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When to buy a new vehicle???


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#1 OFFLINE   captainbarred

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Posted Jul. 07 2017 - 08:19 AM

Hey guys, need some input.

 

I'm thinking of trading in my truck for a new one.

 

My current truck is an 07 Tacoma, 94K on it.  10 years old.  has 3 accidents on it.  2 were front/rear collisions with no mechanical problems, just body/skin replacements, bumpers, etc.  The 3rd (Spun off the highway when I hit black ice at high speeds) the dealer could find no damage, but the steering wheel at high speeds gets some shaking/vibration.  Dealer still can't find anything wrong with it.

 

I'm looking at about 12-13K trade in value.

 

 

External to the truck, I am selling my house, closing supposed to be this coming week, and will have a little cash money to play with.

 

I am also moving in with a cousin and renting a room for about 1/5th what my mortgage had been.  Meaning i'll be banking an extra $1k per month easy....

 

I do have about $25K in school loans at a 3.5% interest rate right now.  Normal payments only $150 a month.

 

I figure trade of my truck + $10K cash down would get me payments of about $200 a month.  Or without the cash, $400 a month.

 

 

Alternatively, I could put all the cash on the school loan and pay it off completely within about a year.  but that will put my truck well over the 100K mark which will drop the value by a good bit more...

 

 

 

What say you guys?  ignore the vibration in the steering and run the current truck into the ground? (Probly has another 10+ years in it, but that steering scares me... granted its been like that about 4 years now....)

 

Upgrade to avoid the problems that come with high mileage vehicles?

 

 

I'm thinking I might swing it by a local garage that I trust the guys at.  Ask them to hook it up and take a look and see if they see any problems on the computer.  If everything is looking good and they don't seem concerned about the shake in the wheel.... 

 

 

 

But damn those new tacos are sharp....




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#2 OFFLINE   hzhardy

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Posted Jul. 07 2017 - 09:17 AM

I dunno, i enjoy having a paid off truck no matter the millage. The mechanic bill doesnt look so bad when you dont have a monthly payment. Also take your truck to an actual driveline shop, I am confident they will figure it out.

Edited by hzhardy, Jul. 07 2017 - 09:18 AM.

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#3 ONLINE   devil duck

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Posted Jul. 07 2017 - 09:42 AM

Being Debt free is always the best option. The interst rate game is a no win situation. Personally I would attack that loan like your life depends on it. After that it sounds like a place to live is your next priority. Driving a new truck while living with a cousin, does that sound like the way to go?
You have new truck fever and I understand. I stop by the Dodge dealer every couple of weeks and slobber on a new Challenger. But until I can write the check, I cannot a afford it. I don't have CC either.
Fix the paid off truck, some money spent in the right areas will reconnect that love you had that made you buy it in the first place.
Just my opinion, you asked.
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#4 ONLINE   devil duck

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Posted Jul. 07 2017 - 09:49 AM

For your truck now, get the paint clay bar and wheeled. Maybe new wheels, tires. Interior brought back to like new condition. New exaust, etc...
A couple of grand can make her look like new and no payment and lower insurance cost.
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#5 ONLINE   Srgt. Hulka

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Posted Jul. 07 2017 - 10:03 AM

I mentioned it in your other thread. If you do decide to get a new truck, I would hold out until Toyota offers 0% interest. They have that promotion once or twice a year. As far as price goes, on a new Toyota, there's not going to be much haggling on the price, especially if it's a large dealership. Their attitude is that if you don't buy it, the next guy will. Trucks don't stay on the Toyota lot for very long at all. Go to a small town dealership. You may get a better price.


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#6 OFFLINE   towtruck

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Posted Jul. 07 2017 - 10:04 AM

Pay off your bills and keep driving the truck. Save all the money you can for your next down payment on a house. Settle in to the new house and then by a truck you can afford.


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#7 OFFLINE   captainbarred

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Posted Jul. 07 2017 - 10:42 AM

You guys all suck! :lol:

 

Actually your telling me what I already know I should probably do....

 

The school loans have a variable interest rate and has been creeping up every month.  I think its time to kill that.

 

As for the cousin, he is putting in a second bathroom so we aren't bumping elbows too bad.  Due to that I'll definatly stay at least a year so my rent at least covers the cost of his bathroom.

 

I'm actually playing with the idea of buying land in Vermont(be an hour + commute from work), building a small house, then when I don't want to commute, I can crash at his place....

 

 

But you all are right, interest is about 50-80 a month on the school loans, I can knock them off fast then start serious savigns for the out of state move....




