Contributors to this thread:
OK I am looking for any and all input as I am driving myself and my wife nuts. After paying off large amounts of debt over the last few years and after driving a 1994 ford f150 with 300,000 miles on it that was once rolled etc. I am now in the position to buy a truck.
With that being said I know I am getting a dodge crew or mega cab. I do not need help there, but I am trying to decide on new vs. used. I can afford new and should get a great rate and have a good down payment. However for a 1/3 of the payment price of a new truck I can find a truck that will work. In between new and the bottom end that will work is an unlimited number of trucks that can work. All with good and bad. Of course I am battling the Hemi vs. Cummins, Diesel vs Gas cost, etc. While the hemi will work the cummins will do a better job hauling, etc.
I have noticed that used vehicle prices are holding pretty high right now and in many cases I can buy the same truck new with incentives for the same or very close to same price as a used truck.
Do vehicles drop in value like they used too? Hell even a 10 year old truck can go for over $35,000 when the original purchase price new off the lot was only $45,000...
Any rate what would you get and why? New fancy truck, used plain-Jane to get you buy, something in the middle?
Congrats on getting the debt paid down and good luck with the NEW vehicle:)
Buy new, new and keep it for the next 15 years. Shawn
Buy new if you will keep it and drive it into the ground. If you might sell in a few years ALWAYS buy used. Get a nice half ton with one of the efficient V-8s. unless your pulling constantly like me.
With 300k on the rig I'd say maybe you should keep what you have, it seems to be working. I have over 360,000 on my 7.3 and have no plans to downgrade.
Find last year's model . Save a few bucks
I would buy new if you can get a leftover with rebates. I bought my 2012 in Jan of 2013. For $10,000 off sticker. The same truck used was more than what I paid. Just my $.02
Try and find a 2006 or 2007 Dodge Mega cab with a 5.9 in it.
I'm a buy new guy. Zero miles, full warranty, Those alone are worth a few bucks to me. And honestly if you are shoping for just a year or two old it doesn't seem to save very much $ (if any) over new in my experience.
--Jim
I've found buying a truck a couple years old is the best way to go. You'll save lots of money.
Interesting that you're finding new trucks selling for the same as used. I just bought a 2010 F150 in November for $29,500. Lariat with all the bells and whistles, 53k miles. They were quoting me $45k for new XLTs.
I'm in Colorado as well, Denver area.
If you can afford new, can justify new, want new, then buy new. Buy a 2015 once the 2016 model comes out to save even more $ on the price of new.
Congratulations on paying off your other debt.
I had a bankruptcy attorney tell me once the difference between rich people and poor people WRT cars:
A poor man buys a Dodge Ram truck, new, drives it for 5 years and gets a new one when the loan runs out.
A rich man buys a new Mercedes and drives it for 20 years.
If you can find a used one that has been loved, you'll do fine. If not, new will be fine. I'd be looking at the motor that would last me 15 years, though.
I'd get it just the way you like it. You'll have it until 2030. Even the plain ones are pretty nice.
I have a 2003 Dodge 1500 Crew Cab I bought new. I am happy with it and will keep driving it for at least a few more years. If you are going to buy new I would wait until the 2016's come out, maybe they already have, and buy a 2015, that's how you get the best price in my experience.
Just buy something you can afford
If you don't have cash to buy a new truck outright,why go into debt again? Its a no brainer, go used!
Last year I bought a used 2500 mega cab 5.9 diesel. Good truck. Nothing beats a Cummins. They are expensive if you need work done on them, but they usually last forever. Only problem with the dodge's is that they built a million mile motor on a 75k mile truck.
I will tell you the mega cabs are pretty sweet for room. Like anything it's all preference, but if you watch Craigslist like a hawk you will get a good feel for what's out there and what a good deal is. I have bought my last 3 rigs on CG and done pretty well. For what it's worth, my vote is be patient and buy a nice, well taken care of used vehicle. The dealer always makes money otherwise they wouldn't be in business. As far as warranties go, you can sometimes find used vehicles that have transferable warranties. Even if you don't, if you find a great deal you can use the money you save you can set aside for a repairs fund.
