What would you do?

[aztec12]

I'm having a hard time thinking of what to do!! I have a 1998 f150 4.6 that its paid for but gas its killing me.Would like to get a 4 cylinder car for around $10k,BUT here's the thing would you just pay more money every week to run this truck or save gas money but pay a monthly payment for the loan of the car?
Other than the truck been old it has not giving me any trouble at all,it runs good.On the other hand a newer car (2004-2007) would be nice for a change.truck has 132k on it.
i like the truck but really i don't use the truck for hauling or anything like that.

 

[Bill in Utah]

I'd not go into debt to "save" money for fuel unless you are driving a ton of miles.

You can get a 4 cyl car for less than $10k. Even a 2004-2007 year model.

Since you are not using the truck as a truck, sell it and get a good used vehicle that will do your tasks well. But do NOT get a loan. Keep the truck and save your $$ THEN sell the truck plus your savings for the new to you 4 cyl vehicle.

Take care, Bill

 

[UNC197]

You could look for a cheap, reliable beater car.

 

[Burt]

Sell it to another party that has use for it. Especially while it runs well and before you have to put more repairs into it that you know will come. Resale value of all Fords is up dramatically, so now is the time to get a good price.

 

[DieselTech]

maybe just look for like a 1500.00 saturn. They are a dime a dozen, easy to work on, and easy on Gas.

You never save money going into debt and it would take ALOT of gas to makeup 10grand....it'll never happen likely.

I get about 17MPG in my 99 4.6 mixed driving

 

[Win]

I like having a truck around. Insurance and maintenance costs on our little S-10 are nil.

But, if you are not using it as a truck, you might as well sell it and get a car, or a smaller truck.

Or find someone willing to swap with you.

 

[IndyIan]

Crunch the numbers... 100 mile commute at 20mpg at $3 gas times 220 days = $3300/year
40 mpg car = gas cost of $1650/year
$10k car - $4k for truck = $6000 divided by $1650 per year equals free car after 4 years...

 

[John_K]

Originally Posted By: IndyIan
Crunch the numbers... 100 mile commute at 20mpg at $3 gas times 220 days = $3300/year
40 mpg car = gas cost of $1650/year
$10k car - $4k for truck = $6000 divided by $1650 per year equals free car after 4 years...


And wait until gas hits $4 a gallon.....

John

 

[bepperb]

It would really depend on the length of the commute.

A lot of people here aren't taking into account the additional cost of having two vehicles, in registration taxes and insurance. Two vehicles doubles these costs.

Or, if you sell the truck, what is the value of the utility it provided (did you use it as a truck?).

 

[TomYoung]

If the truck is running well, and you like it, you should drive it. While you've got some heroic individuals suggesting that you get a $1,500 car, let's really think about the amount of maintenance that this type of vehicle is going to need. Your truck is probably in its prime and will not be hitting you with repair costs. Your idea of $10,000 for a reliable used car is on the mark. If you are borrowing money, it's cheaper to stay with what you have. As a general principle of car ownership, it's almost always cheaper to stay with what you have.

 

[badtlc]

Owning a truck is hardly ever a financially savvy move for any personal use vehicle. There are a few exceptions but typically trucks that make sense are work trucks.

The money people would have saved from buying a car or certain SUVs/crossovers would save more than enough to rent a truck should the need arise.

On the other hand, if you are willing to pay for convenience, you can't complain about the cost.

 

[Pop_Rivit]

Sell the full size pickup and purchase something along the lines of a 10 year old Ford Ranger. Good fuel mileage, reasonable insurance and you still have the utility of a pickup should you need it.

And you probably won't need to take out a loan for the smaller pickup after you sell your full sized one.

 

[aztec12]

I figure that IF.. I sell the truck i'll get around 5k to 6k on it. The used car say 10k that leaves me with a loan of 4k at 36 months would run less than 200.00 p/m. or use one of those special APR'S 1.9% from the credit card cks till is paid for.

 

[Schmoe]

Better read the fine print very carefully on the credit cards.

 

[Zedhed]

Originally Posted By: aztec12
I'm having a hard time thinking of what to do!! I have a 1998 f150 4.6 that its paid for but gas its killing me.Would like to get a 4 cylinder car for around $10k,BUT here's the thing would you just pay more money every week to run this truck or save gas money but pay a monthly payment for the loan of the car?
Other than the truck been old it has not giving me any trouble at all,it runs good.On the other hand a newer car (2004-2007) would be nice for a change.truck has 132k on it.
i like the truck but really i don't use the truck for hauling or anything like that.


You sound like you answered your own question -- just think about not making car payments and drive your truck a little less.

You can buy alot of gas for $150-200 per month that the higher mpg car would cost you.

 

[Ramblin Fever]

Another way to look at this situation - you've owned your truck, YOU know how it's been taken care of and the quality of parts, how it's running, etc.

If you go and buy a used car, can you give yourself that same guarantee or peace of mind??

You might save on actual *gas* expenses, but, if the car's used, you have no idea the type of previous driver, overall guaranteed maintenance, etc.

My 197k mile truck runs a heck of a lot better then the neighbors much newer car, who's had 2 visits with a tow truck and shop in the last month.

Unless you can pay 100% cash on the deal and obtain guaranteed previous maintenance records, I'd be keeping the truck.

 

[saberz]

I'd personally keep the truck. Here is the reason why.

You have no monthly payment, that money can go towards fuel.

If you get a loan/vehicle your paying fuel + a monthly fee for the car. You think your saving but you really aren't. You might fill up one tankful less a month if that as your driving may increase etc etc.

The only way I would do it is private sell or get the maximum you can for your vehicle while doing homework on a few cars your looking at for replacements. Talk them down hard and walk away even or 1-2k under at best.

 

[expat]

Quote; The only way I would do it is private sell or get the maximum you can for your vehicle while doing homework on a few cars your looking at for replacements. Talk them down hard and walk away even or 1-2k under at best.


That's the way I would do it, Start shopping for a car, Look for a private seller (you want to check out the owner as much as the car) take your time, do your homework to get something with a good reputation. Then sell your Truck the same way. Trucks keep their value, even if beaten up a little they have utility for someone who NEEDS a work vehicle.
Ever mile you drive your truck (when you don't need a truck) it's YOUR after tax money going out the window, Day after day, week after week.
Same applies to making payments, Don't go in the hole (except perhaps for bridging)For the money you get for the truck, you should be able to get something VERY reliable WITHOUT having to make payments on it. Believe me, just because you make payments on something newer, does not mean it won't cause you grief or develop problems.

 

[Smokescreen]

Keep the truck.

Don't be debts slave. Its reliable and costs of running it are minimal.

Maybe find some more uses for the truck, haul something on the side make a little extra $ or something.

 

[Rhymingmechanic]

In the short term, take a look at your driving style. I "found" an extra mpg (city driving) in my 5.3 Chevy by being a little easier on the go pedal and coasting to red lights. Also try to use non-ethanol gas if there is such a thing in your area.

I tend to side with the people who suggest keeping the truck while you save for another vehicle. If the cost of gas is killing you, a car loan doesn't seem like the ideal solution.