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Started By
Message
re: Buying a New Truck.
Posted on 10/10/15 at 8:31 pm to LSU_Saints_Hornets
Posted on 10/10/15 at 8:31 pm to LSU_Saints_Hornets
People are lecturing you b/c you seem like a young inexperienced guy. 1. you are listening to your dads advice on how much to put down. 2. There seems to be too big of a difference for you in 48 and 60 months that you are even concerned in payment difference.
Most likely you can't afford this truck long term the way you think you can. And even if you get out the door 45k with 0%, in 4 years you've only got about a 22k truck max, but if you trade it in then, about a 17k truck that's if nothing too bad happens to it in 4 years. If you are absolutely certain you will want to keep this truck about 7plus years, then I would say go for it. But to me, the "sweet spot" of buying new, is actually buying virtually the same truck that's 4 years old. That's when the majority of it's depreciation has already taken place.
Here's the deal though; most likely you will not want to keep this truck the duration of the term. Once it starts hiccuping or getting a few bumps and scrapes, you'll want something else. Even if you don't, it's pretty normal for a person to start being miserable with a new vehicle after 2 or 3 years b/c the new is far worn off. There's tons of better investments you can make with $12k and that monthly payment then a brand new truck.
Most likely you can't afford this truck long term the way you think you can. And even if you get out the door 45k with 0%, in 4 years you've only got about a 22k truck max, but if you trade it in then, about a 17k truck that's if nothing too bad happens to it in 4 years. If you are absolutely certain you will want to keep this truck about 7plus years, then I would say go for it. But to me, the "sweet spot" of buying new, is actually buying virtually the same truck that's 4 years old. That's when the majority of it's depreciation has already taken place.
Here's the deal though; most likely you will not want to keep this truck the duration of the term. Once it starts hiccuping or getting a few bumps and scrapes, you'll want something else. Even if you don't, it's pretty normal for a person to start being miserable with a new vehicle after 2 or 3 years b/c the new is far worn off. There's tons of better investments you can make with $12k and that monthly payment then a brand new truck.
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Posted on 10/10/15 at 11:13 pm to LNCHBOX
quote:
What one person calls a mistake can be another person's enjoyment.
This is a dumb arse statement for someone trying to decide whether to purchase a luxury item like a 40-50k truck. These are the same people that cry when they lose their job because they don't have 6 months salary saved.
This post was edited on 10/10/15 at 11:18 pm
Posted on 10/11/15 at 11:46 am to LSUTOM07
Really?
Posted on 10/11/15 at 12:42 pm to LSUTOM07
OP said earlier that he's got his retirement, got his savings, and wants to treat himself.
I Bought a $40k truck 18 months ago, and it was under very much the same circumstances. Would that $40k have been a better spent somewhere else? Sure, I could have further bolstered my savings ($30k in savings, $100k in retirement, and my wife just sold a business that we owner financed, so we're getting payments for that monthly for the next 5 years), and I bust my arse between work and raising a family, so I wanted to reward myself with a nice car that I'll drive for 8-10 years and possibly pass down to my son when he gets his license. I also recognize that 'all work and no play makes Jack a dull boy', and sometimes, life is short, so you have to live in the moment and treat yourself sometimes. Not everyone that decides to spend $40k on a nice new truck, is cash poor and fiscally irresponsible.
I Bought a $40k truck 18 months ago, and it was under very much the same circumstances. Would that $40k have been a better spent somewhere else? Sure, I could have further bolstered my savings ($30k in savings, $100k in retirement, and my wife just sold a business that we owner financed, so we're getting payments for that monthly for the next 5 years), and I bust my arse between work and raising a family, so I wanted to reward myself with a nice car that I'll drive for 8-10 years and possibly pass down to my son when he gets his license. I also recognize that 'all work and no play makes Jack a dull boy', and sometimes, life is short, so you have to live in the moment and treat yourself sometimes. Not everyone that decides to spend $40k on a nice new truck, is cash poor and fiscally irresponsible.
Posted on 10/11/15 at 1:42 pm to anc
quote:
Your total value of all of your vehicles, boats, RVs, ATVs, etc. should never exceed half of your income.
That's the first time I've ever heard that rule of thumb. What is it based on?
Anyway, I assume you mean daily drivers and what not, because if one has collectible vehicles, that goes out the window pretty quickly.
Posted on 10/12/15 at 10:23 am to LSU_Saints_Hornets
Ultimately it's your money, and you can spend it however you want. My question would be, look at maybe a $30K truck. The depreciation on vehicles are ridiculous, so I would try to squeeze down a bit on expense, but that's just me.
Posted on 10/12/15 at 11:06 am to LSUGUMBO
quote:
life is short, so you have to live in the moment and treat yourself sometimes. Not everyone that decides to spend $40k on a nice new truck, is cash poor and fiscally irresponsible.
I agree with this. If you can afford a $50k vehicle, then go for it.
Me personally, if I had $50k to spend on a vehicle, a new truck would be WAAAY down the list. I look at trucks as utilitarian. I want one that can pull a trailer/boat, haul stuff, etc. while not having to worry about it getting dinged up. Because trucks are going to get dinged up if you use it for its intended purpose. Finding a decent, reliable truck for $20-$30k isn't that difficult.
Posted on 10/12/15 at 12:10 pm to kywildcatfanone
quote:
Ultimately it's your money, and you can spend it however you want. My question would be, look at maybe a $30K truck. The depreciation on vehicles are ridiculous, so I would try to squeeze down a bit on expense, but that's just me.
