New vehicle vs current vehicle

[Dunit35]

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?

[BigMeatballDave]

Originally Posted by DaneMcCloud

Lease. Cars aren't an investment.

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

[Brock]

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

[Dante84]

Originally Posted by lewdog

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.

Fuknwitchu

[Pasta Little Brioni]

Cash only for vehicles

[ThaVirus]

Originally Posted by DaneMcCloud

Lease. Cars aren't an investment.

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.

[cosmo20002]

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.

[Buehler445]

Originally Posted by ThaVirus

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.

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

[Dayze]

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.

[ThaVirus]

Originally Posted by Buehler445

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

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.

[stevieray]

Originally Posted by Baconeater

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

Almost ten years for mr.

[TribalElder]

I bought my current vehicle with 6 miles on it

The one before that with 17

I still have both and they both run

[jjjayb]

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.

[RedandGold]

Originally Posted by cosmo20002

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.

That pretty much sums it up!

[scho63]

"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.

[Buehler445]

Originally Posted by ThaVirus

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.

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.

Originally Posted by jjjayb

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.

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