I say go down middle of road. Sell yours and buy a 2006 or so. Plenty of good deals on them. They are not giving them away. If anything it will be harder to buy a Cummins right now. I just went down and threw $40 regular in the V10 at $2.31 a gallon. Diesel was $2.23 a gallon. So go find a 2006 for around 20k instead of buying a 2009 for 35k. Dont forget insurance and excise tax will be higher on a new one.

 

Yeah another thing to consider is they will be cheaper when winter comes around since diesel is cheaper than gas right now (around here). I'd put your's up for this summer though at an ample price and see how long you can hold out, you might have to borrow a car though if your truck sells if you don't have a spare vehicle.

I rode my bike for a few days until I found my truck . Street bike.

 

Thanks for all the replies guys. I have sort of been out of the loop for a while.
I am leaning pretty far towards spending a little money on the old truck to get amenities back in order and then go another 100k with her and then re-asses my situation. Got some injector problems I may be addressing and simple stuff like bubbled window tinting, Air conditioner blower motor, reverse lights, power steering system, and maybe something to treat myself to give a new feel to the inside like a new stereo/gps combo.

A grand or two can get me "feeling new again" at my own pace rather than paying interest on a truck loan.

After some thought, I should be spending the money I am earning on assets rather than a liability. I think I am gonna try the small business world on the side while not at the engineering job.

I like the idea of investing in something appreciates instead of depreciates.

Anybody have any more suggestions on large repair bills that might be headed my way?

Thanks a lot

 

Keep the old one! I miss my '98.5. If I had kept it, and spend the same amount that I am now on a stock new truck to bomb my old one, I would have an awesome 2nd Gen truck.

 

Great advice.. Wish I would have listened when I got my degree & that first "big paycheck" job.

I'm still paying for those decisions

 

i think you answered your own question: put a shine on it,
and smile every time you drive by a bank.

it would be foolish to take on any new debt until "HuggyBear" is out of office, the US automakers closing will cause the global economy to stall.

Toyota already came out and said that US Automakers shutting down will reduce the "economy of scale" because piece/part suppliers will have to raise their prices, since they are only making parts for Asian auto makers. and that rise in prices will drive down stock markets overseas.

i would scour ebay & craigslist: put in a GPS/DVD/MP3 stereo (AVIC D3) some rims, maybe some paint.

i was at the dealer where my wife worked for 3 years, and they had a black 09 with the dual exhaust in the bumper. it was dead sexy. and they were READY to trade. but somebody has to talk to the Bank at the end of the month, this is my banker, and me:

don't do it.


(p.s. I would get an 04 - simple, easy, no Cat)

 

i would get a decent beater to keep miles off your truck, then you could also do the upgrades that you want without worrying about getting it back together or running for the drive to work. nothing is worse than the last minute dash to get everything back together or at least make it driveable. been there and done that.

 

Maybe a nice, inexpensive used motorcycle, along with a nice helmit, gloves & riding jacket would make a great second veichle and give you a "completely new feeling" in addition. Just be safe and learn carefully.

 

I paid cash for a 2007 Mega 4x4 Laramie and sold it...before anything went wrong. Friday I am getting a 1996 2500 reg cab former Cal Trans vehicle for 4500 with all records. I could get a newer more expensive truck but I had one...and with smog, double Vehicle license fees in Ca I think the 12valver manual systems is smart money...just my opinion. If something bad happens I'll get another one and use the first as a donor for parts...PV APOLLO

 

Sounds smart to me. Is there any possiblity that you may have to "upgrade" it with a DPF and other items to meet emissions? I think I heard about CA proposing that requirement, but perhaps that's only commerical applications.

 

I agree being debt free is more important than anything especially now!!
Its all about balanceing you wants vs needs!

 

But if you're debt free then how do you establish credit? You can have a high credit score but if you can't demonstrate that you can borrow and pay back loans then a bank won't lend to you especially if you are looking for a business loan.


I just went through this with a commercial lender for a business I started and she straight up told me with my near 800 credit score that she wouldn't lend to me unless I had some more examples on my credit... Thankfully I won't need a line of credit with them for 6 or so more months so I can do something about it.


All I have right now is 3 paid off early cars, one paid in full credit card, a couple cards paid in full I've canceled over the years, and not much $$ in student loans I pay early and over on. I think that I've done very well for myself being as young as I am but that still isn't enough.





Oh and the bankers suggestion was to go get a couple credit cards and run them up 25-50% and pay the minimal balance on them for 6 months then pay them off. Gotta pay to play.


So I still think the OP should get an auto loan if he already has set aside an emergency fund (3-6 months living expenses) and will be working for the foreseeable future.

 

Quote:
Oh and the bankers suggestion was to go get a couple credit cards and run them up 25-50% and pay the minimal balance on them for 6 months then pay them off. Gotta pay to play.
This is true. We were cancelling all our credit cards, and cutting them up. Living debt. free. Checked on my credit score and it had tanked. Went to a financial specialist and found out that you need to activate as many credit cards as you can keep up with and keep them active. You can pay off any and all credit cards each month to avoid interest and still run up a good credit record/score while still being debt free. You never know what the future holds so it is a good idea to have a good credit history. Another deteriant to buying a new truck for me has always been to multiply the number of payments by the monthly payment and get the real cost of said new vehicle. Don't mean to offend anyone, but I hate banks. There must be 4 on every corner of Main St. where I live. To me they are a nec. nusance.
Lots of good advice and you show maturity beyond your years for seeking it.
Wish some one had told me what you are hearing when I was your age.
Good luck.

 

Stay away from the payment, maybe do some mod's to an older truck and just have fun with it, enjoy it!
Madhat,
I'm sure you’ve been told, thank you to all the men and woman that watch over us. Just come home......the bike is a bonus! Heck, if I lived there I’d drive you around!

 

Not going to say I'm sorry Brother...BUT.. I'm sure its not going to be the first time you peddled your sorry behind on the streets...