Ok, not a thread I thought I would ever post but here goes. We are expecting our second child and things are going be tighter than ever with only one income. Diesel is high and on the rise. Truck is 12 years old and parts are going to need replaced to maintain it for longevity. My dilema is I have some CC debt, not allot, but would love to be done with it. Total monthly cost of operation without having detailed cost of random parts I have to replace is about $310.00 for fuel and insurance. Truck is paid for. My thought is to sell the truck and buy a more efficient small car. I am just wanting some others inputs. Thanks.

 

300 bucks a month is cheap, whats a car payment insurance etc... going to cost? Might be roomier but in the long run probably won't save you much my friend.

 

$310 a month for fuel/insurance? i hate to say it but gas/car payment/car insurance is going to be more than that a month bro.. id keep thinking about it.

 

Car payment will be $0 as I will use funds from sale of truck. Liability insurance on a mid 90's 4 cyl will be close to nothing. Gas in a car that gets 25-30 mpg? Not to mention the ammount of money I wont be paying on the credit cards because they would be paid off. Believe me, Im not trying to justify selling my truck, just looking at options to be a little more financialy stable.

 

Tell the wife to get a job and keep your truck.

 

if you can payoff the cards and get into a small car that works for you with o payments do it. try to then make the card payments to your self(set up a seperate bank account). now is the time to get solvent.
Clark

 

If it put you in a better financial position do it, there will always be other trucks.

Guessing your saying some thing like this

10k for truck
spend 3-5k on car
Pay of bills with what left
Pay 75+gas amonth saving another 120 a month or 1500 annually.

 

If car payment will be nill, insurance will be cheap, and we obviously know you'll save on fuel than I say do it. I know I spend at least 2-3 times 300 a month though between payments on truck, ins, fuel, etc... so maybe it's just me being accustomed to it and thinking "Man 300 would be niceeeeee".

 

If the wife gets a job then I have to pay for her gas to and from work, her meals during the day and then child care for my 4yr old. Not a good idea. My wife is an intelligent woman but doesnt have a piece of paper to prove it, so she wouldnt make what it would take to offset that cost. Purplezr2, you hit it right on the head. There will be other trucks, but I love this one. Very hard decision. My wife already said she thought it was not a good idea because she knows I will be in a bad mood for a while after selling. I guess if someone flashed the money I would probably take it.

 

I am in much the same position except I am still paying for my truck!

Sorry, no way I am selling, even if I have to park it for a year........ Just pick up a beater with a heater.

No 12 Valves are ever going to be made again, and I am pretty partial to the one setting in my driveway. I would find a second freakin job before my baby goes.

 

It's just numbers. Sit down and figure out a budget for your family. Without a budget it's pretty hard to make decisions like these.

Next, work out all the numbers involved in selling your truck, buying something else, insurance cost changes, fuel cost changes, etc. over the next 12 months. Also calculate the numbers if you keep the truck. Compare the two and see if one really stands out as far as fitting your budget. If not, maybe keep the truck.

Look, take your emotions out of the equation. You are the provider for your family. Yea, it's great to have a truck but, in the end, if it's hurting your overall financial picture, make the right decision.

Bottom-line, it comes down to dollars and cents (common sense). Get busy on a budget and make a decision based on facts.

 

Go debt free. You will never regret it.

 

Keep the truck an sell the kid, if its blond you can get pretty good money for them......Mellow out I was J/K

 

Sounds like the truck is more of a toy than a necessity for you. You probably ought to sell it to improve your financial situation.

 

The truck in deffinately not a necessity, but I have never been without a truck in my life. We are not destitute, I can afford the truck, just looking at being able to afford more with a second child on the way. As far as a budget is concerned, we are there. Everything gets divied up on paper and then cash is pulled for those functions. Once the cash is gone for said items, thats it. If anything is left over it gets deposited back into the bank and documented on another ledger.