So I just wanted to see if I could get some advice from the boards. I've currently got a 2004.5 Cummins crew cab that I love. However I've been listening to Dave Ramsey (financial guru) quite a lot and feel convicted that I've got much more money tied up into my truck then I really need.

Have you guys got any advice about going to a 24V engine?

One of the trucks I'm looking at used to pull. I know these engines are made to work hard, but is that too hard? It's got a built suncoat tranny and some other powerful goodies and seems to be a decent price. Just wanted some opinions.

I rarely every tow, it would be mostly a daily driver.

 

You won't get money back from your mods and an older truck will need some work for sure. Bad idea on the puller.

 

Don't go backwards...... check out my sig. If you can afford to stick with your curent truck do it,you only live once. Nate

 

I listen to Dave. Is your truck financed? How long to paid off? How long will you keep it? What is it worth?
I remember when he was on air with his friend Roy Matlock 20+ yrs ago. He took the old AL Williams buy term & invest the difference & expanded it. Regardless, I disagree with some of his hard points. The stock market does not return 12% compound interest after tax, after sales load, after expenses unless you put time into managing AND are a great portfolio manager.) Being out of debt is good AND saving 15% is too little. You can have more tied up in depreciating assets IF you are willing to spend less elsewhere AND save. This is from a point of view of me having no debt and saving for years. I tried following his plan of paying debt smallest to largest & realized that it would be done sooner if paid by largest interest rate ... just like my finance professor taught me to calculate. Set up an amortization schedule if you need the feeling of meeting goals. It will let you know when you'll be out of debt & will show you what happens if you pay $x more.

Back to the truck, my 00 has been high maintenance. If you aren't buying someone's project, expect to spend $2000 on suspension, steering, fuel, gauges etc....these are only what are considered basics to make it reliable. THEN expect another $1,000 on at least 1 VP. Add more if any maintenance has been deferred. Compare with how much you have lost & are upside down on your truck. I've done some of the calculations of selling upside down trucks & many times the person has just as big a hole to climb out of as if he'd kept the truck. Work hard. Pay off debt. Save $$. AND do your own calculations.

 

agree with all the above..
2nd gen will need
brake upgrades (98-99 has the horrible pressed on rotor, and cannot be upgraded unless you change the entire axel))
headlight upgrades
Fuel system upgrade
trackbar upgrade
3rd gen has a better tranny (48re is better than the 47re)
3rd gen has a bigger exhaust
3rd gen has a better turbo
3rg gen has a better ride (better springs)
3rd gen has a better rear end (locker)
3rd gen has better rear doors (sucide doors squeek and rattle, and difficult to load passengers)

there is more but thats all I have for now

 

Thanks. I still owe $14k on the 2004.5
I estimate if I could sell the truck for $23k I could put that equity towards an older truck with no payments. Then any work I have to do "likely" would still be cheaper then the sum of my annual payments.

 

Sorry to break it to you, not many people are shelling out 23k for a truck at a car lot, let alone on the side.....its still a tough economy....Just keep it and baby it cause they will rape you on trade in with $3/gal diesel

 

I understand completely. I have the truck listed for sale at $23k.
IF I'm able to sell it for close to that I'll consider, otherwise I'm not going to let it go. But thank you, I do appreciate the advice.

 

A 24V could easily cost you 10k. Then you have to do the up grades. It won't stay running without them so you'll be at 13K. It all depends on MARKET Value of your truck. What you want or owe has nothing to do with what you can sell it for. How did you arrive at a price?

I'd be tempted to hold out for a 12V if I could find one in good condition. Trucks don't look right with a back seat anyway. Go redneck, lifted, 12V, 5sp, 4x4.