I have never bought new, and have had few complaints. Some only buy new, but I think you'll find most of the folks who are very fiscally responsible buy nice used.
To me, a truck is just a tool. I prefer plain Jane but they're actually kind of hard to find. I've never bought a new vehicle in my life. Just can't justify the cost. If there are going to be serious problems with the vehicle, it's most likely going to occur during the first couple years. I prefer to buy something with around 50K miles and save huge dollars. I drive it until it starts to nickel and dime me and I start to lose confidence in it getting me out west and back.
Entering a car dealership is one of the most dreaded things I can imagine doing... Personally, I drive a 96 4runner. I really want to keep it another 5 years. It really helps that I do not hold much regard if any in what I drive. It's clean, great body and mechanically sound, and out of the car wash looks really really sharp- at least to me. I will say driving something 20 years old that is mechanically sound really frees up money for other things- or for stashing away...
Auto Trader is your friend. You can still get great low interest rates on trucks just a few years old. Look around. Dont be afraid to drive 300 miles. And tell them what you want for price and interest. Truck prices are INSANE. Used truck prices are all over the map. Only downfall to a new truck is scratching it the 1st time. Never have those worries with used!
A pre owned Toyota Tacoma, or wait for the new 2016 models to come out. Or if you really want a diesel, wait for the new Chevy Colorado coming out in diesel 2016!
My wife works at a GMC dealership and as an employee can get a heck of a deal on about anything with 4 wheels on it, we drive a 2000 Ford F-350 and a jeep Commander, both over 170k miles- reason. No payments for years and years.
The best I've ever done on vehicles is to buy a used 1-2 year old with less than 30k miles and sell it before it hits 100k. The trouble with doing this is it's hard to find the exact one you want. If you're planning on keeping it till it's practically worthless, which it sounds like you do, I'd bite the bullet and get a new whatever you want. Congrats on the getting rid of personal debt; it literally makes you a slave.
If I spent all that time paying off debt, I would not go back into debt by buying a new truck. Have you ever heard of Dave Ramsey?
I still drive my 94 GMC K1500 short bed that has 130k miles on it. This thing runs like a fine watch. Still has the same interior that looks like new and the same paint that gets waxed twice a year.
The last truck I sold was purchased new. I drove it 98,000 miles and sold it for $11,000 less than its replacement. But it's replacement was purchased under the jobs and growth act, so it was fully tax deductible in the first year. It was a no-brainer.
If you're seeing the value of used trucks is that close to new, I'd be inclined to go new and look at the spread between prices when you get around 90,000 miles.
But I'm in a city. 45,000 city driving miles on our crappy, salt-laden, stop-and-go choked streets can kill a vehicle. Used has greater risk here. 75,000 highway miles in more rural areas can just be warming a truck up.
If you're looking at a used truck, check to see if it has an hour meter. Don't just look at the mileage.
The truck that I'm driving now has 260,000 miles. I'm working to squeeze every bit of life out of it. I'm trying to retire debt as well.
Congrats on your progress. Weigh everything out and make whatever decision is best for you.
Either way, do your homework. If you decide to go new, don't dread it. Know what you want and roll with it. Check who the internet sales guy is for the dealership and that they have what you want in stock. If they aren't interested in negotiating reasonably, move on.
I have people squeeze my junk every day over nickels. It's kind of nice to return the favor.
What I hate is selling a vehicle. "Sure. I'll be glad to accept your personal check written with a crayon, drawn off a bank in Nigeria or Poland, but hold it for three days before depositing. You may be sweating and twitchy, but it's readily apparent that you're an upstanding guy."
Or, "The value of your kid's bike with backward handlebars, push lawn mover and hand painted black velvet Elvis is obvious. I would be remiss to pass up this opportunity to trade for my truck and kick a little cash to you for gas money."
