Trucks all mine!!

katoom400 wrote:
Congrats!

This month will be making the last payment on my 2010 Tundra , turned 100,000 miles last week....may drive it for a while, or may sell it and upgrade to a 2500? decisions...decisions...

LOL you drive almost as much as me My '10 F150 just turned 115,000

right, there seems to be a lot of 14's still on the lots checking autotrader.com

hoping next month the incentives will become more aggressive.

Watch those incentives - Some are only for current year leftovers and the selection is thinning out.

It never ends. Ten years ago I jumped up two classes of trucks thinking that's all I would need. Now I'm jumping up three more classes to get the 10K lb payload I want for the future. At the rate I'm going, a Class 8 HDT will be courting me if we decide to retire and full time instead of staying in a stick-n-brick.

I'm holding out for 0% fir 60 on the ram, ford has .9% for 60, although even used rates aren't that bad at 2.9%....

still looking for a good deal on a 6.4 Ram or 6.2 Ford.

I wish I could stay with my paymentless Tundra, but I have outgrown the payload capacity..so back to payments if I want a 3/4 ton.

I completely agree with what you did at that discounted rate. When we bought our VW, they offered 1.9% financing with nothing down and the banks were then offering CD's at 4-5%. I milked that 1.9% loan for five years and still came out ahead even after paying taxes on the return. VW did not have a cash discount offer, so this was the best way to bring down the cost of the car.

Bedlam wrote:
Turning over new vehicles every five years takes a big hit in depreciation. The longer you can keep the vehicle, the less loss you have per year of ownership. If you want a new vehicle all the time, you are better off leasing but will always have a payment with nothing to show for it.

Making payments to someone other than yourself only makes sense if you can get a return on your money better than the interest rate they are charging you. If you have a choice of 0% interest or $2000 rebate and have the money sitting in the bank, you will still be better off with the rebate.

Emergency funds should be a different account than long or mid term savings. If your lifestyle or income level cannot afford to put away money for a future vehicle now, what makes you think you can afford that same vehicle on payments? It takes self control to save - Some require the money to be out of sight to avoid temptation while others can co mingle financials in one account.

I bought new trucks in 1983, 1989 and 2005 with plans on buying a 2015. My 1989 was my last financed truck and was paid off in 1993. Since that time I have been "paying myself forward".

To each their own, glad it works for you. I find that, for me, I can finance a vehicle for less interest than I earn on my money sitting in a brokerage account, so I financed DW's car at o.9% and will sit on a nice return on my money

Turning over new vehicles every five years takes a big hit in depreciation. The longer you can keep the vehicle, the less loss you have per year of ownership. If you want a new vehicle all the time, you are better off leasing but will always have a payment with nothing to show for it.

Making payments to someone other than yourself only makes sense if you can get a return on your money better than the interest rate they are charging you. If you have a choice of 0% interest or $2000 rebate and have the money sitting in the bank, you will still be better off with the rebate.

Emergency funds should be a different account than long or mid term savings. If your lifestyle or income level cannot afford to put away money for a future vehicle now, what makes you think you can afford that same vehicle on payments? It takes self control to save - Some require the money to be out of sight to avoid temptation while others can co mingle financials in one account.

I bought new trucks in 1983, 1989 and 2005 with plans on buying a 2015. My 1989 was my last financed truck and was paid off in 1993. Since that time I have been "paying myself forward".

I'm all for paying something off and having low debt. if you are the kind of person that will happily drive that vehicle for many many years.

The problem I see with a vehicle is that it's a loosing battle, I pay my truck off in 5 years, then I have to make five years worth of payments to myself and drive my truck for a total of 10 years to start all over again, either way I'm making that payment to either the bank or myself.

the other part is that it is hard to keep that money paid to myself in a separate account, the chances of an "emergency" popping up in those 5 years is very likely and then you are back to zero.

These days with 0% financing who wouldn't want a new vehicle every 5 years instead of every 10?

Bedlam wrote:
Now that the truck is paid off, keep making payments to yourself for it's future replacement. When you are ready to buy that replacement, it will be a cash deal and the only interest was what was paid to you while you were saving. Once you get past this game of needing financing, you will be surprised how comfortable the next purchase will be.

This is the plan we've followed. Wife's 2013 Edge is paid for. We put about 400 a month a way to replace each car, every month. It's working out pretty well.

It's a great feeling! We just made the last payments on our house and rental property. Totally debt free, finally!! Time to save hard for retirement. Craig