Economic choices?

[jimbrewer]

No. The cheapest miles you drive are on the mostly depreciated but reliable and well-maintained truck.

Your current strategy of going out of your way to drive the old truck (within reason) is best. I'd try hard to keep up the cosmetic appearance. Realistically that is what will take you out of the truck,

Going forward I'd think about going a different direction than a truck, My opinion is car #2 ought to be able to do something car #1 can't do. Better mileage, better handling, something.

 

[Triple_Se7en]

My three are diverse, for the wife and I....... PU truck (Colorado), roomy SUV (Hyundai) and small car-like (Kia)

 

[CT8]

You want the miles put on the new vehicle because the cost of operation is lower and it is under warranty.

 

[PandaBear]

So you have 2 trucks and you were thinking about replacing the older one, because it is too fuel inefficient? or if it is just the concern of reliability? or just want something nicer?

1. concern of fuel efficiency: fuel will likely be cheap for a long time the way it is going, a day postponed on new car purchase is a day of depreciation cost saved.

2. concern of reliability: just pay for any repair, it is likely cheaper than a car payment

3. just want something nicer: you need to go sleep on it and see if it is a good financial choice, and the answer is likely a no.

 

[jimbrewer]

So I wasn't really sure if this should go into the vehicles forum since its really an economic pondering. got me thinking. Without going into other details such as assets and income, we have a couple vehicles including two good daily drivers. My 2011 F150 which is in excellent condition but starting to get older with 115k miles as my wife's 2018 F150 which is, of course, in excellent condition with only 20k miles but which we still owe far too much on. Previously the general plan was to use my "old" truck for most running around to save miles on the new one but with the looming economic instabilities (recession, depression, digital currency, surging recovery- who knows!) I've been wondering if this is all wrong. Should we be conserving the old, long paid off vehicle "just in case" hyperinflation or job insecurities result in a defaulted auto loan? Not as worried about the jobs issue as we are both front line in the healthcare field but enough inflation (or introduction of currency changes) *could* result is difficulty paying for a truck and a mortgage...

Anyways, BITOG always seems to have a better and more logical opinion out there than I do so I'm hoping you all can share some of your thoughts!

Unless you have a cash flow situation or a solvency situation, stand pat.

People overlook the “friction” costs of buying and selling vehicles. This is separate and distinct from mere depreciation.

This is for example, the spread between selling wholesale and buying at retail, also transaction taxes. For the kind of people who haunt this forum, the cost of immediately replacing all fluids in a newly purchased used car. That sort of thing.

 

[BlueOvalFitter]

Unless your truck payment, or mortgage, are indexed to inflation with a variable rate, I wouldn't worry about a default on the truck payment.

You say your jobs are secure. That's a great position compared with many. Count your blessings, focus on work, and don't worry about the truck payment, it's going to stay the same.

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Unless you refinance the truck loan.