Another Dave Ramsey fan here as well. Pay cash for what you can afford. I hate debt myself.
Trucks don't last forever and when they become unreliable they can be as costly or more than payments on new (depending on your own abilities and time constraints). With a '94 and 300k miles, I'd say it's safe to say penciling in a new or used truck is definitely in the cards and a reasonable expectation. I look at the interest you need to pay and the purchase price less what you think you can get later. with new or like new you can usually get close to 0% financing so the main factor is depreciation. With higher mileage and older used vehicles the interest rates can be a significant factor, which of course can be avoided paying cash, but sometimes that's not possible.
Every time I put a pencil to it I cannot justify buying new, as much as I want one. My truck is paid off and has been for years, just spent 3 grand on it replacing the engine and it's still MUCH more cost effective than spending 50 or 60 grand on a new one.
It also helps if you're not afraid to turn a wrench... a lot of things a guy can do in his own garage to keep costs down.
On the flip side, I would like for my wife to drive a newer vehicle just for the safety factor for her and our kids.
Never had a vehicle make me money, just gets me to the places I need to go in order to make it myself. A to B and back to A is all I really care about.
I purchased my last vehicle in 2011. Do some homework and be open to looking at large markets like Denver and especially Dallas. I lived in Tulsa and saved $3k on an almost identical vehicle because I was patient and was open to traveling to larger markets. Did my homework online, knew what fair market value was and was prepared to negotiate. Flew to Dallas one afternoon and was home that night.
The dealerships will always pay for your flight if they know your serious. If you finance, give them an opportunity their lending leverage is nearly impossible to beat most of the time.
I'd buy new. A cummins mega cab with all the bells and whistles.
I talk myself out of it on almost a weekly basis :).
The last truck I bought I did the no extras thing. Pretty much one step up from a fleet truck. I've regretted it ever since
With an active 2 year old child, a backup camera would be great, as well as a DVD player
Leather too for those inevitable spills
Many good points here... Couple of factors... I a, a high school auto teacher as a result I have other play vehicles! I have a 72 Chevy truck that belonged to my grand father, a 72 blazer lift and locked both end, and a 85 CJ7 that I am using as a daily driver!
I have done the Dave Ramsey thing, and in all honesty it makes sense, my wife has no debt at all right now. I have student loans.
I a stuck deciding which do I want! Buying one to get by and then saving more to buty again in a few years, or taking the 10k I have saved and going new?
Locally there is a nearly perfect 2006 mega cab with the 5.7 with 100,000 miles for 23,000. There is also a 2006 mega with a 5.9 and 80,000 for 35,000. There is a 2008 with the 6.7 amd Esther etc. For 35,000. There was a 2011 crewman diesel for 39,000. Etc.
I am also considering my future. My daughter is 9 years old which means right after this truck is paid off,she will need a vehicle then 3 years late my son will need one. Also my wife's car has 180,000 miles so it will be up at some point.
So I almost feel like I buy new now or I buy one good enough and get by for the next 10 to 12 years because it will take that long just to get the kids on the road!
I did drive a 2011 crew an lifted with the 6.7 and loved that truck. I hesitated for one day and it sold! I probably should have bought it since no other truck has produced that feeling!
If you can't find a 5.9 stay away from the 6.7 before 2014.
Figure out what you want, then take your time finding it. Make the dealers work for you. Make offers and walk away. If it takes you 6 months don't swet it, and with the internet you can find exactly what you want, and at your price. Save your old truck as a beater too, you would be surprised the miles you keep off the new one.
Multiple vehicles, a nine year old and carrying student loans?
Amend my post:
Keep driving the CJ7 and pay off your student loans.
Dave Ramsey disciple here as well, he has a good plan. Buy used vehicles that are 2 or 3 years old and pay cash, save up as long as it takes.
