Big Boys and Their Toys
- Thread starter gdr_11
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Sounds like a steal to me, if you don't buy mine . . .
FireInTheWire
Caprock Crusader
This^^^
House paid off about 5 years ago. Make the same payments on autopay to a savings account. When I buy a car, I get the best rate and lowest price I can. Finance it and pay it off with the first payment. Then make payments to the next car fund.
Car debt free since 1972. Payments on that car were $67 a month.
The trick is to live well but also within your means.
Car debt free since 1972. Payments on that car were $67 a month.
The trick is to live well but also within your means.
Drive them daily. Put a lot of miles on them, and work with other guys driving a fleet worth of them. Just had a 2019 Ford 350 shut down to 20mph and go back in the shop at under 50k miles.
Minor emissions issue and the computer shuts the truck down. Fixing those issues are $$$. If it weren’t for the emissions BS the truck would still be running fine.
Used to be a diesel with 200k miles was broken in. Now it’s just broken.
Maintenance has always been more expensive but the truck would last forever. Now maintenance is expensive, the trucks have more issues than gas engines, and prices for the trucks are through the roof.
Been driving one of the big 3 daily for the last 8 years or so for work. Prior to that I’ve been driving or working around them since the late 90s. Wheeled vehicle mechanic in the military. Mostly just based on my experience driving them daily though.
I blame the government more than the manufacturers. Get rid of the emissions shit and low sulfur diesel and we would be 90% of the way to having good diesel engines again.
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Yep. Pavement princesses. One of the reasons I don't have a truck. As much as I want one, hauling something occasionally isn't enough justification to commute daily in it. I may eventually but a well used truck for occasional driving.
Although having a lifted one for the insane flash flooding we get here may be. Still not enough to drive me to get one.
txinvestigator
TGT Addict
I feel the same. I found an 87 F150 4x4 with 8' bed. Paid $2k cash and have a little money in it. It is great for Home Depot runs, hauling the dog around and moving stuff when necessary.
My old man taught me a few things about money and the older I got the more it made sense. The guiding principle (as he saw it) was the need to consider the time value of money and ROI that money could provide if used as investment capital.
If someone can afford to pay cash for a $100k vehicle, that $100k is a one time expense for a non appreciating asset and lost for any potential investment purposes. An example would be using that $100k to purchase ATT stock which is currently paying dividends of 7% quarterly. Thats a significant return, more so if you self manage your investments or retirement accounts. It makes no sense to waste capital and its earning potential purchasing a vehicle unless the vehicle is an investment or bottomed on the depreciation curve and capable of being used then sold for cash with minimal loss. An exception would be a work vehicle which is a capital expense and can reduce income tax through amortization as a depreciating asset.
If I can purchase that $100k vehicle at 0% interest using someone elses money paid back over time, it makes more sense to use their money than use mine. My money is a non depreciating asset, can generate income and be used as security for investment opportunities requiring additional capital far greater than its face value.
short version...... trucks are one vehicle Id buy used and bottomed on depreciation, I wouldnt have a problem paying cash for it.
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Texasgordo
TGT Addict
I have a 2006 Dodge Ram 2500 with a diesel at 107k miles. It's been paid off for a few years and it feels nice not having the payment. I've been tempted by a newer Ford truck lately but I love not having a payment.
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txinvestigator
TGT Addict
I bought it from a kid in the neighborhood who was getting his off to college car. Started doing a tune up and WTF? This 351 Windsor with a 4bbl has a GM distributor. Who knows when that happened.
You can build your own F 150 on line and add only the goodies you want. Looks like I can get a basic XL Supercab with a V8 for about 35k. I wonder if the dealers honor this price. Or even if there is some haggle room there.
https://shop.ford.com/build/f150/?s...0|2019|1|1.|100A.X1C.....SS6.SCAB.RETAIL.XL.]
https://shop.ford.com/build/f150/?s...0|2019|1|1.|100A.X1C.....SS6.SCAB.RETAIL.XL.]
YG
No, we weren't renting.
Our previous house was paid off too.
