Buying a new truck or a used one?

[Hoot]

I just traded my 2015 tundra in for a 19 Cummins 2500, I took the 0% interest. Finding a new 19 this far into 2020 and the 0% interest were the main reasons I did it, but they also gave me 24k trade on my tundra, which was paid off. Paid off my wife’s 2019 Tahoe in the process to save the interest, we are net +$250/month now. I had planned on my tundra lasting me at least another 10 years, but I liked the Ram and the deal...

 

[N2TRKYS]

You bet I paid $25 for a Tundra with only 23,000 miles. It pretty much looked like a new truck until I started hitting the hills with it. Toyotas are known to go 200,000+ miles and keep ticking! I think I got a great deal!

Ok. Glad you got what you wanted.

 

[Sevens]

I have seen some crazy prices for used vehicles lately. Last new one I bought I bought it after the next years models came out, lots of discount and I paid cash for it.

The last person you want to see at the dealership is the finance manager!

Another trick to avoid the finance manager, buy the car online and have it delivered. Bought a new (to me) vehicle last year from a dealership and had them deliver it to my home, never went to the dealership. Finance manager spent maybe 5 minutes on the phone with me, “here’s your rate, did you want any packages?” An easy “ok and no.” Everything was done online and just signed the paperwork in person at the house.

Not sure how COVID will impact this, as home delivery seems more common now, but certainly will continue to go that route for future vehicles. Very convenient and time saving.

Couple of things of note. I had driven the same car prior to purchasing the one I did so knew it was what I wanted. Car came with a 100K miles extended warranty, which gave me comfort if some issue did arise. If car was not as disclosed, you can refuse and send back - you can still test drive it when they arrive at your house.

 

[Yarak]

Is the truck giving any problems ? If not I'd keep driving it and not accrue any debt
I'm driving a truck with 240k and would drive it cross country any day of the week

 

[Wrench]

I'm 45 and finally made it to a point of no payments for vehicles or property in December.

Given the stress I see people going through due to the economy right now and the uncertain future, I would not even consider letting a payment into my life again. The satisfaction of cutting a years worth of taxes and insurance and only being held accountable for monthly utilities is the best feeling ever.

If you remember the Toyota commercials where the people jump in the air with joy...well that is nothing compared to being debt free.
You can tell yourself why or why not to do it, just remember it isn't an investment, it's an instantly depreciating investment.

 

[16Bore]

I buy new and drive until they die. 18 years on my Tacoma so far and 10 years on the car before that. $34K in vehicles over 28 years and 562,000 miles.

Used vehicles drop off in depreciation around 5 years. Toyotas and Hondas. Not a fan of American vehicles unless they’re pre 80’s, but don’t own any anyway.

 

[Voyageur]

I'm 45 and finally made it to a point of no payments for vehicles or property in December.

Given the stress I see people going through due to the economy right now and the uncertain future, I would not even consider letting a payment into my life again. The satisfaction of cutting a years worth of taxes and insurance and only being held accountable for monthly utilities is the best feeling ever.

If you remember the Toyota commercials where the people jump in the air with joy...well that is nothing compared to being debt free.
You can tell yourself why or why not to do it, just remember it isn't an investment, it's an instantly depreciating investment.

CONGRATS on attaining debt free living!!! You got there about 10 years earlier than I did, but you are right, there is nothing like the feeling of having no payments. My only advice to you is to stay debt free...don't go back to a life of payments.
Again, congrats.

 

[Jim Carr]

Not that im the one to talk to about this.But the amount of depreciation you loose soon as you drive off the lot is probably the worst value of anything you can do with your money. Finding a good truck with under 50k miles. Would save you a ton and probally depending on how much you drive you would be there in under 2 years anyways.

 

[Elite]

Is the truck giving any problems ? If not I'd keep driving it and not accrue any debt
I'm driving a truck with 240k and would drive it cross country any day of the week

The truck does run great and I haven’t had any major repairs yet. But at what point to you keep driving them till? A truck with 300000km is very hard to sell here and will have rust by then around here. My o my thinking was use the money I have from the truck sale and get into a newer truck with a lot less km while it’s still worth something


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[GoDawgsGo]

Buy used. I wish i would have done that when i bought my truck.

 

[Wrench]

The truck does run great and I haven’t had any major repairs yet. But at what point to you keep driving them till? A truck with 300000km is very hard to sell here and will have rust by then around here. My o my thinking was use the money I have from the truck sale and get into a newer truck with a lot less km while it’s still worth something


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300k kms is about 185k miles. You can't buy a used Toyota or diesel American rig here with fewer miles than that very easily

 

[seand]

If you can’t pay cash you can’t afford it. By definition.

Buying things you can’t afford really slows down wealth building. You can pay zero percent interest on a rig you never would have otherwise bought, that’s not really saving money.

200000km ain’t much, why not drive what you have?

 

[hodgeman]

If you're a buy it and drive it till it dies...new is often a better deal. The used market is influenced by the fact a lot of people trade upside down.

I used to look for 2-3 year old trucks with 30k on the ticker... when I bought in 2015, I found a bunch of them for $38,000 or so.

I bought a new Tundra for $35k...no trade in.

 

[Yarak]

The truck does run great and I haven’t had any major repairs yet. But at what point to you keep driving them till? A truck with 300000km is very hard to sell here and will have rust by then around here. My o my thinking was use the money I have from the truck sale and get into a newer truck with a lot less km while it’s still worth something


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I have driven two other trucks upwards of 400k and sold them but both were in good condition
The one im driving now I've had for 15 years and plan on driving it for a lot longer
We don't have to worry about rust down this way but if that is a concern then maybe you should sell or treat underneath with a coating to prevent rust

 

[Woodrow F Call]

used, truck keep (or lose) there value so much buying new doesn’t make sense. And yes, this is me saying I wish I wouldn’t have bought a brand new F150 2 years ago for almost 60k

I find this interesting. It used to be true here, but anything with 4x4 holds stupid value. 25k for a 4 year old Tacoma with 120k on the clock. 10k for a ten year old Z71 with 150-200k on the clock. Etc.

I'm very mechanically inclined and started looking for a used truck, but there really weren't any good deals. I ended up buying a 16 Tacoma SR5, DCSB, 4x4 for 29,900.

 

[CaptainA]

Following your example, I will buy a used one.o As I did actually if you are interested in how I can give free pieces of advice. I get a hire purchase. It lets me spread the full cost of the used vehicle over a certain length of time, but still allows me to own the car outright once the loan is repaid. The advantage is that deposit payments are relatively low - typically around 10% of the total value of the car but if you want to tale a short-term deposit the repayment is gonna be higher.