I drive a 2005 f150 king ranch and a 2002 ford excursion. My wife drives a 2004 toyota 4 runner. We haven't had a car payment for about 15 years.
The truth is, we could afford to drive whatever vehicle we want, but we hate buying items that significantly go down in value. Debt free, all but our house and we are chipping heartily at it with the money we would be making car payments with.
Good luck whatever you choose.
Didn't see the your last post. Repower one of you vehilcles?
if you are going to keep the truck for 10+ years, i would buy new. otherwise I would buy used, one owner, low(er) miles, and it will still have a warranty. I would pay cash and avoid the debt as mentioned above.
don't buy the day you look at it for the 1st time. think about it for another couple days, then decide if its the right one.
unless you tow and haul a lot, and drive a lot of miles, I would get a gas engine.
I drive a 15 year old dodge with the 5.9 cummins that I have owned since new. it's a little rough looking but a solid reliable truck all the way around. I prefer a plain jane truck with a manual trans.
good luck.
PSUhoss sounds exactly like me. I drive a 2005 F-150, the wife drives a 2004 Isuzu Rodeo. Both were bought used and paid in full. We drive our vehicles until they are ready for the yard.
So what if it would cost $800.00/year ( it does not) in repairs. That is 2 months payment on 1 new vehicle.
Plus it is cheaper on insurance and property tax.
When we go on long road trips we rent.
I am friends with a married couple that are both Dr.'s and they refuse to buy new cars. Horrible investment.
Keep the old truck and buy a "NEW" hunt!!!
Come north to buy your new or used vehicle, the prices you mentioned for the used trucks seems higher than they are here, and your dollar is worth a $1.30 Canadian, huge savings could be had!!
I'm changing my answer as well based on your updated post. Definitely go used, cars are the worst investment imaginable, especially new ones. If the cars you have are reliable enough to last a few years don't buy anything.
Take whatever money you save and buy the kids cars when you need to, pay off your loans, or put it towards their college fund.
My company just bought me a brand new 2013 z71 and saved a ton of coin. I don't know your financial situation but the only way I'd by new is if I became wealthy. A vehicle is one of the worst financial investments there is and a new one drops several grand driving it off the lot. I always let someone else drive it off the lot then I buy it with less than 20000 mi when they get a new one next year. My wife's car is a 2007 that I bought in 2009 with 12k miles. It now has well over 100 and the only thing I've done to it is change oil and put tires on at 80000. My father in law was mad when I bought it cause he thought I had to sell the farm to get a car that nice. He apologized when I told him what I paid for it with cash money. What's that quote by Dave Ramsey, something like " a car payment is the status symbol of the stupid".
I just can not decide. We literally have almost no bills at all. We have plenty of money and while I agree with Dave Ramsey in theory, I also do not see how anyone with with kids etc, can ever save up enough money. We have paid off all debt except my student loans which will be paid off in just a couple years. It was a masters degree recently obtained.
We have a several month nest egg saved incase we were to fall on hard times, we have good well thought out insurance and both have good retirement plans running.
Our rent is really cheap, my wife has a good reliable vehicle that will last her at least 4-5 more years with out issue. I have built and modified all my other vehicles and none are good for highway travel, the jeep I driving daily is on a 6" lift, 36 tires, and at 60 MPH the engine is running over 3500 rpms on a little inline 6.
The Chevy truck is a project truck that need a few more repairs before road worthy. The Blazer is also running an 8" lift lockers front and rear a screaming 350 and gets around 6 MPG. All are great off road or in town vehicles, but none are good for towing, none have good road manners, and while they could go across country, none would comfortably take my family on a vacation or even to the nearest airport for that matter. All have extreme sentimental value, and all make incredible hunting rigs.
