Is it worth is to ever buy a new truck again vs maintaining your current one?

[Pikespeak]

I have a 2014 F150 with 120k miles on it. I bought it new and paid it off a long time ago. Out of curiosity, I was looking at what a new modern truck would cost me with the same packages and I'm up to 70k ish.

It seems to me that prices have become so outrageous that I would have to spend 5k a year plus on my current truck to equal buying a new one. Im tempted to just do that...one year replace the engine, one year the whole suspension, and after a few years Id have a "new truck" for a fraction of the price.

What am I missing here?

Side note: Fords website also has a price at the top of the page as you build your truck that only shows you the monthly payment and its based off of an 8 YEAR LOAN. They don't want you to consider the price you are paying. If it becomes more commonplace for people to do longer loans on cars, all that does is allow Ford to raise the price because people's monthly payment threshold would stay the same.

 

[jhm2023]

I have a 2015 Sierra that has almost at 140k miles. I refuse to buy a new truck that is damn near the price of a small house, so I'm just maintaining what I have. I just replaced all of the suspension a few months ago and will probably rebuild or replace the transmission this winter. I'd rather just use the money to buy rifles, suppressors and nice hunting gear that would other wise be spent on an outrageous truck note.

 

[11boo]

I feel it. Dumped a 2006 duramax last year and went with a ‘21 Tundra.

250k on the diesel. Great ride but stuff was bound to start breaking. Paint was failing, numerous dings and trim was thrashed.

The GMC ran great, but it was time. No regrets, even with tundra mileage. I didn’t need a 3/4 ton anymore. The tundra will serve me well.

 

[h2so4]

Generally, I’d say maintain it. Especially if a surprise $5,000 repair bill isn’t a big deal or if you can work around not having it for a few days while it’s being fixed.
I’d also consider what crazy price you could get for a user truck and if you can parlay that into a newer/fewer miles truck.
I was in a situation where I had to get a bigger vehicle- non of the used options seemed like a good deal, so I bought new.

 

[Moserkr]

For the cost of my new truck, I could rebuild a bada$$ old truck to an incredible level. Only thing is, new truck is a write off, an old rebuilt truck is not for me. Thats my only incentive to keep going down this rabbit hole. Hardest thing I see doing in a fixing up an old truck is upgrading electronics if you even want to. Still miss my old jeep with hand crank windows…. Simple was nice, but so are heated/cooled seats and 360* cameras for towing. I would fix and use your current truck until its not worth it to do so. New truck has been in the shop for all kinds of crap, especially emissions.

 

[FatCampzWife]

Side note: Fords website also has a price at the top of the page as you build your truck that only shows you the monthly payment and its based off of an 8 YEAR LOAN. They don't want you to consider the price you are paying. If it becomes more commonplace for people to do longer loans on cars, all that does is allow Ford to raise the price because people's monthly payment threshold would stay the same.

That's odd...we "built our own' Ford F350 this past weekend (for kicks), and the full price AND monthly payment was at the top...

 

[Pikespeak]

That's odd...we "built our own' Ford F350 this past weekend (for kicks), and the full price AND monthly payment was at the top...

Interesting, this is what I'm seeing. Upper right of the screen shot.

 

[Pikespeak]

For the cost of my new truck, I could rebuild a bada$$ old truck to an incredible level. Only thing is, new truck is a write off, an old rebuilt truck is not for me. Thats my only incentive to keep going down this rabbit hole. Hardest thing I see doing in a fixing up an old truck is upgrading electronics if you even want to. Still miss my old jeep with hand crank windows…. Simple was nice, but so are heated/cooled seats and 360* cameras for towing. I would fix and use your current truck until its not worth it to do so. New truck has been in the shop for all kinds of crap, especially emissions.

If you write it off thats effectively saving 20-30% off the price due to income tax savings right? Or is there other benefits for depreciations etc? I have a small side business but it can't justify a truck, looking to buy a business in the next couple years that will.

As for the features, I already upgrading the screen/ radio when it went out so I have CarPlay etc...leather, electronics. Only wish I had heated seats and some leds in the bed.

 

[cornfedkiller]

Only thing is, new truck is a write off, an old rebuilt truck is not for me.

I'm no accountant, and haven't stayed at a Holiday Inn for a while now, but if you can write off a new truck, why can't you write off the repairs and maintenance to the old truck?

 

[Moserkr]

I'm no accountant, and haven't stayed at a Holiday Inn for a while now, but if you can write off a new truck, why can't you write off the repairs and maintenance to the old truck?

Certain sections of the tax code only allow for the deductions of the purchase cost if the vehicle is new. Its not a 5 year depreciation schedule, its a one year complete deduction. Otherwise yes, you can and I do write off all repairs and maintenance, even on an older truck. I just cant write off the purchase price on the old truck. That being said…. I could restore a truck if I found it cheap. Not a bad idea…. All expenses beyond normal repair and maintenance - juicy upgrades - can just be called “marketing expenses”.

