first dealership I went to would have cost $35 a month more than the SD I bought. Shop around.
Hootbro
Elder User
Joined: Sep 2006
Posts: 503
Likes: 0
my payments are 1250 a month for 48 months.that included some extra stuff for the truck,the extended warrenty,ect.at 0 percent financing.and yes, a lariet in Alberta is close to 60,000 with extended warrenty and all the extras.
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