With the economy in the tank, interest rates are at record lows. I thought it would be interesting to hear from some Cummins owners on their outlook of purchasing a new one. While I don't have first hand experience, My understanding is that the dealers can't give these things away.

As a college grad last week who actually found a job (lucky I guess), I have found myself with a paycheck that might allow the purchase of a new truck, but am unsure that I should jump into that hole when I have a 2000 24v with 210K miles on it that is yet to leave me stranded.

With a new clutch @ 100k, VP44 @ 150k, raptor lift pump @ 180k,
water pump @ 190k. Besides the general maintenance of tires, brake pads, etc. what type of expenses should I expect in the next 100k?

I know its hard to predict the future but I'm sure you guys can enlighten me in what my future holds. Is it a new clutch? VP44 again? alternator? Tranny issues? head gasket? piston rings? structural issues with the frame? I know the ball joints/tie-rods will be coming up.

Since I have a short commute to work which doesn't require driving/hauling, another option is to leave the truck hooked to the horse trailer and buy something small and cheaper.

I'm sure I'm not the only one considering abandoning old faithful for a shiny new money pit. WHATS YOUR OPINION?

Thanks,
Peanut

 

If you are asking our opinion, I will give you mine. Keep what you got, stay out of debt, and save your money. Live debt free. The money you could be paying on a payment every month.......just keep saving it. One day you will have enough money saved to pay cash for your "new" truck. And hopefully even if you have that much saved in the future.......you will still keep driving your current one and apply the money toward a house/land something that isn't as likely to depreciate.



..

 

peanut, I have 372,000 0n my 1999 don't think nothing of it to hop in and run to Houston and back. I still have the original VP and changed the lift pump once.
Bet your alternator bearings are getting a little rough. I did go through the tranny due to 5 gear coming loose but should be good to go another 100,000 or more.
I've only changed out 3 upper ball joints and no tie rod ends.
Lately I have been keeping it tied to a trailer and driving my "new" dodge truck - a 2001.
My self I would drive the old truck and stay away from a new payment and high insurance costs.

 

I would stay away from a new payment also. Take it from someone that got stretched too thin at one point... the less payments, the better. Save that money.

When I get back to the states, I'm gonna get a $100 bicycle and pedal my butt back an forth to work...

 

Keep your money and drive the truck you have under hard use they average 400,000 before the motor needs a major and for less than 4 payments you can replace anything on the truck you have. Even with low interest rates you still pay thousands extra in interest. Every 1,000 extra you put down on a house can save $$$$$$ on interest.

 

Yes, save your money for a house!

Keep the truck you have.

 

I'm with the oters. Save your money. Buy a motorcycle to get back & forth to work. It will save the miles on your truck. There isn't a time of year you have to put one up here in Texas either.

 

Everyone has already said it. You've got what works. A new truck will impress others----and you get to make the payments, and keep making the payments.

Park it and get another ride. I've got a 93 dakota for a run around, pick up parts, haul small stuff truck. Has 271,000 with a 3.9 and still has the original exhaust. Find something simple.

Remember the borrower is servant to the lender. Don't make yourself a slave!

 

Witjh a new job, a new truck can be really tempting, resist the temptation, put your money away and save it, I am one those that started saving to late in life and will have to work til I am over 100 to survive and prolly only live til I am 80.

 

I would say save it. Get your self a small commuter/beater car.

 

Sell it and get a 12 Valve...

 

Excellent advice, a new vehicle is a large investment that will never appreciate in value. I am also a recent college graduate (Business Admin, Management concentration) that was lucky enough to find a decent job. Here is my view. The only thing I will go in debt for is a house. If I can't pay cash, I can't afford it. Although I could but a new CTD in cash, the money would be better spent towards a downpayment on a house, especially avoiding PMI loans and interest rates to boot. My view is im double dipping on my investment. The investment itself will appreciate over time and the money I do not have to borrow is money I do not have to pay 5% interest on through the loan. Not to mention it is a buyers market right now. A beater car might be worthwhile (for me it was) so i spent 3 grand on a civic that will pay itself off in fuel savings (after insurance and everything) in about 2 years. Then i can keep driving it or sell it at a pure profit because it already saved me its original purchase price in fuel. Save your money and don't follow Obama's spending habits!

 

Very good advice! I'm actually pretty impressed that so many people gave the same advice immediatley after this post was placed. Truth is -there' very little reason (and with EPA regs on the 6.7L, even less reason) to go and buy a NEW Dodge/Cummins. I've had mine eight years, and I spent quite a bit less than eight grand, eight years ago. I could probably turn it for five to six depending upon market conditions. The first owner paid around 33k for it and lost 26k in five years to depreciation. (It had around 250k when I bought it.)

So - try to buy only what you need, and keep a bit of a low profile with it all. You're very fortuate to have found a job! Count your blessings, and learn the immense value of contentment - most American's aren't and that's what is really sad.

 

Yeah I was in the same boat, business degree and have always made ok money since college 3 years ago.


I have my truck because I have started a side business and need it, I put a big down payment on it though so my payments are very managable and I pay over each month.




If I could go back 2 years ago I would have sold my other truck just like I did for 12 grand cash and bought a used truck and saved an additional 10 grand over the new one. My truck now would be almsot paid off in that scenario.




I guess my suggestion is sell your truck and buy a used one with like 50K on the clock. Like sell your truck for 8 grand and buy another one for 20 grand that is only a few years old with a 1/4 the miles on it. Finance it for 4 years and you're payments will be pretty low.
If you can manage at first pay your payments at 150% of what they want each month with disipline. That way you won't pay much interest because as you know they charge you all the interest up front since it's calculated off the principal.



What I did with my other truck was put it up for sale at a too high of a price and saved a few hundred a month till it sold. It sold for a little above average when I found the right buyer and I put that and the saved cash down on my new one.




Oh yeah and to everyone that says buy a house and don't buy a car unless you can pay cash... I think you guys are smart but really no one buys a house right out of college, he needs to save 30 grand over the next 3-4 years to do that and at that point his new truck will be paid off.... Then he can be adding his 'truck note' money to his house payment and get it paid off early because as you know interest is calculated off the principal and you need to pay it down fast.




Geez I type a lot but I'm in the same boat and have saved up enough to put down on a house at this point using my advice above. Plus I haven't "gone without" the things I've earned like having a nice vehicle.

 

Keep wrenchin on the old one, isn't that the fun of!? Otherwise you'll pay more for a new one, then of course you'll want power upgrades...it's a never ending disease! You already have one with upgrades, you can save that payment for more upgrades in your exsisting, and other things.