 

[Tahoe1305]

Great timing. Considering the same only double the age.

Have a 2000 Tahoe with 230k. Just dropped $1k into the front suspension system and it hurt. Asked the mechanic what else he recommended. He said change the oil.

To think it would cost $70k+ to replace it ….puts it in perspective. Do I throw a new engine in eventually??? Where do you draw the line? I’m tempted to eventually invest $10k to keep it going if it took that. Better than a $1000 payment for 5 years.

 

[Sapcut]

Always cheaper to keep her and fix her.

 

[Pikespeak]

Another wrinkle to add here is that I was reading an article that said new vehicles are now more unreliable than ever. This was due to all of the new electrical systems, sensors, etc. There are just so many more points of failure that the number of people having a issue in the first year has risen significantly. It seems that if you were to keep a newer vehicle past the warranty period you may end up in constant issue purgatory where the only option would be to buy another new vehicle just to have something under warranty again.

I think someone could make a lot of money coming out with a basic, mechanically well equipped truck (4x4, locking diff, etc. ) at a reasonable price. No automatic 4x4, or 500 sensors, self driving etc..

 

[MuleDeerMike]

189k on my 01 Duramax. Have done all of the upgrades you can do to this truck and I don't think I'll ever sell it unless times got really tough. Currently on my second set of injectors and I'm completely okay with having to get a third set at some point. The injectors are the nature of this beast but I can't imagine having another monthly truck payment anytime soon. Vehicle payments just suck, but I understand the need if you dont have a reliable truck.

 

[hunterjmj]

I have a 2009 Chevy 2500 with 221,000 miles on it. Been paid off for a long time and I'll just keep up on it. Replaced exhaust manifold bolts last year and upper/lower ball joints the year before. I change the oil every 3,000 and grease each time. There is no way I can afford or justify a new pickup. My wife has a 2017 Chevy 1500 that we paid cash for and I maintain it the exact same. Hoping they last a very long time. After that I'll buy a 70's Chevy or Ford.

 

[fivebikies]

I have a 1980 BJ40 and still use as daily driver to work and weekends.
Have probably spent what it is now worth.
I think you have to decide to keep it.
Then do not skimp on anything you have to keep it up to scratch.
The only thing I haven't touched is diffs, gearbox and transfer case.
But I can have water running over the bonnet at fords.
Stop pull bungs in floor and carry on.
No electronics.
Huge cloud off smoke when cold starting.
No air conditioning but not too hot as all glass is vertical.

 

[bojangles808]

Probably depends. if you can do it yourself or if you have a solid mechanic not a big deal probably to keep fixing it. You also have to ask yourself if your rig breaks down is it a big deal to have it in the shop for a couple days? I know parts now are harder than ever to come by. I had an 04 titan that was getting up there and went through this 2 years ago. Hate random breakdowns and have a baby too and didn't want to chance a random breakdown so bought an 2020 f150 xlt. It was under 40k otd so not anywhere close to 70-80k. I think the fully loaded trucks are a scam the sweet spot is the xl/xlt (entry level low mid tier class.) I'll probably get the ford OEM warranty through one of the dealers that sells them wholesale and be covered for piece of mind for another $1500 for 8yrs/100,000. I only drive 12 k a year. but yea unless you are writing off a king ranch or platinum definitely can see the questioning of the value there.

 

[Bcoonce117]

I have a 2010 f150 that is pretty well bone stock. 205k miles. At this rate I’ll probably never sell it. Just fix anything that breaks. Considering doing some upgrades to it since I’m going to keep it.

 

[Pikespeak]

I have a 2009 Chevy 2500 with 221,000 miles on it. Been paid off for a long time and I'll just keep up on it. Replaced exhaust manifold bolts last year and upper/lower ball joints the year before. I change the oil every 3,000 and grease each time. There is no way I can afford or justify a new pickup. My wife has a 2017 Chevy 1500 that we paid cash for and I maintain it the exact same. Hoping they last a very long time. After that I'll buy a 70's Chevy or Ford.

What are you greasing?

 

[Pikespeak]

Probably depends. if you can do it yourself or if you have a solid mechanic not a big deal probably to keep fixing it. You also have to ask yourself if your rig breaks down is it a big deal to have it in the shop for a couple days? I know parts now are harder than ever to come by. I had an 04 titan that was getting up there and went through this 2 years ago. Hate random breakdowns and have a baby too and didn't want to chance a random breakdown so bought an 2020 f150 xlt. It was under 40k otd so not anywhere close to 70-80k. I think the fully loaded trucks are a scam the sweet spot is the xl/xlt (entry level low mid tier class.) I'll probably get the ford OEM warranty through one of the dealers that sells them wholesale and be covered for piece of mind for another $1500 for 8yrs/100,000. I only drive 12 k a year. but yea unless you are writing off a king ranch or platinum definitely can see the questioning of the value there.

If I put in a new engine /transmission in a couple years would I still have much worries around reliability from a getting stranded standpoint?