Vehicle payments - an "expected" expense?

Ha!

I'm a dodge/GMC guy myself. I want a truck so bad... If only I didn't commute 150 miles a day!


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Compound interest and time, most of the younger generation does not get that. Then again the kids today come out of college with a debt that is equal to a mortgage payment. I made it thru college paying half my parents paid half I worked every chance I got and had no debt, that simply is not possible with what college costs now.

 

Depending on your work sometimes you have to have a nice car to drive,I have my old Tahoe for hunting still and its paid off but my wife always needs a new car every year or two for me it's just part of business. We ordered a new highlander just last night for her.

 

My wife and I have two vehicles, one payment. She has a 2013 4Runner that we bought brand new. I tried and tried to talk her out of it, but she just had to have it. Now she hates making the payments. Me on the other hand....I haven't had a vehicle payment since 04 and I love it. I am considering a new GMC and a nice boat though.

 

I really don't like you.

 

We have a '98 S10 Blazer which my husband usually drives and a '03 Cavalier which I usually drive. Both were bought with cash, although my husband had the Blazer when I met him.

We don't like the idea of car payments. But I think if it's your money, you have the right to spend it the way you like.



May The Sheep Be With You

 

I bought my first vehicle when I was 18, it was a 2001 f150 I paid $3,300 for it and drove it for 6 years, in those six years I saved up some cash and about 5 months ago bought an 01 7.3 L f350 that I payed $8,000 for. The truck is in mint shape and I love it. I'm so glad I don't have vehicle payments, let's me save up money to put down on my first house. Of course new vehicles are nice but to me it's not worth the money.

 

I'll step in here to addreas the educational loan aspect. I cringe everytime I hear some blanket all educational loans as a bad investment. Many cases? Sure. Some people just don't have a choice, though. My wife went through 6 years of schooling. She received some grants and being and RA saved her board for three years. That being said, we still had a small house valued sized loan when we were done. That loan that gave her that education that gave her that job has since allowed us to pay 95% of it off in 6 years since she has graduated. To me, it was a great investment.

Now if you're planning to rack up 100k in loans to become a teacher, you're nuts :D

 

Lol.....this!

 

we call those bro trucks here in GA..

Unless it get used as a real truck and gets dirty occasionally.....

 

I will always have a vehicle payment. My company pays for my truck and requires me to always have a model 5 years old or less. I just don't max out the payments with what the allowance is and it pays for insurance/wife's car as well.


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My payments are over $500 a month...it's only a 2013 so I've still got time but I've been debating the same situation on what to do when I reach that point.

 

I say this all the time. Many people have NEVER written a check to themselves BUT have NO PROBLEM writing it to GM, or Ford or Nissan every month! When you pay a vehicle off and nothing is wrong with it, keep paying the payment to yourself! Do it for 2 years and see how much money you will have? Do it long enough and you can pay cash for the next one. I have done it. But most people like getting new things. Especially cars and trucks! Once a vehicle passes 100k miles the value between it and one that has 200k is minimal. I drive a lot for my job. 100k most years. My 2006 Ford F150, that I bought brand new, had 370,00 miles on it when I got rid of it in 2009. My 1999 Subaru, that use to be my wife's, has nearly 380k on it. When I started driving it in 2004, it has 38k miles on it. It has been paid off for 11 years. Motor was rebuilt and transmission was replaced costing me $3000 last year. I will drive it unit it falls apart. Why? It is paid for! People ask me why not buy a new car? OK, let's do the math. I paid $3000 to get everything running like new. I drove it 10 years without any major repairs. So $3000 divided by 120 months. That comes out to $25/month. Add in 2 oil changes a month($30 each) $360 a year and tires one a year $400 a year. So Add in $3600 and $4000. We are at $10600 for the 10 year period. So $10,600 divided by 120 months = $88.33 PER MONTH. Where can I buy a new car/truck and pay $88.33 a month without giving them a lot of money first. You can't. Truth is many people don't have the discipline to save the money to pay cash for the next vehicle. Once that car/truck is paid off, they have $300-$400 extra now a month to play with. As long as they can afford the payment, that is all that matters. Then they start the cycle all over again.

 

We call them "mall crawlers" around. I can't fathom how folks and build such beautiful trucks just to drive them around like cars and never use them for their purpse

 

This is the reason my next truck will be a Dodge

 

I haven't had a truck payment in 7 years, been driving my current truck for 8 years now. That being said, I will have to take out a loan for another truck in the near future. The ol' truck just isn't going to last much longer at this pace, and I don't have $20-25k squirreled away. Gotta have a 3/4 ton truck for work, so I'm going to buy a used diesel.

 

I don't know how anybody could buy GM after they've cheated everyone and admitted they didn't do quality-control for 10 years. GM is a bunch of crap. Ram trucks for me any day

 

Here is my Cummins and I love it. My brother and I have had four Dodge trucks with 0 issues.

 

Unless you use a vehicle for work daily a car payment is not an expected expense... in that case in can be written off as well as all maintenance..

 

That's the reason my next truck will be another Titan. The new HD engine from Cummins is gonna be sweet.


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