Coelker I don't mean to chastise you in anyway. Paying cash is not for everyone and I certainly understand the kid thing, had I not found a really good deal I couldn't have done it either. I will agree with many others though and try to find something that is a year old on the new lot. It's a great way to save enough to by yourself a land owner tag in NM. :)
I consider used when I buy. I pay cash. Used has lower insurance costs and in some states has lower licensing costs. I drive about 8000 miles a year so mpg is not a huge deal. I always have a vehicle that can hold 4 people or more so can get anywhere in one vehicle with another couple visiting. Empty nester and only a school bus would work to haul all the extended family in one vehicle so they can rent cars if fly to visit us.
Unless you see your income growing substantially the next decade then I suggest you hold off on buying anything until one of your daily vehicles in the household dies.
I would also scrap the non-daily vehicles. If you are paying insurance, licensing, maintenance on vehicles you use less than 40 hours a year then that is a luxury at a point you have debt. Additionally, you will have less time next year to work on fun projects if your kids are anything like mine and you participate in their activities. In 10 years you might look back and the project is still not done and takes up room in the garage and your kids may not care about the car getting a few mpg so ends up sold anyway.
Talking with a friend on the mainland.... everybody seems to be looking for a good used diesel truck... about the same range as a base gas engine new I guess. Has driven their value up a good deal.
Personally, I'd buy used and get what I want, or make it what I want. But then again I probably have $20,000 or more in tools..... and drive a 76 scout....
If you have the time you can get exactly what you want for a decent deal. If you have time you can save money, if you have money you can save time. Patience is the key to good deals. That and knowing when a good deal pops up and jumping on it. If it has plates that say "was his" you might want to jump on it....
On my 3th. Chevy the last one 210K never a issue. buy what you want. a friend had 2 Dodges Trans. went out on both? MY bother in law works at Ford and drives a GMC.
Treewalker, I get what your saying and yes it does kind of suck having those extra vehicles at times, but they all have a place. The 72 Chevy truck, was bought brand new off the lot by my grandfather. It was the first truck I drove. It has my teeth prints in the dash from where I was teething on a trip to South Dakota. It was gift from my wife who bought it from my grand mother as a surprise and is the only real tangible thing I have from my grandfathers life. If my entire life falls apart it will be one of the things I would hold onto at all cost. My Chevy Blazer was the vehicle I grew up dreaming about owning. It does great in town and awesome for hunting especially for the family of 4. It is in great shape and has been gaining value between my work and its age and rarity.
The Jeep was the very first vehicle I bought in high school and is a favorite of the family.
Both the jeep and the blazer can be sold for money quickly in a pinch and as a result they are almost like having a bank account with a couple thousand sitting there...
I agree with TD... Time and money and patience will get a great deal. I am however getting ready to start a new school year and need to have something by then because once school starts I have no time to deal.
I have been working on trying to decide what to get for the last 2 months.
AS far as tools and my own work, I have no issues as I have a huge shop to work out of and all the tools I can use...
Here is a pic of my blazer...
In keeping with your specs, I'd go with the new crew cab and the hemi. With 4WD.
Absolutely no doubt in mind.
I am probably old fashion and may even be over stepping the line, that's not my business. Either way, I'll throw it out there. Have you guys ever thought of owning your own home? Sounds as you may be close to a down payment
New is the way to go right now. Summertime = high used car prices. If you want to wait until mid December the prices of used vehicles will drop dramatically. That being said this is a funky year for trucks and there will likely be a shortage of used trucks short term. The way dodge likes to sell their new trucks cheap that's the direction to go. Zero doubt about it. Feel free to PM if you have anymore questions.
If I understand you correctly, you said your rent was cheap, if you are renting and do not own, that would be my first choice, ahead of any vehicles.
Owning a house is a hundred times better investment than another vehicle...
Just my .02
Yeah do not give me the owning a house is better thing! I bought into the buying is better than renting thing right out of college! So I took the money I had got a house and after 13 years of being upside down I got out of it! I may have had bad luck with the house but what I do know is that until I feel that I am settled for life, I am not buying again!
