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Vehicle question
Posted on 2/11/20 at 7:29 pm
Posted on 2/11/20 at 7:29 pm
I drive a 2017 truck with 83,000 miles on it. I financed it so I'm upside down on it right now I guess. I obviously drive a lot for work and I have to pay for everything myself.
I need to have a truck bed for the nature of my work.
Question is....At what point should I trade it in and get another? Or should I just keep paying on it and drive it till the wheels fall off?
KBB value right now ranges from 17-22k
TIA
I need to have a truck bed for the nature of my work.
Question is....At what point should I trade it in and get another? Or should I just keep paying on it and drive it till the wheels fall off?
KBB value right now ranges from 17-22k
TIA
9
Posted on 2/11/20 at 7:37 pm to The Levee
Do you claim the truck on your taxes?
You should trade the truck in for a newer one when the expected annual maintenance expenses (including lost productivity) exceed the incremental cost of a new truck + additional depreciation.
You should trade the truck in for a newer one when the expected annual maintenance expenses (including lost productivity) exceed the incremental cost of a new truck + additional depreciation.
Posted on 2/11/20 at 7:47 pm to LSUtigerME
You can't claim the truck on taxes anymore. I'm not 1099.
Posted on 2/11/20 at 9:25 pm to The Levee
If you are putting that many miles on your personal truck for work and you are W2, is your employee reimbursing you for your mileage? I'm not up to what the IRS allows but it used to be around $.65 a mile.
You should have been taking at least half of that and paying down your truck note.
You should have been taking at least half of that and paying down your truck note.
Posted on 2/11/20 at 9:34 pm to cajuncarguy
No reimbursements. Straight commission
Posted on 2/12/20 at 7:42 am to The Levee
I’m in the exact same boat as you. 2017 with 78k miles. Unique situation that I chose to be in with my company that prevents me from collecting mileage.
My plan is to drive it until the wheels fall off. However, this summer my average annual mileage will go from ~30k/yr to about ~10k/yr, so I think the longevity game plan will be back in my favor.
My plan is to drive it until the wheels fall off. However, this summer my average annual mileage will go from ~30k/yr to about ~10k/yr, so I think the longevity game plan will be back in my favor.
Posted on 2/12/20 at 8:14 am to The Levee
roll that thing for another 120K miles
These aint the vehicles of the 80's that you got rid of before 100K
depending on when you bought the 17 (assuming new), you should have the note paid off somewhere around 160-180K miles
These aint the vehicles of the 80's that you got rid of before 100K
depending on when you bought the 17 (assuming new), you should have the note paid off somewhere around 160-180K miles
This post was edited on 2/12/20 at 8:18 am
Posted on 2/12/20 at 9:24 am to The Levee
quote:
No reimbursements. Straight commission
so you're a w2 employee with zero reimbursement and commission only? that's a raw deal
Posted on 2/12/20 at 9:27 am to The Levee
quote:
I drive a 2017 truck with 83,000 miles on it. I financed it so I'm upside down on it right now I guess.
I'm totally lost right now.
You're upside down (maybe not by much) on a vehicle that you have high usage on so you're solution is to flip into something else?
Posted on 2/12/20 at 9:08 pm to lsujro
quote:
you're a w2 employee with zero reimbursement and commission only? that's a raw deal
I make an unusually high commission
Posted on 2/12/20 at 9:10 pm to Chad504boy
quote:
upside down (maybe not by much) on a vehicle that you have high usage on so you're solution is to flip into something else?
No, I’m looking for advice on what to do...start saving for another vehicle and ride this thing into the dirt appears to be the right move.
Posted on 2/24/20 at 2:52 pm to The Levee
Keep the vehicle dude, not matter what you going to put excessive mileage on it.
Posted on 2/24/20 at 4:11 pm to The Levee
quote:
No, I’m looking for advice on what to do...start saving for another vehicle and ride this thing into the dirt appears to be the right move.
Yes, and make sure to keep up maintenance. Buying a new one with already being upside down would put you further underwater, rapid depreciation on new vehicle due to heavy mileage, etc. How many payments do you have remaining on the existing truck?
Posted on 2/24/20 at 6:00 pm to lsujro
quote:
that’s a raw deal
And he puts ~20,000 extra miles on his personal vehicle each year. It sounds too risky for my blood but I’m guessing it’s lucrative.
Posted on 2/25/20 at 7:47 am to The Levee
quote:
roll that thing for another 120K miles
This. Or more. If you maintain it according to the manufacturer's guidelines, it should last well past 200k.
Posted on 2/25/20 at 12:07 pm to The Levee
My company finances pickups for 49 months. We trade them off at 100,000 miles or 3 years whichever is first. We have more than 20k employees in multiple countries
This post was edited on 2/25/20 at 12:09 pm
Posted on 2/25/20 at 1:20 pm to The Levee
Keep paying it until it's paid off or if your repairs start getting high, trade it in.
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