Another +1 on dumping the truck/GT500. The Durango is a nice daily to go along with the beater.
I Think I Want to Change Up Vehicles, Need Opinions
- Thread starter SirShaun
- Start date
Sell the truck and gt500. Save money and buy a reliable daily. You have a wife and three kids, why finance another money pit?
Well, you don't become a millionaire by financing a depreciating asset. You do it by saving and investing wisely. Things that are "wants" not "needs" are cash only.
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Im ok with making a payment. The way that wages are structured (stagnated) and inflation on goods are structured, no way the average working joe is paying $30k+ cash money for a high performance car.
Absolutely wise advice on saving, but the real world is a bit more stark than that. I make a pretty good wage being a technician. Still cant afford 100% cash for a toy or even an average car. Unless I literally save for the duration of what a car loan is... so... yeah Ill take the loan.
Good god, there isnt even such a thing as a cheap shit box. The cheapest NEW Honda MSRPs at $16,000! FOR A FIT. Same thing for a Yaris, a 3 door, made in France YARIS is $16k+! Unreal man... unreal.
Absolutely wise advice on saving, but the real world is a bit more stark than that. I make a pretty good wage being a technician. Still cant afford 100% cash for a toy or even an average car. Unless I literally save for the duration of what a car loan is... so... yeah Ill take the loan.
Good god, there isnt even such a thing as a cheap shit box. The cheapest NEW Honda MSRPs at $16,000! FOR A FIT. Same thing for a Yaris, a 3 door, made in France YARIS is $16k+! Unreal man... unreal.
I suppose there's a value assessment that needs to be made.
Which of the vehicles value extends beyond what you pay for it? For example, 2 years ago, we were looking to buy a house. I had a brand new GT PP 5.0 car with lots of mods. 500/month plus insurance, and it sat in the garage. I drove a beater truck everyday. The 2016 amassed about 5000 miles in the year I owned it. All was well until the house. It made me revisit everything.
I spent 90% of my days and time driving the beater truck. Buying a home and being a very active outdoors guy, my truck was my lifeblood. So while owning the 2016 was nice, it made zero since. I had a financed toy with my everyday work horse/lifeblood being a 20+ year old truck. Know what I did?
Sold the 2016. Got out of the payment. Bought the house. Sold the beater truck. Bought a used Tacoma for a fair price, and have a much smaller/more manageable payment on it. It doesn't depreciate as fast, it didn't take the brand new off the lot depreciation hit, and it's something that'll last for years. I've put 20k miles on the Taco in a year. So that 300 bucks a month is much sweeter to swallow than 500 dollars a month of sitting.
So if you drive the wheels off the Durango, then keep it. You obviously use it. The Yota is a no brainer to keep. But if the F250 and the GT500 do not have much value in their use to you, then sell them and move along. I always encourage people to never finance a hobby car. Aka, never have a payment on your toy. That's just a bad plan from the getgo. Now I have a fox thats paid for, and if money is tight, I don't have to spend it on the car. The 2016 was the opposite. Even when money was tight, the bank wanted their money.
Which of the vehicles value extends beyond what you pay for it? For example, 2 years ago, we were looking to buy a house. I had a brand new GT PP 5.0 car with lots of mods. 500/month plus insurance, and it sat in the garage. I drove a beater truck everyday. The 2016 amassed about 5000 miles in the year I owned it. All was well until the house. It made me revisit everything.
I spent 90% of my days and time driving the beater truck. Buying a home and being a very active outdoors guy, my truck was my lifeblood. So while owning the 2016 was nice, it made zero since. I had a financed toy with my everyday work horse/lifeblood being a 20+ year old truck. Know what I did?
Sold the 2016. Got out of the payment. Bought the house. Sold the beater truck. Bought a used Tacoma for a fair price, and have a much smaller/more manageable payment on it. It doesn't depreciate as fast, it didn't take the brand new off the lot depreciation hit, and it's something that'll last for years. I've put 20k miles on the Taco in a year. So that 300 bucks a month is much sweeter to swallow than 500 dollars a month of sitting.
