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Started By
Message
Thoughts (financially) on this plan to revise my vehicle situation
Posted on 6/13/14 at 9:05 am
Posted on 6/13/14 at 9:05 am
Current situation:
Own wife’s car outright, value $3,000-$5,000
No mechanical issues, ok condition, small for our growing family.
Owe $4,000 on my truck, value $24,000-26,000.
No mechanical issues, good/great condition, currently use it 95%+ of the time instead of the car as family vehicle because it’s more roomy.
Me: 66 mile commute currently (round trip), will change to 20 mile (RT) early 2015.
Wife: 20 mile commute currently (round trip)
Future plans:
Plan A:
Sell my truck or trade in for a full size SUV (Tahoe/Yukon/Expy). Should be able to get into what we want for less than $5,000 difference (looking at a used SUV in the $28k range). Putting us at ~$9,000 (after truck payoff) total vehicle debt.
I use car, she uses SUV.
Once I move offices in early ’15, sell car and buy used old (mid-90s) pickup for $7,000-$10,000 total.
SUV debt should be down to $5,000 by that time and would add debt of about $5,500 between car and old truck deal putting us at a total of ~$10,500 vehicle debt. The plan would be to keep these vehicles for at least 6+ years.
Plan B:
Sell/trade in car for same SUV putting us at $31,000 vehicle debt going forward. No other changes
Conclusion:
The wife’s hesitation is that my truck will be paid for shortly and we’ll be done with it. While this is the case, I’d rather convert the equity (?) in the truck to an SUV. I don’t need a “fancy truck” if it’s not going to be our family vehicle that we’re driving all over.
Thoughts?
5
Posted on 6/13/14 at 9:23 am to poochie
I would go with Plan A. I am in the same situation. Bought my wife a brand new vehicle (GMC Acadia) and I drive a 2003 Chevy HD Crew Cab. I sleep better at night knowing the wife has a reliable vehicle getting the kids all around. Happy wife happy life.
Posted on 6/13/14 at 9:29 am to poochie
Just curious... what are the make/model/yr of the 2 current vehicles?
I'd personally lean towards just riding it out with the two that you already have. If they are relatively reliable vehicles, I would run them as long as possible.
What's the difference between a truck and a full size SUV at this point? I'm assuming similar cab room and fuel efficiency. Why pay more to get a relatively equivalent vehicle?
I also am not a big fan of the old pickup idea. I'm not familiar with prices, but 7k-10k for a 20yr old car?? Sounds like trouble to me.
I'd personally lean towards just riding it out with the two that you already have. If they are relatively reliable vehicles, I would run them as long as possible.
What's the difference between a truck and a full size SUV at this point? I'm assuming similar cab room and fuel efficiency. Why pay more to get a relatively equivalent vehicle?
I also am not a big fan of the old pickup idea. I'm not familiar with prices, but 7k-10k for a 20yr old car?? Sounds like trouble to me.
Posted on 6/13/14 at 9:44 am to kennypowers816
'10 f150
'06 fusion
New old truck would be '92-'03 f250 with 7.3L. It's the type of truck I had prior to foolishly selling it to buy the f150.
'06 fusion
New old truck would be '92-'03 f250 with 7.3L. It's the type of truck I had prior to foolishly selling it to buy the f150.
Posted on 6/13/14 at 9:48 am to kennypowers816
quote:
7k-10k for a 20yr old car?? Sounds like trouble to me
I was about to ask if OP realized that mid-90s = a 20 year old vehicle
Posted on 6/13/14 at 10:24 am to Booyow
I'm fully aware of the age. I would plan to do my due diligence on whatever I choose. I'm in no rush so a decision wouldn't be made in haste.
I'm not looking for something to take cross country, just around locally and to the camp. I am mechanically inclined and can fix most anything that would break. The 7.3 has a very good track record in general. And if the whole thing implodes, the experiment would only set me back a few grand.
I'm not looking for something to take cross country, just around locally and to the camp. I am mechanically inclined and can fix most anything that would break. The 7.3 has a very good track record in general. And if the whole thing implodes, the experiment would only set me back a few grand.
Posted on 6/13/14 at 10:46 am to poochie
I'm in a similar situation. Wife has an '08 Altima paid off. I have '10 4Runner Limited with only ~35000 miles on it that I owe about $4k on. Starting a family soon so want to get her something bigger/more reliable. We agree there's no need in us having 2 SUV's. Would make sense for us to also have a truck for when a truck is needed. Neither commute very far.
So... she has already said she'll just take my 4Runner (which she really likes) and I can get a new (to me) truck!
Gotta love a wife that's practical when it comes to money!
Probably will wait another year or so before making a purchase, but I am already excited to go truck shopping.
So... she has already said she'll just take my 4Runner (which she really likes) and I can get a new (to me) truck!
Gotta love a wife that's practical when it comes to money! Probably will wait another year or so before making a purchase, but I am already excited to go truck shopping.
Posted on 6/13/14 at 1:57 pm to That's BS
Calling BS on this thread. How does everyone's wife seem to be the "cool wife"? 
Posted on 6/13/14 at 2:31 pm to poochie
If you don't have to sell either vehicle, don't sell either vehicle. Save the money.
Cars are necessary evils; as long as the present vehicles are safe and reliable every day that you put off investing more into transportation costs* is a win for your overall financial situation.
*The only exception is repairs/maintenance on your present transportation. These costs must be appropriately judged (e.g. you wouldn't spend $10k to repower a '02 Lexus LS 430).
Cars are necessary evils; as long as the present vehicles are safe and reliable every day that you put off investing more into transportation costs* is a win for your overall financial situation.
