$1,300+ monthly payment????!!!!!!

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Jun 22, 2008
Today I am having a conversation with a guy at work and he said... "I need you to pull me back to reality." I asked... whatsup.

He said he is about to purchase a 2021 Ford F250 Power Stroke Diesel 4x4, but the kicker is..... $69,990 price tag for a two year old pickup with 31k miles on it.

It'll be financed for 84 months. There is $5,600 in sales tax. and over the life of the loan, at 7%, he will pay over $11,000 in interest. They will pay him $26,000 for his trade in. Total cost is over $86k. $727.00 monthly payments for 7 years..... Maintenance, Annual Registration and Insurance are on top of all this.

I told this story to my little brother and he said.... "That's nothing..... I have a friend that just purchased a 2023 GMC Denali 3500.... no trade in... only $3000 down payment and the $8,000 sales tax and the vehicle cost was $97,000. Payment is over $1,300 a month for 8 years.

In 2014 I paid $37k for my Ram1500 EcoDiesel. Today it is running perfectly and has 140,000 miles on it. I plan to keep it 10 more years, minimum.

Can I ask.... what are people thinking? I understand the painful decision if you need a certain Pickup for your work/business needs, but to pay $750-$1,300 a month for 7-8 years is just nuts to me for your personal vehicle. My youngest son is the Business Mgr at a VW dealership and he tells me all the time..... "Dad, people don't look at or care about the financial specifics.... They just want to know that their payment will fit their monthly budget."


I just bought the 40 acre chunk of land next to my place for 50k, much better use of $$ than a dang vehicle at that price.
About 20 years ago I did the same, 100 acres for the price of a diesel dually back then.... Now 5 acres severed off is 4-5 times the price of the original 100... What's a 2002 diesel dually from the rust belt worth now?
Now if you're making money with a truck, or already have all the money you need, sure get something nice, and I guess for some guys having a nice truck is what they want to spend their disposable income on... Oh well, I guess these trucks keep the Detroit 3 in business.
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Had a 1/2 ton pickup (F-150) and camper for ten years in the nineties. Drove work pickups daily for nearly forty years until I retired. Would be nice to own a personal one again, but prices have gone nuts. I would rather spend that money doing some travelling in my retirement.
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A colleague called them emotional support trucks, and it's pretty true. A lot of folks at the Ship Yard are truck poor so they can look and feel the part.

Then again, those young folk are never going to be able to own land. So why not.

But factor in the tax, cost, and resale, you've basically paid for 3 trucks but only received one.
I wonder the same. Especially trucks like Raptors or Trx that are $100k+ and almost never used as a "truck"

Bought my 2021 Raptor for $73,880. That stung but I paid cash. Sold my 2019 Raptor for $5,500 more than I paid for it new after driving for 2 years and 17k miles. I have no idea who is buying these used but a $1,300 payment stings more than a $74k outlay to me. I’m considering selling my 2021 and just getting something economical even though I love my truck.
The fault is not with the manufacturers or dealerships, or even the banks. But rather with the lightheaded individuals who put their John Hancock down on the dotted line on those ridiculous contracts in the finance manager's office.

This applies more than ever here, in this context:
In my small circle of friends.....Most drive brand new trucks, And from what I see it's purely status/bragging rights driven......They like to give me a hard time over my aging fleet, Things like.....You earn 6 figures & you drive around in a primered 2000 Silverado.

The newness wears off.....But the payment & full coverage insurance lingers well beyond that, Guess that's why they have to have a new one every couple years? Though I realize they don't lose much when trading in low mileage cream puffs in todays market.

I haven't made a car payment or a mortgage payment in many years & I'm much happier for it!
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