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

[redhat]

One other thing I want to mention is that there are still decent truck deals out there -- even new. My Dad's brand new '22 Silverado W/T. 4x4, Double Cab, Power Windows, heated mirrors and rear glass, 5.3, 10-speed was $37k or $42 OTD. But some folks would cringe at the thought of being seen in a W/T and not a High Country or LTZ.

 

[loneryder]

My mortgage isn't that much. Prices are rapidly ahead of income increases. Some day it will pop and it will surprise us.

 

[brianl703]

But some folks would cringe at the thought of being seen in a W/T and not a High Country or LTZ.

Presumably these are the same folks who would not cringe at the thought of being 50 years old with a (maybe) $50k net worth?

 

[KrisZ]

What’s new? The big spenders and irresponsible types will in most likelihood find themselves in the poor house soon. That creates opportunities for others.

 

[4WD]

I actually have a use for a truck towing Jeeps around or whatever project vehicles myself or friends have picked up. I'd like a nice 3/4 or 1 ton truck just for the durability but even a Ford Ranger would do what I need.

I'm in a few different facebook groups for trucks. It baffles me what people "need". There's people daily driving a F450 diesel pickup who neither own or rent a trailer. Why do they need a F450 diesel? I think at this point a pickup has turned into a status symbol or something.

The other weird thing is, none of these people buy a work truck. No way would they consider a Dodge Tradesman or a Ford XL. Has to be the Laramie / King Ranch Platinum and they look down upon those who want the work truck model. I don't get it!

Luckily in my group of friends we all try to out s---box each other. The more your vehicle is a pile of junk, the more respect you get





For a few years there was someone around the corner from me renting a shack. Probably 600 square feet.
They had a brand new aluminum SuperDuty, lifted on 37s. It was literally taller than their shack. Priorities!


I need a new truck so ... waiting for it to pop.

… and then there are those who took their wife to look at travel trailers …

 

[JeffKeryk]

I have posted many times that personal finance needs to be part of grade school and high school cirriculum. Give kids a fighting chance.
Then you don't need the Dave Ramsey methodology. An ounce of prevention...

 

[LDB]

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."

#PoundingMyHeadAgainstBricks.....


........

They've obviously never heard of Dave Ramsey. Too bad for them.

 

[brianl703]

I have posted many times that personal finance needs to be part of grade school and high school cirriculum. Give kids a fighting chance.
Then you don't need the Dave Ramsey methodology. An ounce of prevention...

I took a course in high school called Introduction to Business. It covered a lot of personal finance topics. It was an elective. None of the sorts of people who would grow up to worry about what kind of pick-up truck they'd be seen in took that course...

 

[racer12306]

What's crazier? New truck prices or used truck prices.

5-7 year old Ram 1500s over $30k with 40-60k miles.

I bought my 2019 in June 2020 before the used market got stupid with 8800 miles on it for $30k. That was a practically new truck, IMO.

 

[alarmguy]

I have nothing against it, let them spend their $$$ however they choose. In the end, for me it is not a question of how much one makes, or can one afford it or not, I don't care, yet the lingering question remains, don't you have anything else going in your life to spend your money on!??

I agree and to me this seems excessive since the guy asked his friend "I need you to pull me back to reality."

That would be an indication this is an excessive amount of money for him but what if it wasnt? Meaning for some people it's not but then again I dont think they would be taking out a very costly loan if it wasnt.
So with that said, human nature, we can be such fools and immature buying stuff we cant afford but no one is twisting his arm to buy something that is going to drain his income.
If you need to borrow money form someone to buy something you shouldn't buy it, no matter the cost. Sure there are exceptions but the rule still stands.

 

[Eddie]

I drove low cost fix it myself 10 year old vehicles and put dollars in a 5 or 7 year CD or a good stock. When I was able to pay cash, I got the best deal I could on a 1or 2 year old New vehicle <25 miles on it) and paid cash. My intent is to take very good care of it and drive it until unsafe or unreliable. Just my way of thinking. Ed

 

[alarmguy]

One other thing I want to mention is that there are still decent truck deals out there -- even new. My Dad's brand new '22 Silverado W/T. 4x4, Double Cab, Power Windows, heated mirrors and rear glass, 5.3, 10-speed was $37k or $42 OTD. But some folks would cringe at the thought of being seen in a W/T and not a High Country or LTZ.