#8 OFFLINE   captainbarred

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Posted Jul. 07 2017 - 10:43 AM

I dunno, i enjoy having a paid off truck no matter the millage. The mechanic bill doesnt look so bad when you dont have a monthly payment. Also take your truck to an actual driveline shop, I am confident they will figure it out.

Driveline shop... I'll look into it.  thanks!




#9 ONLINE   Steelborn1

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Posted Jul. 07 2017 - 11:11 AM

It's a Toyota, keep it. Those trucks don't have problems unless you don't take care of them. My Tundra has 186k and drives better than most of the new trucks I've driven.

Could you describe this vibration a little further? Where do you feel it, steering wheel, seat? Does it change when hitting the brakes? Certain speeds? Try cruising at the worst vibration speed and bump it into neutral, does the shake get better, worse?


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#10 ONLINE   Pepper

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Posted Jul. 07 2017 - 12:14 PM

You bought a Toyota, with the idea that it will be dead reliable and last hundreds of thousands of miles, yet want to shortcut that single main advantage? 

 

If you ever buy a new vehicle, drive it until the wheels fall off and it will drive no further, or the cost to repair it far exceeds it's value in running and driving condition. That is the ONLY way you'll get the true value out of a new vehicle. Otherwise, you're just making payments to be driving something shiny, and helping to make a dealer rich. 


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#11 ONLINE   devil duck

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Posted Jul. 07 2017 - 01:24 PM

You bought a Toyota, with the idea that it will be dead reliable and last hundreds of thousands of miles, yet want to shortcut that single main advantage? 
 
If you ever buy a new vehicle, drive it until the wheels fall off and it will drive no further, or the cost to repair it far exceeds it's value in running and driving condition. That is the ONLY way you'll get the true value out of a new vehicle. Otherwise, you're just making payments to be driving something shiny, and helping to make a dealer rich.

Yep, might as well lease. Which by the way is the most expensive way to "rent" a vehicle.


#12 OFFLINE   Jaeger48

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Posted Jul. 07 2017 - 01:57 PM

Pay off your bills and keep driving the truck. Save all the money you can for your next down payment on a house. Settle in to the new house and then by a truck you can afford.


Yeah, for only 100K miles I'd drive it until it dies. For a taco that'll be a long time. It was nice not having a car payment bit when my Cherokee needed more repairs than it was worth we sold it and traded my daily driver for the Tundra we have now.


#13 OFFLINE   Flesh Wound

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Posted Jul. 07 2017 - 02:02 PM

Pay off your bills. Put the savings away. You will not regret it later. I want a new truck bad. Damn I do. And I can afford it. But I'll be damned if I'm going on the hook for a payment right now.

 

This is the opportunity of a lifetime to save. 




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#14 OFFLINE   gshayd

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Posted Jul. 07 2017 - 02:36 PM

find  a good mechanic to fix the front end problem.....


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#15 ONLINE   devil duck

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Posted Jul. 07 2017 - 03:07 PM

You guys all suck! :lol:
 
Actually your telling me what I already know I should probably do....
 
The school loans have a variable interest rate and has been creeping up every month.  I think its time to kill that.
 
As for the cousin, he is putting in a second bathroom so we aren't bumping elbows too bad.  Due to that I'll definatly stay at least a year so my rent at least covers the cost of his bathroom.
 
I'm actually playing with the idea of buying land in Vermont(be an hour + commute from work), building a small house, then when I don't want to commute, I can crash at his place....
 
 
But you all are right, interest is about 50-80 a month on the school loans, I can knock them off fast then start serious savigns for the out of state move....

In all honesty it has nothing to do with interest, it's about the debt. But you already know this.
Brother I understand, trust me, Lord knows I have paid enough stupid tax for two life times. I would like to say I do my very best to live debt free because I'm a genius, lol, if only. I try to live debt free because after thinking I knew better than my grandparents, which was a joke. But I realized after many years of watching my paycheck go to someone else because "it was a good deal or a great interest rate" that I wasn't as smart as I thought I was.
When I bought my 07 Dodge Ram 2500 diesel I had been saving for almost 7 years. I carried 24,000 dollars in 100 dollar bills and left with my truck and a clear title. 7 frickin long years, but it's all mine.
Point is, take advantage of this opportunity to become debt free. You will not regret it, never. The very worst thing that can happen is you get tired of not giving someone else your hard earned money and go back into debt.
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#16 OFFLINE   captainbarred

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Posted Jul. 07 2017 - 08:48 PM

ironically, I think I figured out the problem....

 

friggin dealership must be incompetent.  I had a coupon for free tire rotation with oil change, so I dropped it off and a friend picked me up so we could catch up.

 

since then, no vibration.