When I bought, I got a house that appraised for 12,000 more than I paid and used $8000 down. Lived there 3 years then they closed the school I was at... At the same time the housing market crashed. By the time I located a new job and needed to move my house lost over 40,000 value. For the last 10 years i was stuck paying out of pocket to keep the house out of foreclosure. Rent covered only about 850 of the 1200 a month we paid. I will not be buying a house anytime soon. If anything we will be buying a property, then building our own once the kids are out of the house.
As far as savings go I do have a good nest egg and it would get us a really good down payment for a house, but I refuse to let me saving get below a certain point. Even with a $600 truck pay,met my budget would allow me to 300 more than the truck payment and still feed the pig(add money to savings).
I am running numbers tomorrow with the credit union. Depending on where the numbers land will determine which direction I go... I have a certain point where I draw the line.
Back in march my Brother in law bought a 2014 f150 crew cab 4x4 xtr with the 5.0L, 12 000miles, truck was like new, he got it for $25 000, apply your dollar to that price $19169.72!
Like i said non of my business, and i know were your coming from. My wife and I have 3 kids. We were paying 600 rent and 500 for her car payments. Bought a fixer upper house, and with the equity incorporated the car payment with the house loan. That bought us a house and a car for less than we were originaly paying. 10 years later, sold the house, and bought what we really wanted.Intrest rates are cheap too, for the time being.
Vehicles are a poor investment, no question about that. But for me at least, having a reliable one that I don't need to worry about breakdowns is a necessary evil. I've been on more than one out of state hunting trip with a buddy that drove a high mileage older vehicle and we spent part of the trip waiting for vehicle repairs. I hate that!
When it comes to comparing new versus nearly new the difference is not always as large as it might seem. Sticker prices on new are not even close to what you will actually pay. Subtract 10-15% right off the top. Then subtract rebates - they can be many thousands more. All of a sudden that $48,000 new vehicle can be $36,000.
Be a strong negotiator and be willing to walk away and go to other dealers. I spent a career as a banker and I constantly had to bite my tongue when customers would come in to finance a deal they had signed with a dealer. Many paid thousands more than they needed to and often times bought two year old vehicles for more than what they could have gotten a new one for.
Do your research and know up front what the dealers true cost is. They have a lot of room to work with and the only way to get a fair deal is to know what their numbers are.
If you want to look at used, use NADA, Edmund's, BlackBook, etc. Check the average trade in value on the vehicle you are looking at to get an idea of what the dealer might have stuck into the vehicle. The price on the sticker will be many thousands higher. I don't mind letting the dealer and salesman make a fair profit. But it shouldn't be thousand's of dollars on each vehicle they sell. You'd be surprised at how many people give them exactly that.
After doing all you research compare what the true up front cost of a new vehicle is compared to the same one 2-3 years old. I tend to trade before my vehicles hit 100,000 miles. (Again, I want a vehicle i can rely on for long trips without worry) So a used vehicle with 25,000 miles needs to be more than 25% cheaper than the new one, or I'm better off with new. Plus the new one will have a bumper to bumper warranty to cover the first 36,000 miles and a power train warranty that goes to 100,000.
I also worry about why a dealer has an almost new vehicle with low miles sitting on the lot. Was it really owned by a guy who trades every year? That might happen occasionally, but from my experience as a banker it is actually pretty rare. Very few people actually do that. What I saw more often was someone who had a vehicles with constant problems that they simply got sick of dealing with and traded in. Which one are you looking at?
Yep, vehicles are a poor investment. But I don't buy them as an investment. They are simply very expensive tools that allow me to live the lifestyle I love and get me to the places I want to go.
I recently bought a truck. I had a 1997 Chevy Silverado with 235K miles on it. It was my daily driver, hunting truck. But it was time to send it down the road after driving it for 14 years.
My mechanic had a truck he was driving and he offered me a good deal on it. Its a 2009 GMC Sierra 4x4 with the 5.3. Extended cab w/ back doors, 48k miles.