Used the money from that house sale, added quite a bit and outright bought the house we live in now. It's a custom built home. By that I mean custom everything from the oak cabinets to a shower that could hold 6 people with a bench too... And, a giant whirlpool tub. It's architecture is primo with coffered ceilings to crown molding to bull nose corners and on and on. As you can tell we love it.
We also outright (something we've done for years) bought our vehicles brand spanking new.
The thing many go into depth about is how smart it is to buy used vehicles considering ROI etc. And yes, that can be smart, if you know the history of the vehicle.
Having once been poor, all I could buy was used and all that entails, meaning you may end up spending as much or more in repair bills than buying new. How smart is that?
Plus, I keep my vehicles for a long time. With regular maintenance they last and last......
No, we weren't renting.
Our previous house was paid off too.
Used the money from that house sale, added quite a bit and outright bought the house we live in now. It's a custom built home. By that I mean custom everything from the oak cabinets to a shower that could hold 6 people with a bench too... And, a giant whirlpool tub. It's architecture is primo with coffered ceilings to crown molding to bull nose corners and on and on. As you can tell we love it.
We also outright (something we've done for years) bought our vehicles brand spanking new.
The thing many go into depth about is how smart it is to buy used vehicles considering ROI etc. And yes, that can be smart, if you know the history of the vehicle.
Having once been poor, all I could buy was used and all that entails, meaning you may end up spending as much or more in repair bills than buying new. How smart is that?
Plus, I keep my vehicles for a long time. With regular maintenance they last and last......
Most of the comments above are in line with the fact that buying trucks is a personal thing and everyone has their own approach. I am 70 years old and after I turned 25 I never bought a used vehicle, seldom financed and always used internet tactics of playing one dealer against the other for the best deal after getting the true vehicle costs from Edmunds.com. With that said, the prices have for loaded trucks have gone up 75% to 85% in the past 10 years. I used to walk though the new truck lot of a Dodge dealer three years ago on my way to the coffee shop and I can't tell you how many loaded RAM 4WD diesels I saw in the lot that were pushing $70K then in 2016. The truck I have been looking at is a fully loaded 2019 Silverado 1500 High Country 4X4 kind of like the white one at the top of the page below:
https://www.peltierchevy.com/Vehicl...n=4WD&displacement=6.2&transmission=Automatic
I guess the old days are gone, kind of like gas at less than $1 a gallon
https://www.peltierchevy.com/Vehicl...n=4WD&displacement=6.2&transmission=Automatic
I guess the old days are gone, kind of like gas at less than $1 a gallon
If you already own a home it makes sense.
I was thinking more along the lines of someone working their way in to their first home.
Saving up in that case would usually mean renting, living with parents for an extended period, or maybe inheriting something.
But if there is already a substantial amount of collateral in a paid off home or vehicle and one case save without spending extra on a rental/lease then it’s the smart way to go. I don’t know that it is feasible when starting out and that’s where my question was directed. Sorry for the confusion.
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YG,
Years ago, at my former company, we had an auto finance guy come in and school us on how auto financing works. In essence, those who must finance are hosed. The interest the finance company garners is staggering.
From that lesson, every time I need a vehicle, I buy outright.
I use a credit card too, but pay off the total every month, thus no finance charges.
Years ago, at my former company, we had an auto finance guy come in and school us on how auto financing works. In essence, those who must finance are hosed. The interest the finance company garners is staggering.
From that lesson, every time I need a vehicle, I buy outright.
I use a credit card too, but pay off the total every month, thus no finance charges.
My parents never owned credit cards. They only got one when they found it was the easiest way to buy a plane ticked to see me in Texas. I have owned 3 new vehicles in my life. All of them paid off early. Home was paid for in 15 years on a 30 year note. I like being debt free! When my wife told me her parent who are both retired own o their house & vehicle I had to ask why?
My wife has been on SSD since 2006. We have been married 32 years & for the most part I have been the only true income. Not bad for a non college educated slacker. Both her parents have degrees & both always worked. I would be willing to bet we are worth more then her parents.
My wife has been on SSD since 2006. We have been married 32 years & for the most part I have been the only true income. Not bad for a non college educated slacker. Both her parents have degrees & both always worked. I would be willing to bet we are worth more then her parents.
