New vehicle vs current vehicle

[Bugeater]

Originally Posted by TribalElder

I have almost paid off my vehicle

Giggidy

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

[stevieray]

Originally Posted by Baconeater

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

Almost ten years for mr.

[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

[Pasta Little Brioni]

Cash only for vehicles

[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.

[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.

[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.

[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.

[Dunit35]

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.

[BWillie]

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.

[ThaVirus]

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

[Buehler445]

Originally Posted by BWillie

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.

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.

Originally Posted by ThaVirus

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

30-40. Wife is about 8 or 10.

[Tombstone RJ]

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.