I would be willing to bet that your dads truck is what 90% of the public should be buying but that makes too much sense and lack of maturity to be sensible
The good news is, similar to what others posted in here, thank goodness for the immature lacking common sense or your dad wouldnt be able to get that truck at that price if everyone bought it instead of way more expensive stuff with super long and profitable loan terms.

 

[NismoNVT]

While Im not in the camp of "Car payments BIG BAD/DAVE RAMSEY SAID IF YOU CANT PAY CASH YOU CANT AFFORD IT", I do believe in informed consumer purchases.

The majority of car purchasing begins at home, options you need, vehicle service requirements, basice dimensions, a reasoned budget for a vehicle, comparing incentives packages, pre-incentive discounts, apr shopping, lease money factors, and rV rates etc. If you dont have any one of this information, you should not be anywhere near a dealership.

Stopping at a dealer lot, slapping the hood of a vehicle or just falling in love with something and then trying to "negotiate" with a dealer on their turf is a recipe for bad decisions.

 

[NismoNVT]

One other thing I want to mention is that there are still decent truck deals out there -- even new. My Dad's brand new '22 Silverado W/T. 4x4, Double Cab, Power Windows, heated mirrors and rear glass, 5.3, 10-speed was $37k or $42 OTD. But some folks would cringe at the thought of being seen in a W/T and not a High Country or LTZ.

RAMs trucks seem to be pushing inventory again and dang those discounts are creeping back to 2019 levels. 15% off, zero addons, sub-500 doc fee.

 

[dlundblad]

I think Chris is referring to his '87 F250, which is likely a 6.9 IDI International diesel (guessing 12-15 MPG?). At one time, I actually considered transplanting a P-pump Cummins 12V 5.9 in place of the 7.3 in my '89 F-450, but when diesel prices went insanely high I just pretty much stopped driving the 9-10 MPG $5+ gallon beast & wedged what I needed for side jobs, etc. in the Express instead!

Yes, I knew he was.

I was just curious on the performance/ efficiency.

 

[SC Maintenance]

What’s new? The big spenders and irresponsible types will in most likelihood find themselves in the poor house soon. That creates opportunities for others.

You know what - I keep saying that too - but they never seem to end up in the street or anything - so I wonder if I am the greater fool.

They eventually end up in the same old folks home as the rest of use, except the gov pays there upkeep.

 

[Infomercial]

Gotta gap these debtmobiles in my $1500 cash mustang. Thanks for making all of the turbos, suspensions, tuners and exhausts seem totally reasonable.

 

[JeffKeryk]

While Im not in the camp of "Car payments BIG BAD/DAVE RAMSEY SAID IF YOU CANT PAY CASH YOU CANT AFFORD IT", I do believe in informed consumer purchases.

The majority of car purchasing begins at home, options you need, vehicle service requirements, basice dimensions, a reasoned budget for a vehicle, comparing incentives packages, pre-incentive discounts, apr shopping, lease money factors, and rV rates etc. If you dont have any one of this information, you should not be anywhere near a dealership.

Stopping at a dealer lot, slapping the hood of a vehicle or just falling in love with something and then trying to "negotiate" with a dealer on their turf is a recipe for bad decisions.

In math we like to simplify.
In manufacturing,we like to simplify (fewer, simpler BOMS), part reusability, part consolidation thru tech.

To simplify your good thread, dealerships are pure overhead, no value added, that you pay for; they are hardly your friend. Simplify by staying outta dealerships. You don't hafta pay for that big beautiful building, their salaries and revolving credit to keep their lot stacked.

 

[NismoNVT]

In math we like to simplify.
In manufacturing,we like to simplify (fewer, simpler BOMS), part reusability, part consolidation thru tech.

To simplify your good thread, dealerships are pure overhead, no value added, that you pay for; they are hardly your friend. Simplify by staying outta dealerships. You don't hafta pay for that big beautiful building, their salaries and revolving credit to keep their lot stacked.

True, but that also assumes that any cost savings from eliminating a dealership model will be passed on to the end customer.

Direct sales model imo only changes the experience in purchasing (much less adversarial) and allows allow greater control of pricing on the mfg side, but vehicle acquisition costs are either the same or sometimes higher for the end customer.

 

[fisher83]

$1,300 is my mortgage payment on a 4 bedroom, 3 bathroom house. I've undoubtedly wasted some money on vehicles over the years but never to that extent.