Lantley wrote:
I can agree that now is not the gratest time to buy a vehicle.
Nevertheless the OP does not need to settle for a 20 year old truck.
Especially with the idea he is about to retire.
His 2002 does not compare to a modern diesel truck.
If the OP want to treat himself to a few amenities and adancements why not go for it. Life too short to be stuck in 2002.
You can't take the $$$ with you. I'm all for saving but some just like the idea of money they prefer to settle and make do than spend, even when they can afford to spend.
This is good advice.
The only item that needs more discussion is timing of the purchase and the funds you use for the purchase. Right not is not a good time, nor is it a good time to use your own capital.
But, it's also becoming a good time to negotiate a price on a truck that you can order. I can order a truck and pay a little over invoice. Will I have to wait? Yes. But I have time, the money, and the credit. Would I use my money? No. Why should I tie up my capital when I can get a low cost loan. Use the bank's capital. This is the same advice I gave my mother-in-law. She can afford a new, high model of almost any car or SUV. So, we are looking at many. It makes sense for her to buy either new or 1 year old certified, with a long warranty. But, the prices of the used aren't worth it. She has time and doesn't need a new car right now. So it's easy to walk away from bad deals. We have also been able to sell vehicles at good prices and set the cash aside.
Regarding the diesel vs gas, I recently made a post on another forum regarding this exact topic. The OP question was "why would you chose a gas over diesel?" My answer was simple: Other than the throttle lag on the diesel, which is very annoying to me, the only reason to choose the gas engine over the diesel is cost. I can afford the added cost of the diesel and the financial breakeven is 6-7 years.
But, do I want to spend about $10k more for something that isn't driven much, and when I tow only a few times a year?
There are some downsides to the gas, or upsides to the new 1000+ ft-lb diesels:
1. You can accelerate up almost any hill pulling heavy loads.
2. You have an exhaust brake.
For less money, I can put disk brakes on all my trailers and reduce the braking issue. But, I won't be able to hold 70-75 mph going up steep grades, or accelerate to pass when a slow driver gets in the way. I haven't placed the order yet but I'm leaning towards the gas. Plus, it'll be something I can supercharge someday.
So for the OP, consider it as if this is the last time you'll buy a new truck. Drive both. Look at the costs and decide if the added cost is worth it. If you have the time, wait and hold out for a good deal. If you order something, plan on waiting. Don't lock it in with a deposit you don't want to lose. When you get it, enjoy it.