So if you drive the wheels off the Durango, then keep it. You obviously use it. The Yota is a no brainer to keep. But if the F250 and the GT500 do not have much value in their use to you, then sell them and move along. I always encourage people to never finance a hobby car. Aka, never have a payment on your toy. That's just a bad plan from the getgo. Now I have a fox thats paid for, and if money is tight, I don't have to spend it on the car. The 2016 was the opposite. Even when money was tight, the bank wanted their money.
I can’t get over that fact that you’re paying $500/ month on a 10 year old F250. Dump that first.
I feel like the OP is trying to stay in the same amount of loans, but in a newer car. Not actually trying to cut back and save.
Unless the 500 and F250 are close to being paid off, the Hellcat/C7Z aren't cheap. And with 3 kids that C7Z won't be driven as much unless he's going somewhere solo.
Then he wants to possibly make 1000rwhp, in the new car.
Unless the 500 and F250 are close to being paid off, the Hellcat/C7Z aren't cheap. And with 3 kids that C7Z won't be driven as much unless he's going somewhere solo.
Then he wants to possibly make 1000rwhp, in the new car.
Sell the truck and GT500.
Buy a smaller single axle trailer for $800 to do truck shit with the Durango.
Put $10k of the $14k-$15k you get from the sale of the 2 cars into the Durango, up the payment amounts to $1100 on the Durango and you'll pay it off very quickly.
This time next year start looking for a new toy. Changing nothing from your current situation and you should be able to put an extra $10k down on something. If you decide you want an A8 hellcat next year they will probably be mid $40s for clean examples.
Buy a smaller single axle trailer for $800 to do truck shit with the Durango.
Put $10k of the $14k-$15k you get from the sale of the 2 cars into the Durango, up the payment amounts to $1100 on the Durango and you'll pay it off very quickly.
This time next year start looking for a new toy. Changing nothing from your current situation and you should be able to put an extra $10k down on something. If you decide you want an A8 hellcat next year they will probably be mid $40s for clean examples.
I appreciate all the feedback. I was kind of shocked to see all the comments to sale everything, and stay humble as this is SVTP after all. It has crossed my mind, just to stack some back until I figure out what I want to do next. Take a break from cars, see what the next generation holds. I'm undecided on what car as is, not sold on anything in particular.
I think you guys have convinced me to make some moves. Not, what I wanted to hear, but probably what I needed to hear.
All these $500 F250 comments, I feel this picture may let on as to why. She's beautiful. DPF/EGR Deleted, on a 275 tune, big girl moves. Got her for $28k a few years ago, it was a good deal at the time. Can probably get $25 for her easy.
I think you guys have convinced me to make some moves. Not, what I wanted to hear, but probably what I needed to hear.
All these $500 F250 comments, I feel this picture may let on as to why. She's beautiful. DPF/EGR Deleted, on a 275 tune, big girl moves. Got her for $28k a few years ago, it was a good deal at the time. Can probably get $25 for her easy.
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Good looking rig @SirShaun
Yea should be able to recoup a lot on it.
Yea should be able to recoup a lot on it.
Nevermind
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I would dump everything you have a payment on, and get another beater if you have to have a second vehicle. Save up and buy cash. I refuse to have payments.
Nice looking F250 there. You definitely need to get out of the GT500 or the F250 though. Decide which one is more useful and/or brings you more happiness and get rid of the other. Reevaluate after that.
I'm glad to see this thread and the responses though, I've been getting the itch to buy something as all I owe on is the house which has significantly increased in value in the last 4 years. On the other hand, I have a reliable DD, a V8 4wd 4Runner, a supercharged Cobra, 21' V8 boat and a beater pickup truck available anytime I need it. My retirement savings are solid thusfar but I think it's time to really focus on piling money away in my IRA/401k so I can retire in my 50s.
I'm glad to see this thread and the responses though, I've been getting the itch to buy something as all I owe on is the house which has significantly increased in value in the last 4 years. On the other hand, I have a reliable DD, a V8 4wd 4Runner, a supercharged Cobra, 21' V8 boat and a beater pickup truck available anytime I need it. My retirement savings are solid thusfar but I think it's time to really focus on piling money away in my IRA/401k so I can retire in my 50s.
I've owned three diesel trucks...I look at that truck and see a "money pit".
That truck would be the first thing to go.
That truck would be the first thing to go.
Get rid of all that JUNK. Buy yourself a Toyota Camry.
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