The recent thread on truck prices got me thinking, which is dangerous. But how do you pay for your truck? Cash? Loan? Lease? If you pay through a loan, how the heck do you afford those large monthly payments?
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How do you pay for your truck?
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Originally posted by TB80 View PostThe recent thread on truck prices got me thinking, which is dangerous. But how do you pay for your truck? Cash? Loan? Lease? If you pay through a loan, how the heck do you afford those large monthly payments?
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Traded my 2007 F150 KR with 110K on my 2013 KR in 2016. Paid it off in a year, been driving it since. 74K miles. I will never own a new truck again at the prices they are. Will always buy used and plan on driving what I have for a long time. The days of looking cool in brand new truck and impressing other people are long gone for me. It's transportation, nothing else.
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I put as little down as I can and get the longest term loan I can get on the lowest interest rate I can find.
I then pay the loan off early. For example my last truck I paid it off in two years and had a 66 month loan. Every 3-4 months I make a payment of several thousand dollars, normally $3-5k till its paid for.
And I dont buy new, find a good used truck with low miles, something in the 3-4 year old range. And drive it for 10+ years.
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Heavy down payment, 0% interest, be smart with your money. Can I afford a 70-80k truck? Yes I can but chose not to and to live well under my means (which somehow society has forgotten). However, Im not keeping up with the Joneses. My truck is a utility.
My previous truck I had for 12 years and rode it to the ground.Last edited by piercebronkite; 03-05-2021, 10:39 AM.
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Big down payment. Pay off as fast as possible. My payments are typically at least $100 more than the required payment, and my yearly bonus always gets dumped into the vehicle. That way if I have to sell, I can sell it in a day if I need to, and not have to stress about getting enough to pay off the loan.
I hate recurring payments. I hate that technically I don't own it until the bank sends me the title too.
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Early in our marriage when money was tight we adapted a policy to only have one car payment at a time. We have stuck with that for 33 years. My current truck is only 2 years old but last month it was time to get my wife a new ride so we financed hers and paid mine off. It helps that I keep my trucks for 10 years.
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