He told me that used trucks like my 97 Chevy were going to drop in value in about a year as people are now buying new since the economy had turned for the better. In the past, people were hanging on to their older vehicles [like me] and keep them road worthy. But now, houses and vehicles are top of the market.
I had saved some cash, so I bought it, cleaned up my old truck, advertised it on Craigslist and sold it 2 days later for $4100 to a guy from Cheyenne. I had all the maintenance records and that for sure was a good selling point.
As soon as any new vehicle is titled, it loses no less than $5000 right off the top.
Buy used, drive them
Borrowing (a negative) for an appreciating asset ( a positive) is OK. It can balance out.
Borrowing (negative) for a depreciating asset(negative)is a double negative. We are talking addition, so negative plus negative is just twice as much negative!!
I was in the same position as you with the house I bought in late 08 finally got rid of it last year lost 40,000 on it. I bought a new truck in 02 it has 55,000 on it now I use my suv for work and the truck for hunting and trips,when I bought it the interest rates are higher on used vehicles than new the new truck payment was only 50 more dollars a month than used.I would get a diesel and you will be alot happier towing and mileage.A friend of mine had a hemi we took to arizona hunting pulling atv's and got 8to9 miles per gallon and doesnt have much power towing. he sold it and bought a diesel and loves it.Buy a diesel and it will last forever.
I bought my house in 1989 at 14% interest rate. After a few refinances and buying the ex-wife out, I have $250k in equity right now.
Buy right, live right
I was able to retire by the time I was 57, luck, and I never bought new,,,,,,,, my last truck I bought, and my hunting rig, is a 2007 Tundra 4dr, 4x4 very clean with 94,000 miles on it, when I bought it 17,000 and that is the most I ever paid. NOw I have 184,000 miles on it, and I know it will go another 100,000
Don't go back in heavy debt. We all have some debt, but invest the money you will save......
I need a run around car, my old Buick Century is going.... so I just spent 3000.00 on a 96 Corolla with 50,000 miles on it, that gets close to 35 miles a gallon
I am trying to tell you, if your a young guy, spend your serious money, on property, hunting trips, invest, so you do not have to bust your a.. all your life
Sure I would have loved to have been able to have it all, but that was not going to be, so stay out of heavy debt, and invest in your self......
I can not even see spending that kind of money on a vehicle,,,,,,
stay well
I agree with razorhead. I bought a 1997 f-350 with in 09 with 8,600 miles. Now has 42,000 and a 92 Tacoma for winter. I never owned a new vehicle, didn't want a payment. Now same age as razorhead and retired.
I hear people using Dave Ramsey as guide for vehicle purchases. I don't think Dave Ramsey hunts or fishes in remote places till the sun sets on a Sunday and drives a few hundred miles home and reports 7am Monday morning to work a dozen or more times a year. Hauling equipment and gear up and down hills 70 to 80 mph. You probably won't catch him in the hardware section buying tie down straps and tarps. I bet he doesn't have a set of ramps for an atv or wall tent. I bet he doesn't often count on his vehicle to get everybody and gear 1100 miles and over the continental divide a couple times to a hunting spot without breakdowns, 50 miles off hwy down forest roads. My time off is too expensive to not do my due diligence guaranteeing as best I can a trouble free venture and then make it back to my responsibilities on time. I like new vehicles that I drove off the lot and keep till around 100k. Fortunately I can afford it and they sure are nice. They actually do contribute to making me a more effective person. It's as American as apple pie. My personal economic stimulation policy.
You will probably find those that have never been stranded in their 10 yo vehicle with 300,000+ miles that do all the above and I'll just say 'OK, I'll meet ya'll there, let me bring the food'.
In other words, if Dave Ramsey suddenly became my hunting partner I bet we would end up taking mine if he practices what he preaches.
Dave Ramsey probably wouldn't want to buy 20 bags of ice and dry ice on the way up the mountain with an average success rate of less than 10%. To him that would be bad economic planning. I wouldn't think twice about it.