 

10 to 1 its a damaged wheel or tire and they just rotated it to the back....

 

My wheels are real rusty(steel, not alloy) so ive been planning to replace them anyways.  Considering my brother just replaced his new(3500 miles) factory AT2s on his jeep with 30in monsters, I am going to buy those off him, get the new wheels, and should be good to go.

 

I usually always have one of those coupons for the free rotation which is why I let the dealer do the oil changes.... Now I'm thinking the vibration seemed to fade in and out... probly a bad tire or wheel rotating to/from the back and front....

 

either way I've already decided im changing mechanics, so I'll have the new guys do a quick check for any issues and so long as they think everything looks good, I'll do the tires, and keep her for the long term!

:thumbsup:


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#17 ONLINE   devil duck

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Posted Jul. 07 2017 - 09:03 PM

ironically, I think I figured out the problem....
 
friggin dealership must be incompetent.  I had a coupon for free tire rotation with oil change, so I dropped it off and a friend picked me up so we could catch up.
 
since then, no vibration.
 
10 to 1 its a damaged wheel or tire and they just rotated it to the back....
 
My wheels are real rusty(steel, not alloy) so ive been planning to replace them anyways.  Considering my brother just replaced his new(3500 miles) factory AT2s on his jeep with 30in monsters, I am going to buy those off him, get the new wheels, and should be good to go.
 
I usually always have one of those coupons for the free rotation which is why I let the dealer do the oil changes.... Now I'm thinking the vibration seemed to fade in and out... probly a bad tire or wheel rotating to/from the back and front....
 
either way I've already decided im changing mechanics, so I'll have the new guys do a quick check for any issues and so long as they think everything looks good, I'll do the tires, and keep her for the long term!
:thumbsup:

Cool, glad you got it figured out. You really need to think about giving her a complete make over. New wheels will always make her look good but remember how you feel after a oil change, good wash job, etc..
I promise brother, if you go all out in detailing under the hood, interior, paint, heck a spray in bed liner, window tint, maybe having the bumpers chromed, exaust, etc...
She will be the truck you fell in love with when you first saw her. That's the key to help you want to keep her. Lol, well at least for me. I love my vehicles and take pride in them, I have always felt that what you drive says alot about who you are, but that's just me.


#18 ONLINE   TomJefferson

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Posted Jul. 08 2017 - 07:04 AM

Seriously, if you can afford a new car payment, I'd keep the truck and buy a second car something different.  Everyone should own a truck but they aren't the best daily drivers.  The thing about two vehicles versus one, you get rid of that it needs work drop everything and fix it.  You just drive the other one till you do.  Its also means you are sharing the miles between two vehicles so less miles per vehicle.  When a vehicle gets down to where one decent accident, the insurance will total the vehicle, drop the insurance to liability with no fault to cover the idiot with no insurance.  That works well on an older high mileage truck because you will drive that less than say your newer commuter car.  When you drive the truck, drive it like an old lady. 

 

Where we lose in cars isn't just depreciation, its in trading them.  You don't ever see depreciation until you sell it.  You don't sell it, you never see it and trucks never go out of style. 

 

When you drive around really nice neighborhoods with expensive homes, take a note of how many older trucks there are?   When you buy your newer vehicle, keep the same idea in mind for it then when its time again to buy, you can chose between the two. 

 

This is something I wish I had done when I was much much younger than I did.  I hated that "OMG, its broke gotta drop everything and get it fixed, bum rides, etc."  Besides the hassle, you save a fortune by getting around to it when you can.  You have time to shop around for your best solution. 

 

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#19 OFFLINE   Casper

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Posted Jul. 10 2017 - 04:02 PM

Pay off that loan. You'll be glad you did.

Stop looking at payments. Look at how much interest you're losing on a $150 month $25,000 loan. You're throwing a lot of interest away by keeping that loan.

Nothing wrong with keeping an older truck. Even if you need $2,000 worth of repairs every year, that's way less than you'll spend on a new truck payment.
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#20 ONLINE   Pepper

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Posted Jul. 10 2017 - 04:06 PM

Pay off that loan. You'll be glad you did.

Stop looking at payments. Look at how much interest you're losing on a $150 month $25,000 loan. You're throwing a lot of interest away by keeping that loan.

Nothing wrong with keeping an older truck. Even if you need $2,000 worth of repairs every year, that's way less than you'll spend on a new truck payment.

Amen. If you can afford a payment right now, start making it, into your savings account. By the time your truck needs MAJOR repairs, you can just go buy a new one, or fix the old one and keep driving it another 10 years. Drive it until you can't drive it anymore, and you'll find you're in much better shape financially. 


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