This is good advice. A 2015/2016 Toyota Tacoma or Chevy Colorado 4 door could be had for under $35,000 very well equipped...and even less if you are cautious with the options. They would get better mileage than a full sized rig, take up less space in the driveway/garage, go almost anywhere off road, last hundreds of thousands of miles, and tow 6,000-7,000 lbs.
For 90% of truck buyers, that's a perfect fit and a reasonable price.
This post was edited on 10/12/15 at 12:16 pm
Posted on 10/12/15 at 12:18 pm to member12
If you are cautious with the options, you can buy a full sized truck for about the same as a midsized truck
The tacomas and colorados are extremely overpriced for what you are getting compared to a similarly equipped full size
The tacomas and colorados are extremely overpriced for what you are getting compared to a similarly equipped full size
Posted on 10/12/15 at 12:26 pm to hungryone
You're letting personal philosophy dictate your advice for someone else's decision. I agree with you completely, but maybe the OP gives 2 shits about seeing The Coliseum or being lucky enough to walk the Cliffs of Moher. To each their own.
Posted on 10/12/15 at 2:24 pm to member12
quote:
This is good advice. A 2015/2016 Toyota Tacoma or Chevy Colorado 4 door could be had for under $35,000 very well equipped
You can buy a (ETA: Well equipped... i.e Lariat F150, LTZ Silverado, etc) fullsize crew cab for $35k, or very close to it. When you're talking about spending a lot of money on a vehicle that you plan to drive for a long time, why compromise?
quote:
They would get better mileage than a full sized rig
Barely.
quote:
ake up less space in the driveway/garage
Barely.
quote:
go almost anywhere off road,
"For 90% of truck buyers" More like for 99.9% of truck buyers, this shouldn't even factor into the decision.
quote:
last hundreds of thousands of miles
Full sizes do just the same.
This post was edited on 10/12/15 at 2:27 pm
Posted on 10/12/15 at 2:25 pm to LSUTOM07
quote:
This is a dumb arse statement for someone trying to decide whether to purchase a luxury item like a 40-50k truck. These are the same people that cry when they lose their job because they don't have 6 months salary saved.
This is a dumbass statement by someone that clearly missed the point sailing straight over his head.
Posted on 10/12/15 at 3:02 pm to Jag_Warrior
quote:
Your total value of all of your vehicles, boats, RVs, ATVs, etc. should never exceed half of your income.
That's the first time I've ever heard that rule of thumb. What is it based on?
Anyway, I assume you mean daily drivers and what not, because if one has collectible vehicles, that goes out the window pretty quickly.
I read it in one of Thomas Stanley's books. Collectibles are more investment-focused.
Posted on 10/12/15 at 4:04 pm to anc
I think you should buy a Honda 
Nah...all jokes aside...do whatever makes you happy. Day in and day out I deal with clients and each ones' situation is different. At the end of the day, if you love the truck, buy it.
Nah...all jokes aside...do whatever makes you happy. Day in and day out I deal with clients and each ones' situation is different. At the end of the day, if you love the truck, buy it.
Posted on 10/12/15 at 4:53 pm to LSU_Saints_Hornets
quote:
Zero percent seems ridiculous to me. Why would I want to pay nearly a $1k a month on a vehicle?
You are going to pay x amount of dollars for the vehicle whether you put a large down payment or none. People are saying this because money is so cheap right now, meaning you can get a really low interest rate. So if you kept your 17k, put it in an index fund you could make more than the interest rate.
The catch is you can never lower your payments, so just be able to handle those payments. To counter that issues though, if you run into a problem and have that 17k in a fairly liquid asset you could have 17 $1000 dollar truck payments on hand if you ever get in a bind.
This post was edited on 10/12/15 at 4:55 pm
Posted on 10/12/15 at 6:43 pm to LNCHBOX
quote:
You can buy a (ETA: Well equipped... i.e Lariat F150, LTZ Silverado, etc) fullsize crew cab for $35k, or very close to it. When you're talking about spending a lot of money on a vehicle that you plan to drive for a long time, why compromise?
The full sized models appear to sell for anywhere between $5500-$8000 more than the mid sizers....comparing apples to apples, trim level to trim level.
Posted on 10/12/15 at 7:04 pm to barry
quote:
The catch is you can never lower your payments, so just be able to handle those payments. To counter that issues though, if you run into a problem and have that 17k in a fairly liquid asset you could have 17 $1000 dollar truck payments on hand if you ever get in a bind.
This is why it's much better to just take the higher monthly payment if you can get a sub 3% rate. They won't care if your note is $400 or $600 if you suddenly can't make the payments. By keeping the cash, you buy yourself a lot of time.
Ford is doing 0%/72 on many of their vehicles right now if you're considering an F150.
Posted on 10/12/15 at 7:09 pm to GoldenD
quote:
Ford is doing 0%/72 on many of their vehicles right now if you're considering an F150.
Usually those are in lieu of hefty factory rebates though.
Posted on 10/12/15 at 7:15 pm to goofball
True, but the rebate on platinums was only $1500 when I bought mine. I think the Lariats were maybe $2500. The interest saved at that price point over 6 years beats out the rebates, but each situation should certainly be compared.
Posted on 10/12/15 at 9:25 pm to goofball
quote:
The full sized models appear to sell for anywhere between $5500-$8000 more than the mid sizers....comparing apples to apples, trim level to trim level.
Comparing MSRP maybe. From what I'm seeing $31500 looks to be the cheapest Colorado Crew Cab with leather, heated seats, and nav within 500 miles of me. The cheapest Silverado LTZ crew cab with those options is $33800. The extra $2300 is a no brainer IMO. And if you're willing to look at the extended instead of crew cab, which has basically as much space as the Colorado, you can get that for basically the same as price as the Colorado, but you'll have a much more useful bed and more features.
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