Hi guys,

I apologize for the long post ahead of time.

Lately I've been throwing around the idea of selling my truck. I'm a college student (1.5 years left [coffee]) and right now I'm working full time interning. I would like to keep my truck, but the cost of fuel is killing me. As it stands right now, I'm paying 1/3 of what I make just for the fuel to get me to work (we interns do not get paid very much). That's not including any other trips that I have to make. Plus I have to live off of my savings from my semesters interning during the semesters that I am not interning. All of this together makes it incredibly difficult to pay the bills and save some of it without going into debt.

I'm very anal about debt. Either way I go, I will make sure that I am graduating debt free. It's just a question of how much money will I have left over when I get there. By selling the truck and buying a less expensive car, I could add the difference in the price along with the accrued savings on fuel (about $1600/year) toward a down payment on a nice house that I am already saving for for after I graduate. I believe that I could get by without a truck for this short amount of time, albeit not as conveniently. The truck is paid for by the way.

So what do you guys think? I feel like I'm stuck between a rock and a hard place because I'm kind of attached to this truck (It's my first new vehicle). Should I just not worry about it and keep the truck or sell it for a car?

Well, from reading your post her is what I would do. These trucks are not bringing much money right now, so you will probably take a big hit on it if you sell it. It sounds like you will want another truck when you are done with school.
The economy will probably have caught up with the price of fuel by then and the price of these trucks will be back up. I would keep the truck that is paid for and buy a cheap beater car that is good on fuel. I am running a 230,000 mile Hyundai Elantra right now and my truck only moves when it is making me money. What you will save on fuel will pay for the car in no time. Hyundai, Nissan, Toyota,Ford Focus, Cavalier all run forever. Stay away from euro cars unless you can repair it your self, They are high maintenance and expensive to get repaired.

The truck can be replaced it just a thing but your education will last you forever. If it were me I would sell the truck and focus on school. The time will go by fast, the economy will be figured out by then for better or worse and then you can find another one.

As stated, you will probably take a hit but who knows, in six months you might wish you had sold it now when fuel is $7 a gallon.

sounds right find a cheap daily driver and keep the truck since its already paid for the market is real soft on diesel trucks

Your education is much more important than any truck or car you could own. I really applaud your efforts to stay debt-free! That's counter-cultural and a very wise move.

As others have indicated, you may take a real hit on your truck if you try to sell it now. If you find the maket's not good, and your losses will be too much, you could perhaps store the truck and drop to storage-only insurance. They buy a little beater as mentioned and store away as much money as you can. You could probably get buy with liability only insurance on the car. Good luck as you finish up school.

Can you get farm tags on the truck and get a farm insurance break? Since you are in school it could be legit (although I wouldn't advise it if you are using it primarily as a full time drive to work vehicle)... But to class and an internship I think that's pretty much covered when you fill out the paperwork. Around here it doesn't prohibit that... Lots of guys in college with farm tags.


Since the truck is paid off I'd keep it and adjust your driving habits. In a year the truck will be worth what it is today I'm betting since fuel prices should drop as soon as they get some regs on the speculators.



On a side note I graduated with 10K in debt and yeah it's a pain paying those payments... I used it for living money in college, i don't regret it though at least it isn't 50K+ like a lot of people have.

I'm with the guys who say sell the truck and do what it takes to graduate debt free. There will always be other trucks later-- when you have more money.

jh

Just sell it... You'll soon discover a new emotional attachment with your beater when it costs 1/3 to fill up.

I think you will take a big hit on the truck if you sell. Since you are done in 1.5 years. I think you should stay with the truck. Economy cars are hot right now and I don't see you getting that big of a difference in fuel mileage and fuel cost between the two. You will be taking another hit when you try to buy a truck after school too.

Thanks for all the responses guys.

I don't need to sell the truck to be able to graduate debt free with no loans. That will happen regardless. It is just the expenses of using it as a daily driver that are killing me. The only reason that I am thinking of selling it is to be able to save a little more money for a house down payment. Right now, I'm thinking that I will just keep the truck and try and cut back on other things for the next year and a half. Once I graduate and have a little more money, then buy a commuter car and retire the truck to being a play thing.

I do drive my truck to work every day right now. I'm working full time during this sumer and will be working full time again in the coming spring. I think I could swing just eating the fuel costs for a little while - especially if the fuel prices drop some (which I for one doubt will happen, but boy do I hope I'm wrong).

I think you will take a big hit on the truck if you sell. Since you are done in 1.5 years. I think you should stay with the truck. Economy cars are hot right now and I don't see you getting that big of a difference in fuel mileage and fuel cost between the two. You will be taking another hit when you try to buy a truck after school too.

