- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Looking at getting a new truck
Posted on 9/25/24 at 9:29 am
Posted on 9/25/24 at 9:29 am
I have a 2013 Ford F-150 with 156,000 miles. I also have a work truck so I barely use my personal one. I was told that by 175,000 they lose all of their value. So before I'm left on the side of the road and my truck loses all of its value. I am wanting to get a new one. No truck note, house note. I have a small amount of student loans about 30k. I have 32k in the bank cash. I also have a 60k land loan I just got into in April that we plan to build a house on in about 2 years when the SO gets out of nursing school.
Would this be a bad move and put me back significantly in building a home down the road? I need help.
Would this be a bad move and put me back significantly in building a home down the road? I need help.
17
Posted on 9/25/24 at 9:33 am to KRobinson
quote:
e. I was told that by 175,000 they lose all of their value.
Anything mechanically sound is worth 5k these days. Trucks will be worth more than that.
Posted on 9/25/24 at 9:42 am to KRobinson
If you’re saving for a house and you don’t drive it much, you probably should keep what you have and save for the house.
Once in the house and your wife is working, you’ll know more on your budget for a new truck.
Once in the house and your wife is working, you’ll know more on your budget for a new truck.
Posted on 9/25/24 at 9:45 am to KRobinson
quote:
I also have a work truck so I barely use my personal one.
If I had a vehicle my company paid for and they weren't arseholes with the restrictions, I'd just drive their stuff and let them eat the costs.
Posted on 9/25/24 at 9:48 am to KRobinson
quote:
Would this be a bad move
Yes. I put 300k on a F150 one time. Do the math on what you will be able to save up if you drive yours another 125k and put that "truck note" in savings for however long it will take you to drive 125k miles
Posted on 9/25/24 at 9:51 am to KRobinson
I’d keep it if it runs. New trucks are less reliable then they have been in the past. If you don’t have any issues you might just be buying a problem.
Posted on 9/25/24 at 9:54 am to Beessnax
quote:
Yes. I put 300k on a F150 one time. Do the math on what you will be able to save up if you drive yours another 125k and put that "truck note" in savings for however long it will take you to drive 125k miles
I go back and forth on this. Vehicles just aren't made to last anymore and what you save in a truck note, assuming you don't have warranty, you get slammed on with repairs and your stuff is frequently in the shop.
If my note is around the 400's and I pay off the truck, that's great. I can save 4,800 bucks a year. But if I have one major repair in that year, say a transmission or something like that, pretty much all I saved goes right down the drain.
This post was edited on 9/25/24 at 9:56 am
Posted on 9/25/24 at 10:14 am to JiminyCricket
quote:
If my note is around the 400's and I pay off the truck, that's great. I can save 4,800 bucks a year. But if I have one major repair in that year, say a transmission or something like that, pretty much all I saved goes right down the drain.
no it doesn't.. it goes into a new transmission that should run for another 200k... and hopefully you then save on truck payments for several years.
there's too many dumbasses around convincing themselves they need new ford raptors for 75k while they have a company truck, debt and no money in a 529 for their kids. most of these trucks never even touch anything other than pavement. my god you should see how many city slickers around doing this.
vanity and insecurity at it's finest.
pay off your car/truck, save your money and put it toward something useful. not another depreciating asset that costs twice as much as your last one while you're neglecting your kid's college savings.
Posted on 9/25/24 at 10:21 am to KRobinson
Your truck is already not worth much, will be $10,000 - $20,000 retail depending on condition and options. If you have a work truck, get a cheap car instead if you want something that will be more reliable.
Truck prices are plummeting, but they are still much higher than they should be.
Truck prices are plummeting, but they are still much higher than they should be.
Posted on 9/25/24 at 10:23 am to TexasTiger34
It's just a different approach to the same problem and I don't know if some of your comments were aimed at me specifically but if they were directed at me in particular, there's a lot of assumptions there that I didn't say.
I mean, sure but all of the vehicles i've had and the folks around me have had, once the issues start, they don't tend to stop.
I actually said earlier in the thread that if you have a company paid vehicle, just drive their stuff. why wouldn't you? I also didn't advocate for buying 1) a new vehicle nor 2)an expensive 70-90k vehicle like a raptor. I buy used for my day to day vehicle and I promise, they aint near even 50k.
Again, never said any of that. If you reasonably cannot afford a vehicle, you shouldn't buy it. By not afford it, I mean if you have no money to save, no money to invest, you're house poor, you cannot pay your monthly bills because you have a $1,000/month note on your vehicle, of course that's a terrible purchase. I just don't see a huge issue with buying a reliable, under warranty used vehicle that fits nicely into a responsible household budget breakdown.
quote:
no it doesn't.. it goes into a new transmission that should run for another 200k... and hopefully you then save on truck payments for several years.
I mean, sure but all of the vehicles i've had and the folks around me have had, once the issues start, they don't tend to stop.
quote:
there's too many dumbasses around convincing themselves they need new ford raptors for 75k while they have a company truck, debt and no money in a 529 for their kids. most of these trucks never even touch anything other than pavement. my god you should see how many city slickers around doing this.
