Should I take out a loan on my 401k and buy this? I've really wanted a flatbed for some time now.

1952 Ford 2 Ton flatbed Truck

 

Well, it's running and driving, for the money that's a good deal. Personally I don't know why you drive anything other than the Airflow!

 

That's the thing, Ross, I've been driving nothing but the Airlfow because both of the Panels are not running. I am trying to get the 52 Panel running again. Hopefully, it'll be running by the end of the year. I miss it. I'd love to take it to local swap meets and actually have enough room to bring a wagon with me and all of the buys back. Tired of having to stuff everything into a sedan.

The flatbed would be useful too. My wife owns a preschool and we do a few parades a year. We normally rent a trailer or use our 18' car trailer. Plus, with a flatbed, I can make local parts runs, etc.

The only drawback is parking and maintenance. Having two old cars is already expensive enough. Having a third would put a strain... but the price is hard to beat.

 

the price may be hard to beat but if you have to take a loan out against 401k, that to me means you're already close on money. Adding in the cost associated with having this extra vehicle not to mention the monthly payments for repayment. Its doesnt seem like that good of a deal anymore.

The better way to go about it might be to rat hole some money each pay period or month away into a flatbed fund, wait till you have cash and then go shopping.

Or get a panel back in driving condition and sell it to fund the flatbed...

 

The Panels are here to stay! That's my staple.

As for the 401k, I already calculated what I'd pay myself back. It's only a few hundred more than I'm borrowing. Plus, I can afford to have the payment taken out from my paycheck every two weeks until I'm done.

I'm still kicking around this idea...

 

Thats a nice looking truck, As I was reading this I thought what would you do with a F-6 Flatbed? then you mentioned parades and thats exactly why my wife wanted me to keep the 52 F-6 flatbed that I picked up.
I only need mine to look like that one and we would be rolling already!
think of it this way, if the tires are good thats probably worth about 1500 +- right there!

I payed 300 for my truck, 75 for trailer rental (needed a big one to get it on)
75 for a new master cylinder. will still need to replace the rubber lines. at minimum.
Replace widow makers wheels ?? drove over a thousand miles for a trailer load full of damn tires payed a couple dollars for them lol
New Tires approx 1500.

new wood in bed, new wiring, redo seats, interior, body work, dents and fender patches etc, etc, paint assemble

I will be doing really good if I could get my F6 on the road for anywhere near that price! not to mention my time spent doing all the work. hmmmm decisions decisions,
good luck
josh

 

ILYA!! WITH TWO PANELS THAT ARE NOT RUNNING, YOU NEED TO GET YOUR PRIORITIES STRAIGHTENED OUT, and borrow money to get the flatbed too. It's a great price, and you will kick yourself if you don't. Buy it!

 

I let a '37 one ton that was all original and really clean get away once because I didn't have 1000.00 on a friday. Monday I had the money and it was gone, I still kick myself over that one. Would have looked really good hauling my Fordson!

 

NO!.......Anticipation is the best part .........make it last , start a fund, another one will come along. (guilt free)

 

Ilay,

I'm one of the biggest truck decease enablers on this board. I try to encourage people to buy more trucks and keep them whenever possible. Mainly because my funds are limited and I live out my truck addition through others. But, I wouldn't encourage anyone to dip into their 401K to buy a truck. Not only are you taking money that is making money for you, no matter how little right now, it's still your retirement fund and I wouldn't touch it. I think you'd also face some huge tax penalties. I'm no tax expert by far but I'm pretty sure there are consequences for pulling money out early.

Even though that truck looks like a real good deal you also have to consider all of the added expenses for a big truck. Storage is number one, you know that already. The ad said it needs new brakes and even though the seller states he has all of the parts there is the additional expense of having the work done. Also, does he really know what the truck needs? Has he pulled the drums and checked the condition of the drums and shoes. Repairing and maintaining the 1/2 ton panels is a whole lot easier and cheaper than these big boys. There is no mention of the condition of the wheels. If this truck has the WM rims that's a major expense, and if the truck needs new tires you're talking another huge expense. Also, these old beasts are gas hogs, it might cost twice as much to drive this truck than your panel trucks. If you have to take a loan out to buy this truck I think it might be a little too much for you right now. You asked for advice.

If you really want this truck maybe you could make arrangements with the seller for installment payments with him keeping the truck until it's paid for. He might be open this type of arrangement. I don't think vintage vehicles are moving too fast lately, especially these big boys, and he might consider it.

Good luck with whatever you decide.

 

It's a good looking truck, but to be honest I think you should wait. I haven't driven my truck much, because it drives like the USS Destroyer Carrier, (slow forward, slow stop, slow turn), and because of that it's not something I can really drive daily all that much at this time.

I wouldn't touch the 401K, maybe it's just because I've had so many unexpected things come up in my life I just don't ever do anything off of credit or loans, all too suddenly you might not be able to put it back and loose a lot. I've always been one to save up all I can and buy it flat out, and I have to agree with Old F1 the anticipation, the dream of the build is one of the very best parts of it all!

You have two panel trucks, it's just an idea but maybe one of them should be made to be driving now and then the other made to be more of a show truck. Once the "show trucK" one is done and you can drive that daily, do the other. The one for daily driving doesn't have to be what you really want it to be if you're going to go back later, it just needs to be drivable, so put in it whatever it needs and go back later.

That's just my opinion though, but you asked, lol

 

I would say no, just because I was brought up on, never borrow from your retirement. Using that rule I was able to retire at 57 and I'm loving life.

A second consideration is from personal experience. I bought an 1950 F5 a few years ago because I thought it would be great to have. It ran great, drove it home over 100 miles. Got it home and pulled it in my building and man is an F5 big. Lots bigger in the building than outside. I could get by but would probably have built another building before I was done. Then discovered it need 6 new tires and probably 6 rims (I was getting mixed advice on if it had split rims and if anyone would mount tires on it if they were). I decided to sell and cut my losses. I owned it for about 60 days, had some fun driving it around and sold it for about $1000 less than I had in it.

Jim..

 

I take it the loan is like the one i could do from my 401k. Its the same thing if i was to have someone else pay me my interest or my self. I would rather pay my self back than to pay someone else. I say go for it. I dont think 2500.00 will break your 401k!! Just my .02