True. I figured up the cost per mile between both of them. My truck is about $0.25/mile while a car that got 35mpg is about $0.11-$0.12/mile. I'm gonna do some more thinking on it. Don't want to make any rash decisions.

Or - take an Motorcycle Safety Foudation class and pick up a little 4 - 600 cc motorcycle. The sort of thing you could buy for 600 - 1000. You'll get 45+ with it, just price a good helmit & protective jacket. Just make sure your folks are okay with it, and be smart how you operate it.

I say sell it also(unless u can really financially keep it), But selling its only gonna get 15-16K.

But selling its only gonna get 15-16K.

If your lucky!

That is a tough decision alot of people are having to deal with these days. Either way it will be bad on the pocket book, but I agree school and a house is way more important than a silly truck. Good luck!:cool:

education and house is way more important than a truck...

if truck is not hurting you, I'd find a beater w/good fuel mileage on craigslist. they come up all the time. the real deals get snapped up within hours.

More important don't be to quick to buy a house until you've seen the direction your career has taken you. Worst thing that can happen is turn down a position because you can't relocate, been their, and have regretted it for many years. Don't fall into the got to have a big house trap like most Americans, I have a big house, and wish I didn't, it's keeping my hands tied, it sucks. I don't know what your field is, but the folks that stay mobile, get the promotions. They didn't teach me this in college, it took 20yrs. to figure it out.[dummy]

More important don't be to quick to buy a house until you've seen the direction your career has taken you. Worst thing that can happen is turn down a position because you can't relocate, been their, and have regretted it for many years. Don't fall into the got to have a big house trap like most Americans, I have a big house, and wish I didn't, it's keeping my hands tied, it sucks. I don't know what your field is, but the folks that stay mobile, get the promotions. They didn't teach me this in college, it took 20yrs. to figure it out.[dummy]

That's good advice. If I can help it, I don't plan on moving out of the region. I already have my foot in the door with the company I'm interning at and they have all but guaranteed me a job when I graduate. Not to mention that we have a bunch of different plats that are opening around the time that I graduate. I'm in engineering, and these places will definitely need engineers when they open up. Being close to my family is more important to me than a pay raise. Gotta have your priorities, you know? Family is at the top of mine.

But at this time, I believe I'm just gonna try and tough out the fuel costs for the time being. Once I get finished with school, I'll retire the truck to being a play thing and to be used when I need it. I'll buy me a decent little commuter car for going to work. I will be able to pay for my school no matter what I do with the truck, and I will have some money for a house down payment no matter what I do with the truck. If I sold it, however, I would just have more money for the down payment. The way I see it though, the car payment on a truck later will be more then the car note on a little commuter. So eating the fuel costs now could cut costs later. We'll see how it goes however. Thanks for all of the opinions guys. I really appreciate it and it helped a lot.

Sprinter gave good advice. Were it not for the fact that I can bounce around a lot within my current company without relocating, I'd have followed it.

Besides, I plan on staying with Cummins until the tell me they won't have me anymore.

jh

More important don't be to quick to buy a house until you've seen the direction your career has taken you. Worst thing that can happen is turn down a position because you can't relocate, been their, and have regretted it for many years. Don't fall into the got to have a big house trap like most Americans, I have a big house, and wish I didn't, it's keeping my hands tied, it sucks. I don't know what your field is, but the folks that stay mobile, get the promotions. They didn't teach me this in college, it took 20yrs. to figure it out.[dummy]

First off Sprinter - sorry for the situaiton you are in. This isn't fun to face, and I applaud you for helping others avoid a possibly very trying situaion that you have (unfortunetly) had to live with for many years.

That said - I really hope others here will take his advice seriously when thinking about a house. Fact is, my parents started off small, and still live in a house that's *just* adequate, even though they likely could afford more space, prestige, location, etc. It's a priority system at work here, and while this is a little hijack on the thread, it's so immediatly important I could not resist emphasizing this.

All these home mortague defaults we're all reading about now? Folks, there are many situations that are leigit, but the truth is that too many people extended themselves waaaay to far, and the banks bent over a little too far backwards, and it hurt both populations. Now it's hurting others as well, with values dropping. Please consider what's needed in a house, verses what is just wanted. Perhaps making do with a little less really will yield great results in the long run. Maybe we don't need everything now. Maybe, just maybe, working for something is worth the sweat and patience.

sorry - off rant now. Just though it was a good thing to think on...have a good one.