New Truck Buy or Lease?

At 74 Im buying a Maserati. I'll never have to pay it off.

Mike

I bought a used 2004 diesel 2500, and I'm always worried if it will get me home on the next trip. A full warranty sure would be nice to have.

Nice one IdaD!

74? Buy the biggest baddest pickup you can for as little down as possible. Put everything in your kids names before you croak and drive it like you stole it!
That's my plan......

troubledwaters wrote:

Maybe his financial planning included making sure he had $600 a month to finance a new truck with. My retirement plan includes a truck payment, every month, until I die. I don't feel like dealing with someone else's 2 year old lemon when I can drive new, right off the lot.

Exactly. I retired at age 59 and budget for a truck payment of around $500/month forever. If I live that long. I have not been out of warranty on a vehicle for over fourteen years and I love it. If somebody says, "Let's go to California", I don't have to wonder if my rig will make it and I reply, "Count me in". That's the freedom I was looking for in retirement. If I could not afford it, I would do something else.

We'll See wrote:
I'm paying for 13,500 miles per year and you can choose what you want. Paying for miles upfront is cheaper than on the backend. Of course if I don't use all the miles I'm paying for what I didn't use.

If you only put 10K on it in a year, on New Years eve you could always put it on a couple of blocks, fire it up and run off 3500 miles lol.

babock wrote:

troubledwaters wrote:
I don't feel like dealing with someone else's 2 year old lemon when I can drive new, right off the lot.

I am retiring at 58 and one of the reasons I am retiring at 58 is that I bought 2 year old vehicles that still had a warranty instead of driving something off the lot and immediately losing 20%.

That's my choice and my opinion....you have yours. Let's leave it at that.

I can sell my 2 year old truck with 32,000 miles on it for what I paid for it new in 2015. Would that make me or the guy I sold it to smarter?

This was my first pickup truck so I decided to lease it. I wasn't sure if I wanted to have a pickup long term after having SUVs for years. Therefore, if I don't love it, I just return it after 3 years and get something else. I'm paying for 13,500 miles per year and you can choose what you want. Paying for miles upfront is cheaper than on the backend. Of course if I don't use all the miles I'm paying for what I didn't use.

On my other vehicle, our Honda Van, we bought new in 2007 and still have it. Plan to keep it for a few more years.

There is no one size fits all answer. If you plan on driving lots of miles or very few and want to customize your vehicle leasing is probably not a good choice. If you want to get the newest and latest and greatest every couple of years, a good lease deal may be the way to go.

People tend to be more frugal when putting cash on the barrel.
Debt is easy money and easy to spend more than would otherwise paying cash.

So my advice to the 74yo that must finance is to look at XL or XLT vs the Platinum 4WD trim level. At the same time it is none of my business so best wishes whatever you decide.

troubledwaters wrote:
Agreed, we can leave it at that: my point went way over your head.

I love it when people say their points went over someone's head...the arrogance! LOL

troubledwaters wrote:
Agreed, we can leave it at that: my point went way over your head.

LOL...you had a point?