*The only exception is repairs/maintenance on your present transportation. These costs must be appropriately judged (e.g. you wouldn't spend $10k to repower a '02 Lexus LS 430).
Posted on 6/13/14 at 2:32 pm to screwstontiger
quote:
PostedCalling BS on this thread. How does everyone's wife seem to be the "cool wife"?
While I do have a cool wife, she's against this plan because "I get a new vehicle" (the truck). The truck would be vehicle #6 in 18 years for me, the SUV would be her second (didn't get her own "first" until 06).
Posted on 6/13/14 at 2:42 pm to screwstontiger
quote:
Calling BS on this thread. How does everyone's wife seem to be the "cool wife"?
my wife is super cool. But she demanded a new car last year. I got a year delay out of it though.
she did want to go with a nissan sentra, an dI talked her into the altima. so at least she is cheap.
Posted on 6/13/14 at 2:45 pm to poochie
Mine actually suggested the idea of her getting my 4Runner and me getting a truck. At a later date I was looking up the trade in value on mine on KBB and she was like "Why are you looking that up? I thought I was going to get it and you were gonna get a truck??" Who am I to argue with her?
She's actually very good about not wasting money on materialistic things.
Posted on 6/13/14 at 3:03 pm to poochie
So wife is getting a nice SUV regardless. That sounds like your primary objective.
I think a matter of 7-8 months or so timeline of when you ultimately determine your ride for the next 6+ years is semi-irrelevant too.
So it boils down to would you rather the truck you have now or the older model truck you were mentioning? Sounds like you aren't pleased with your F150. If you're the type to drive a vehicle til the wheels fall off, why stick with a truck you're not happy with for "6+ years" longer?
If you'd prefer the older truck anyway, go option A.
I think a matter of 7-8 months or so timeline of when you ultimately determine your ride for the next 6+ years is semi-irrelevant too.
So it boils down to would you rather the truck you have now or the older model truck you were mentioning? Sounds like you aren't pleased with your F150. If you're the type to drive a vehicle til the wheels fall off, why stick with a truck you're not happy with for "6+ years" longer?
If you'd prefer the older truck anyway, go option A.
Posted on 6/13/14 at 3:14 pm to That's BS
Yes, wife will be getting a used SUV at some point. That part of the deal is happening.
Backstory on the truck: I bought an f250 out of college in '03 and loved it. Took a job in '10 that provide a nice vehicle allowance but required a vehicle to be less than 4 years old. Foolishly I decided to sell the truck I had wanted since I was a kid for the f150 that I have now. If I wouldn't have needed a newer truck, I'd still be in my f250 today.
Anyway, after 6-8 months, I grew to hate the job and left.
So, it's not that I "don't like" the f150, it's more that I want to take the money that's in the truck and convert it to an SUV that my wife will use. We've got a lot of money tied up in it and I'd rather use it to get an SUV than take on another $500+/60 month note.
Backstory on the truck: I bought an f250 out of college in '03 and loved it. Took a job in '10 that provide a nice vehicle allowance but required a vehicle to be less than 4 years old. Foolishly I decided to sell the truck I had wanted since I was a kid for the f150 that I have now. If I wouldn't have needed a newer truck, I'd still be in my f250 today.
Anyway, after 6-8 months, I grew to hate the job and left.
So, it's not that I "don't like" the f150, it's more that I want to take the money that's in the truck and convert it to an SUV that my wife will use. We've got a lot of money tied up in it and I'd rather use it to get an SUV than take on another $500+/60 month note.
Posted on 6/13/14 at 4:27 pm to poochie
well here is the best advice you could ever get.
create a account on copart. its a online car auction.
you can bid on any car at locations all over. they have 3 yards in louisiana alone.
they auction off wrecked cars and trucks and motorcycles. you dont need a dealers license at all.
most of the autos will have a salvage title because the ins company totaled them.
i bought a 2007 4door honda accord with 106k miles for 2500. i spent 1k in parts and have a perfectly running car.
my friend just recently bought a 99f250 4door 4x4 with the 7.3 for $2200 bucks. it also had a brand new garrett turbo installed before he bought it. he drove it from jackson ms. all it needed was a bed because it was beat up. that was only 800 dollars. he came ahead like a champ.
see where im going here? tons of cars and trucks for a fraction of the price of something not wrecked.i make a living doing this. very easy living. your welcome.
create a account on copart. its a online car auction.
you can bid on any car at locations all over. they have 3 yards in louisiana alone.
they auction off wrecked cars and trucks and motorcycles. you dont need a dealers license at all.
most of the autos will have a salvage title because the ins company totaled them.
i bought a 2007 4door honda accord with 106k miles for 2500. i spent 1k in parts and have a perfectly running car.
my friend just recently bought a 99f250 4door 4x4 with the 7.3 for $2200 bucks. it also had a brand new garrett turbo installed before he bought it. he drove it from jackson ms. all it needed was a bed because it was beat up. that was only 800 dollars. he came ahead like a champ.
see where im going here? tons of cars and trucks for a fraction of the price of something not wrecked.i make a living doing this. very easy living. your welcome.
Posted on 6/13/14 at 7:55 pm to brbowhunter
Your used car salesman schtick is getting pretty old. No one cares that you "work for yourself" by selling pos cars to your redneck friends.
Posted on 6/13/14 at 8:53 pm to iAmBatman
quote:
Your used car salesman schtick is getting pretty old. No one cares that you "work for yourself" by selling pos cars to your redneck friends.
why do u troll me? do u have anything better to do in life? guess not
Posted on 6/13/14 at 9:12 pm to brbowhunter
Dave Ramsey would not go into debt buying a new car. Either trade the truck in for something similiar in value or pay the truck off and start saving for other things. You can buy 5K vehicles all day long.
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