He probably wouldn't even diy hunt after putting the metrics to it. He's a game ranch type of guy. Guided. Primos style.
Jason - Maybe Dave Ramsey doesn't do all of the things listed above with his vehicle, but I do and so do you - ALL WITH A USED VEHICLE!
By your own admission your vehicle nearing 100k on the ODO will do those things, why can't someone elses?
Fools logic.
We all have different priorities in life and thankfully we have the freedom to choose. No reason to turn this into a bash Dave Ramsey thread...
No Lectures on the finance from me. I have gone both ways on the issue. Own an 1988 Land Cruiser(see pic) that I paid $9200 cash for in 1997. I will leave it to my grandson when I croak, as he has admired it all his 13 years. Had a new 2005 Nissan Titan 4X4 that I sold when it hit 98K. Great truck that was too thirsty. Present daily driver is a 2011 Tacoma (4X4 long bed quad-cab) I found used with 9K. I did paid too much for this truck, trading in the Titan + cash for this fine ride. It did work out as I lost my company vehicle 1 year later and now get a car allowance + mileage from my new employer. If you can find a properly equipped 1-3 year old truck go for it. Being sold on the Dodge, I would consider the 1/2 ton diesel now in it's second year. They may have shaken the bugs out of the 1st offering. I however, would also look hard at a Cummins powered Nissan Titan. I too am debt free! Agree for the most part,with Dave Ramsey on just how empowering it is to live without a huge debt looming over me. I find I approach work differently, speak my mind without fear, and grin from ear-to-ear on the 1st of the month! I'm both funding the Roth, 401K, and living pretty well. Not too shabby! Good luck on your purchase! LaGriz
Jason, you certainly haven't paid close enough attention to what Dave Ramsey preaches, because you have it wrong. It doesn't matter one bit if Dave doesn't hunt, fish, or even enjoy sitting on his back patio. The point is that you can do WHATEVER you want with your money once you put yourself in a position where you can financially afford to do so. That means not having stupid debt (not your house), having a fund for emergencies, and setting yourself up for retirement. Maybe you can get buy with $500 truck payments for 7 years and not have any issues, but you are certainly doing a disservice to you and your family if something happens, like losing a job or whatever. So yeah, you can take on the extra risk and hopefully everything works out. It certainly has for some, but it also has been a train-wreck for others. The reality of the situation is that few people can actually afford a $40,000 pick-up, even if you "need" it to get to your hunting spot or whatever. That stupid sense of entitlement has caused a lot of people some heart-ache. I don't wish that upon anyone. Educate yourself and life will be that much sweeter.
OK... how 'bout that Suze Orman dy.... um, lady then? I KNOW she don't hunt.... game animals anyway....
I wonder if Dave Ramsey would use Rage broadheads.
If he is ABLE to consider it as an option by all means buy new. I would finance a new truck before paying cash for a used one and trade it in at three years. In the end I would be paying a few grand in interest at most. I think I drive a lot more than a lot of you guys and may be the reason we think differently. But, I happen to be from that area of the country that was deemed to be the stupidest town in the US last year where there are the least amount of college graduates per capita. Here on the Gulf Coast there are hundreds of thousands of blue collar workers w/o degrees making 100+k in and around the petrochemical industry. New trucks are way of life practically in this bustling local economy along with $50k bass/bay boats, 15k atvs and Harleys. It's always been that way. I'm sure that if I lived in middle America I would make less than half and think differently.
No fools logic hoss.
Reflex, $500 truck payments are middle of the road. But I wouldn't go 7 yrs though. I would pay a lot of money to prevent a breadown while I'm off and away.
I have a cheap buddy that does very well and all his stuff is used and old. He's always working on something. We tow his boat in a couple times a year and he often misses opportunities for a weekend away fixing crap.
I'm sure you guys won't care for me much.
