4x4ord wrote:
winnietrey wrote:
Besides the 9k, he also lost whatever payments he had made, as they started the clock again on the new loan.
You ask how much to spend on a vehicle. While I am a fan of buying new and driving it till the wheels fall off. I always try and buy a vehicle that matches my needs not my wants. Bought a new Nissan truck, 3 years ago, that has roll up windows. But it matches my needs.
My question is, what possible need does your friend have for a 72K truck? Is he a rancher? in construction? Is he a full timer, that pulls a heavy 5er? Or he just going to use it to drive back and forth to work, and it is just a ego stroke? If the latter, I think spending that kind of money is just crazy
He is a tradesman but owns another F350 for work. I wonder if he knows that putting $5000 per year into a fund with a 6% per year return could make the difference of about $450,000 to his bank account in 30 years.
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My thing is not so much about the money one spends, on a toy or otherwise. It is rather about losing your options. What if work slows down, if he is self employed that may mean taking lousy jobs. Or if he hates his job, he can't quit. What if he wants to buy a house or take the family to Disney Land, or any of a dozen other things, and unforeseen expenses. If he has run his budget to the redline, buying this truck. Then a person loses all those options.
That, is what, I think could make expensive truck a poor choice. But I don't know, maybe he can easily afford it. And has plenty of money left at the end of the month. So maybe for him it is a good choice.
