New vehicle vs current vehicle
 

I'm trying to decide if trying to trade in my truck is worth it. I don't think I'll get the trade in value I need to pay it off. So, this might be a waste anyways.

It's an 09 Chevy Silverado crew cab LS, 81k miles, black, soft cover, 20" factory chrome rims, good tires, but the rear end was demolished by a trash truck in January. I owe $15,000 and the payment is $345. My wife wanted a warranty option on it and it jumped the payment from $285 to $345.

I'm really trying to get my payments around $290-300 to save up for a new ride for my wife. My wife and I both have good credit.

Is it worth messing with?

“We buy things we don't need, with money we don't have, to impress people we don't like.”
“Act your wage.”

http://www.gospelherald.com/data/ima...line-peace.jpg

I'm assuming it ws fixed?

4x4?

Yes it was fixed. 4x2. I'm figuring they will offer around $12k.

- you don't know his wage, or what he has
- and perhaps it's a matter of impressing himself and being happy, instead of outsiders.

Jesus Christ, I was just wanting to post some Dave Ramsey shit and be the first poster.

But considering he owes more than he'll get on a trade in, that's never a good financial situation to be in.

Lease. Cars aren't an investment.

Do it

Bury yourself in debt and enjoy nice things

Who knows what the future might have in store so live for the moment LMAO

It's that damn warranty my wife wanted, added $3k when we bought this truck.

I will say i have had zero issues paying the $350. I'd just like to be able to save more for my wife's car.

For some it makes sense but only if you don't drive much. On many leases you are only allowed 10-15k miles per year. If you plan on keeping the car for a while, leasing never makes sense. If you need a new car every few years for whatever reason, it might make sense.

Leases dont work for most people.

I have almost paid off my vehicle

Giggidy

We paid her car off last January, 20 months early. Now the AC rarely works, already been replaced once.

I haven't made a car payment in over 15 years.

I don't think I'd ever lease because of the mileage limits.

I try to live by the rule that if I can't pay cash I can't afford it. Not speaking of investment property of course. On that basis, my advice is to sell your truck and buy a vehicle you can afford. Jmo

Fuknwitchu

Cash only for vehicles

New vehicle vs current vehicle
 

I read a breakdown in this recently that argued it's better to buy. The equity built in buying was their main talking point.

I'm sure it depends on the person and situation.

I've only ever bought used cars cash and have been craving a car that I wouldn't have to worry about breaking down. I'm not sure I'd like making payments every month though.

Leasing is pretty much always dumb, financially.
Some will say, "Well, it's smart if you're the type who buys a new car every 2-3 years."
Yeah, ok...but buying a new car every 2-3 years is also really dumb, financially.

You can find used vehicles that have life left. You're just not going to get them on the cheap.

Depends on how you treat your car payment in terms of budget. Some just assume "x" dollars per month for a vehicle and don't want to mess with maintenance etc and don't drive much. Lease is ok.


Others might want equity (albeit diminishing), and no monthly expense of a payment...then buying is the better option. Really just depends on the individuals circumstances and preferences.


I have a relative who just did a lease on aBMW...with crazy mileage restrictions.$375+ per month......when they already had a vehicle that was perfectly fine , but traded in anyway. Hell.i even considered buying the truck because it was in great shape. I would've kept the truck as a second vehicle. 13 years old...dirt cheap in insurance and taxes etc. that way if I do the lease and hate it, I can be done with it once it expires and still have a vehicle/no payment.

I've only ever owned used vehicles.

My first ended up being a lemon. Honda Civic that read 137,000 on the odometer. Found out a couple years later when the tranny went that it had been rolled back. The car really had 207,000 miles on it when I bought it. ****ing assholes. I was young though. That was a learning experience.

I've got an 03 Camry now. I've had it since 2010.

I'm not the type that needs a new, snazzy car to whip around. I am tired of constantly worrying about my next big repair, though. Some days I just want to say **** it and buy a new car but realize by pocketing the $2,000-3,000 down payment and $300-400 monthly payments I could pay for any major repairs pretty handily.

Almost ten years for mr.

I bought my current vehicle with 6 miles on it

The one before that with 17

I still have both and they both run :shrug:

Trucks aren't cheap right now. Keep the truck you have. You'd be hard pressed to find a truck to replace it and be near that same payment.

That pretty much sums it up!

"You should lease an asset that depreciates You should buy an asset that appreciates."

Oil wells, airliners, cars, tankers, and rail cars are better leased with the one exception being the car based on how many miles you drive.

You should lease a vehicle if you drive 12-15,000 MAX a year. You will always have a new vehicle and no repair bills.

Yeah. I've never owned anything new either. Recently I've bought some newer used ones and have had good luck. The only lemon I've ever driven was a combine. I'd have preferred a lemon car.

If he doesn't need a pickup he could trade it in for a cheaper car. Used pickups have stupid value ATM.

No, it's not. The payments are lower, in some cases, much lower than financing.

Leasing is the way to go if you don't drive a lot.

I decided to keep what I have and pay it off. The $350/month I pay isn't hurting me anyways. I'd prefer not to have a ding on both our credit scores when we go to buy her a better vehicle next year.

Leasing doesn't work for me. I drive about 25,000 miles a year for my job. I would like to lease since I will probably be paying for a car the entirety of my career.

Never understood the love so many people have for buying expensive vehicles. Buy a ten year old used vehicle, no car payment, no collision coverage likely needed due to the cars value and you will be much better off. The cost of any maintenance on an older used car is NO WHERE near the price tag that a newer car comes and the insurance premiums that go with it.

That's what i'm going to do for the remainder of my life.

I agree, it doesn't save money in the long run over buying a vehicle and maintaining it.

I just like the fact that I never have to **** with maintaining a vehicle.

Dave Ramsey is wise. Dave Ramsey is good.

His ideas that you should pay off your smaller debts first, while letting your interest accrue and balloon on much larger loans is really dumb.

The benefits of leasing only apply if you would otherwise trade the same financed vehicle in the same period of time (or trade immediately after a financed purchase was paid off). If you maintain that same financed vehicle five years after it's paid off, you're definitely ahead versus leasing.

Since my pattern falls into the latter category, it's difficult to justify making payments in perpetuity on a continuous string of vehicles that I don't own.

This. Plus a new one every 3 years. I'd love to lease, but I couldn't deal with the mileage limits.

Most I've heard about are 15,000 per year. How much do you guys drive?

His target market is not you and me. It is dumbasses that can't balance their checkbook or don't have the discipline to think about financial analysis in their daily lives.

30-40. Wife is about 8 or 10.

He's actually a ****ing idiot and I don't agree with most of his bullshit. Then again, I'm not in debt and can manage my finances accordingly.

Always pay cash for a car. If you got $350/month to make a car payment, you got $350/month to put into savings to pay for your next car and/or a big repair on your current car. The first big loan I took out as a young guy was for a car and I bought the car with zero down (good credit and a good credit union) and it was a five year loan (loan was for $11,000). It wasn't a bad deal and it was a great little jeep. That being said, I've never again financed a vehicle. I have paid cash ever since.

Now, granted, I don't drive a big fancy vehicle. But I got a nice car, and I take good care of it. And it works great for me. I also have a savings account that I can go out and buy another car if I want (or, fix this one should it need a big repair). If and when I want another vehicle, I buy it, then I sell the car I currently have, and that gives me a chunk of change to start all over again with saving for another car.

Anyhow, I don't sweat my car. It is what it is. If it gets wrecked, I have insurance. If it gets dinged up, meh, I don't care. I park where I want to park, go where I want to go, and no one takes a second look at me or my car. That's the way I like it.