I actually said earlier in the thread that if you have a company paid vehicle, just drive their stuff. why wouldn't you? I also didn't advocate for buying 1) a new vehicle nor 2)an expensive 70-90k vehicle like a raptor. I buy used for my day to day vehicle and I promise, they aint near even 50k.
quote:
pay off your car/truck, save your money and put it toward something useful. not another depreciating asset that costs twice as much as your last one while you're neglecting your kid's college savings.
Again, never said any of that. If you reasonably cannot afford a vehicle, you shouldn't buy it. By not afford it, I mean if you have no money to save, no money to invest, you're house poor, you cannot pay your monthly bills because you have a $1,000/month note on your vehicle, of course that's a terrible purchase. I just don't see a huge issue with buying a reliable, under warranty used vehicle that fits nicely into a responsible household budget breakdown.
This post was edited on 9/25/24 at 10:24 am
Posted on 9/25/24 at 10:26 am to DarthRebel
quote:
Your truck is already not worth much, will be $10,000 - $20,000 retail depending on condition and options. If you have a work truck, get a cheap car instead if you want something that will be more reliable.
I'm still hazy on his situation with the work vehicle. If you have a company truck that you're able to drive, why not just sell your old vehicle and pocket the money as savings for your home? Does he realistically need a company and a personal vehicle? I'm asking because I really don't know.
Posted on 9/25/24 at 10:26 am to JiminyCricket
quote:
I go back and forth on this. Vehicles just aren't made to last anymore and what you save in a truck note, assuming you don't have warranty, you get slammed on with repairs and your stuff is frequently in the shop.
If my note is around the 400's and I pay off the truck, that's great. I can save 4,800 bucks a year. But if I have one major repair in that year, say a transmission or something like that, pretty much all I saved goes right down the drain.
Has your truck been properly maintained? Oil changes at 5k? Transmission serviced at 50K? Rear axel oil changed at 50K? ETC. If so, you should get a lot more miles out of your vehicle. What can you get for your truck now? How much for a new one?
Personally, I would keep the old truck since you don't use it. Yes, it will lose value, but you'd be saving the downpayment and monthly note. Yes, you may have to pay for repairs--still cheaper than going the new route.
But it's really up to you. You'd have peace of mind owning a new truck, paying a monthly note, and not driving it much because you use the work truck. If that helps you sleep better at night, do it. As a financial move, I vote no.
Posted on 9/25/24 at 10:47 am to KRobinson
quote:
Would this be a bad move
Yes. Financially, you always come out behind buying new vs repairing already owned.
You could blow up 10 engines in your current truck before you start breaking even on a new one.
Take the estimated note and insurance on a new one and pay yourself that into a savings account. Take money out of there to maintain your current vehicle. There will be a bunch of money in there all the time.
Posted on 9/25/24 at 10:47 am to KRobinson
Need some more info. Can you drive this work truck as much as you want? Are there any restrictions? How stable is this job with the work truck? What's the wife nursing school debts and/or vehicle situation.
With the little info we have I would keep the personal truck since you aren't OT baller. Would possibly sell if you need to speed up for the house (even though that will not do a lot).
With the little info we have I would keep the personal truck since you aren't OT baller. Would possibly sell if you need to speed up for the house (even though that will not do a lot).
Posted on 9/25/24 at 10:53 am to JiminyCricket
F dem kids, I just need to know where you found a new Raptor for $75k. sign me up for 84 months
Posted on 9/25/24 at 10:54 am to KRobinson
You aren't driving it much, last thing you need is a new truck/note and still not drive it much.
Posted on 9/25/24 at 11:01 am to KRobinson
write a 30K check for the student loan, it's gone forever, and keep the truck longer
someone telling you the truck has no value, that guy's an idiot and/or a swindler
ETA: this is exactly what Dave Ramsey would tell you to do
someone telling you the truck has no value, that guy's an idiot and/or a swindler
ETA: this is exactly what Dave Ramsey would tell you to do
This post was edited on 9/25/24 at 11:03 am
Posted on 9/25/24 at 11:08 am to KRobinson
pay your smallest debts off first, and quickly
30K student loan, 32K in cash, bam, no brainer
pay it off today
you only have 2K left, go get a bottle of bourbon and mourn that for one night, then wake up the next morning without a school loan
30K student loan, 32K in cash, bam, no brainer
pay it off today
you only have 2K left, go get a bottle of bourbon and mourn that for one night, then wake up the next morning without a school loan
Posted on 9/25/24 at 11:14 am to KRobinson
Up to you, but I’m clearing out any and all debt before taking on any new debt. You could knock out that student loan debt quick as hell.
Especially if it’s not urgent.
Imagine life with no debt and being able to use your income on things you actually want and need.
Especially if it’s not urgent.
Imagine life with no debt and being able to use your income on things you actually want and need.
This post was edited on 9/25/24 at 11:16 am
Posted on 9/25/24 at 12:07 pm to KRobinson
So you have student loans, a land loan and want to take on a car note while also building a home on another loan in a couple years? All while your truck is fine and you barely drive it.
Yeah, real bad idea. Focus on paying off the student loans to free up that cash flow, you could pay them off today sounds like unless part of that savings i emergency fund which i would keep. Get rid of the student loans by the time you build so you wont have so much debt saddling down on you at once.
Yeah, real bad idea. Focus on paying off the student loans to free up that cash flow, you could pay them off today sounds like unless part of that savings i emergency fund which i would keep. Get rid of the student loans by the time you build so you wont have so much debt saddling down on you at once.
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News