[jordanr1987]

looking for some opinions here
im 23 just got a pretty good job
they are giving me a company car in 4-5 months (2011/2012 scion xb)
they deduct $200 a month but cover gas, insurance, repairs/maintenance etc

i currently have a 2003 silverado owe 48xx-49xx on it with biweekly payments of $101.43
nothing wrong with it,paint is in excellent condition has 183,000 kms (115k miles)

now with the job and cash back offers im considering a 2011 gmc sierra
i built a 2011 crew cab 4x4 for 22k i think and biweekly payments came out to $158 for a very long time uch:

so should i buy new and keep payments forever? or keep the 03 fix it up, replace suspension parts etc and put some 22's on it :glasses:

 

[Als09Sierra]

How much longer do you have on your 03 payments? If you have less than 1 year on it, then I'd suggest you keep it. If you take on a new truck, you're committed to payments for 4, 5 or 6 years and you lose money as soon as you drive it off the lot. Also, do you have plans for buying an apt or house? At your age (sounding like an old fart) I bought a new truck and it took me a long time before I could afford anything else. It's tempting to buy new, the newer trucks have a lot of nice features, but having money in the bank is a nice feeling and gives you security for when you need it. Plus, you have a lot you can do with your 03. A down payment and taxes will cover those 22's you want.

 

[jordanr1987]

theres 2 years left on schedualed payments but might make early payments as
im estimating that one paycheque will go to bills and the other will just go into savings

so if that works out then id prob have a minimum downpayment for a house/apt within a year or two as im currently renting an apartment

A down payment and taxes will cover those 22's you want. :smile:

this is very true ( i need new summer tires anyways so figure id get something nice while im at it)

maybe the new(er) truck can wait

 

[tbplus10]

Pay off the old truck as fast as you can, pay extra even if it pinch's the budget a little.
Once the truck and all other credit/bills are payed off start saving all the money you were paying for your house.
After you get the house and are settled with the monthly note then start saving for a new truck.
Dont get anxious to have a new truck wait until you have atleast 1/3 to 1/2 the cost saved for a down payment.
When you go to buy your new truck never argue the monthly note, they'll just add months to make it fit, always argue the total cost of the truck, use the same tactic buying your house.
Interest is a losing proposition your paying way to much for the priveledge of holding on to someone elses money, why so you can drive the newest truck on the road today, tomorrow its a used truck worth less, same thing with a house buy what you can afford, if your standard of living gets better i.e. a pay raise then pay off the house faster so you owe less interest and have more equity, the equity will be the down payment for your next home.

 

[bronx boy]

hey take it from a old guy bud.get up on your feet first.before you dig youself into a hole . i tell all young people you have to distinguish between your wants and you needs.you want a new truck but you are getting along with what you have now.ride it till the wheels come off .save up some cash and in no time at all you will find something else to spend you money on.thats the formula i used to get so much crap.

 

[silveradotrailblazer]

Keep the older truck and pay it off early. Than save save save.... your only 23, don't get yourself in debt for something that depreciates. As tbplus10 (Tim) said buy a house.

 

[Blacksheep1]

Keep the old one and buy her the toys you want..... Make her YOUR truck,, not just another new one like everyone else.... Less interest to pay and more interest in your ride will show.

 

[mfleetwood]

x10 on the advice......Don't bury yourself in debt early with crazy payments, higher insurance costs, higher registration fees, taxes, etc. New is very expensive relatively speaking....and your current vehicle has lots of life left in it. Plus, you may even have some extra $$$ to have fun with adding mods. Many times a new vehicle will slow the mod process.

 

[dsfloyd]

Id stick with the current one. you will keep the miles low with the company car. pay it off and then spend the money on upgrading the truck and having spending money. I am 28, paying off my truck in 4 months and will be debt free in the next 2 years (if everything goes as planned) except the house and I cant wait. I hate getting paid and then having to turn around and give it all away. As stated before, as soon as you drive off the lot it will take you a couple years just to not be in the hole on the truck value.