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Tractor Talk Discussion Forum

OT -truck decision- number's opinion needed...

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26Red

12-12-2005 11:10:49




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Here I am again-my tractor hauler needs fixing..

'97 1/2 ton truck with 246,000 miles and I'm looking at $3500 in needed repairs. maybe another $1000 for body repair. Truck is in nice shape, but it needs a tranny rebuild, new catalytic converter, new radiator, and some new springs- (it sags to the left)...

A possibilty on the table is a nice '02 3/4 ton diesel with 75K, for $18000.

I don't know why I'm having such a tough time with a decision to fix or trade in. Maybe its because I hate auto loan payments.. You can spin the numbers either way.

What's the right way to figure in the replacement costs vs fixing costs? If I fix the current truck, I'll have to drive it for at least another 75k to make it worthwhile.. I don't anticipate my transportation needs changing anytime soon, a 1/2 ton gets the job done, but a diesel would be nice..

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cdmn

12-13-2005 19:36:56




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I have an idea that the way a manufacturer prices a new vehicle is to make it competitive with a used one. In other words, the cost per mile based on new car payments, insurance, depreciation and all, has to be pretty close to the cost per mile of your old truck based on repairs, insurance, etc., or else no-one could justify buying a new one. Some of this is also influenced by tax write-offs. Repairs are 100 per cent expense. Depreciation has to be spread out over a few years. If you are a do-it-yourself repairman, and your time isn't worth more than a buck an hour, you can probably beat the system.

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26Red

12-13-2005 12:27:52




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
Thanks for all the replies. After consulting with several shops and mechanics, and my accountant(aka the war dept), I think I am going to fix the current truck. It won't be as purdy as a new one, but the wheels are still turning, and I can spread the repairs out over the next year.



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steve in in

12-13-2005 09:06:58




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I would consider new. A new regular cab chevy with a v8, cruise and automatic is just $17,021 with their red tag pricing. You get a warranty, a v8, and I also added limited slip, a transmission cooler and even a chrome rear bumper.

Not trying to sell Chevy, cause I'm sure you could get one of the others for a comparable price.

The difference is, you could drive the new one another 10 years without putting any major money into it and it is going to be cheaper to run than that diesel with prices as they are.

Just a point to ponder. Your payments with 17k financed would be near $330 a month at 6%.

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RodInNS

12-13-2005 08:01:54




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
Making that decision to cut and run is never easy.....but you got 246000 mi on this one. You've also got quite a list there. Tomorrow it'll be the engine, and after you fix that, it'll be the rear end, and after that the frame..... I've been down this road with farm trucks. Dad would always say "we can't afford another truck", when in reality we couldn't afford to fix the junk we had. Like others have said, the truck won't be worth one cent more after you fix it, and it will demand a lot more from you afterwards. I'd bet on that. if it were me, I'd cut and run now, sell the old one for what you can get, and buy another truck. Old vehicles are money pits, and nothing more... FWIW,

Rod

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Leland

12-12-2005 16:45:01




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
4500.00 is only 10-11 months payments on a new one , you would be money ahead to fix it up and if it lasts another 3-4 years that is 12-16000.00 you can have in the bank towards another new one .



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buckva

12-12-2005 13:50:53




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  

Most people fix up the old one just to get a new one. Let the old one go even if you have to give it away and have piece of mind with the newer one.



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BobinKY

12-12-2005 13:15:40




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
A 97 model puller with 246,000 miles on her is a blessing. From the amount of miles on her, I assume that you spend a lot of time hauling with this truck. In my experience, a diesel is much more economical to operate than a gas truck. It has more lugging power, it is easier to get up to the pumps with a trailer on behind, and it will have a newer and stronger suspension under it. If you were asking about fixing up a 97 diesel, I would have a different opinion. IMHO it would be more cost effective in the long run to dump the gas hog now and replace it with a diesel. I have heard many guys say that they get 500,000 miles out of a diesel, but you seldom hear a guy brag about getting 200,000 out of a gas hog without dumping some serious money into it. Just my two cents worth. Let us know what you decide.

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26Red

12-12-2005 13:39:06




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 Re: OT -truck decision- number's opinion needed... in reply to BobinKY, 12-12-2005 13:15:40  
Well, this trip to 246,000 has not been cheap on repairs, every truck has it's problems. I was hoping to keep it together until the 300,000 mile mark.

I have dumped about $2500 in it this year already... the year before was $1600.... so, my repairs bills are inching closer to a steady car payment. I hate to trade her in, the book value is $4500, but the needed repairs don't make it worth much...

thanks for the insight.

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VADAVE

12-12-2005 16:42:29




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 13:39:06  
When my repair bills began to approach the value of the truck I started thinking and looking at a trade.
So I vote to replace unless you just cannot find a replacement.



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RB/CT

12-12-2005 13:00:24




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I would look at it in the following way: If I put the $4500 into it, how much longer would it go, how long would it take to recover the $4500. But this is the unknown part. I had a 98 Ford F150 that at 80k, the thrust bearings went in it. Ford wanted 5k for a motor, (done the right way) new clutch, rear main seal etc. I sold it for $1800 dollars, I figured the truck worth $5k when fixed. I don't regret it. The only regret I have is that I replaced four tie rod ends and four oxygen sensors prior to this ($500 for parts). Best option in my book is a new truck and prorate the cost over 10 years or so. Don't know how long they make them to last today. Good luck.

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Jerry Cent. Mi.

12-12-2005 12:40:16




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I looks to me like you got your use out of it. Jackup the radiator cap and slide a newer truck under it. 246,000 is a lot of miles over its manufactured expecentcy.



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Mike M

12-12-2005 12:26:44




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
You should feel blessed it made it that long. Walk away and don't look back !



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cj3b_jeep

12-12-2005 12:25:24




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I'd fix what ya got if you have a good mechanic, at least you know where you stand. Also, I'd look for an engine now instead of when you need it, it'll save $$ to be able to shop around.



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CLW

12-12-2005 11:45:02




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
Wouldn't you be $13,500 better off by fixing yours? When you buy a used truck you CAN be getting someone elses problems. At least with the one you have you know what you have got.
CLW



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26Red

12-12-2005 11:42:13




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
Forgot to mention I just sunk $1600 into ball joints, shocks, trac bar, and tie rod ends... Looks like I have one foot n the door already..



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JCSinGA

12-12-2005 11:41:09




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 11:10:49  
I have always heard "the best used car you could hope to own, is the one you already own" you know everything your truck needs and what it would cost to fix it. If your satisfied with your truck and it does the job I see no reason to have a truck payment. May want to figure on an engine in the not too distant future a gas burner with a quarter million on it has got to be getting tired.



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26Red

12-12-2005 12:13:51




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 Re: OT -truck decision- number's opinion needed... in reply to JCSinGA, 12-12-2005 11:41:09  
Ya- the engine is getting tired even with the synthetic oil...



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Nat

12-12-2005 12:27:46




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 Re: OT -truck decision- number's opinion needed... in reply to 26Red, 12-12-2005 12:13:51  
I'm going to have to differ with the others. You can spend 3,000 or 4,000 on your current truck and it will still be worth about the same as it is now. Once a truck gets over 150,000 you are not going to get much out of it anyway. If you buy the 02, at least you will have a truck worth 18,000, which is what you will have in it, whereas if your now truck is worth 1,500, and you spend 4,000 on it, it will still be worth 1,500. You will have 5,500 in a 1,500 truck and you still don't know what will go wrong next week. I know that the 02 can break next week also, but the chances aren't nearly as great. My dad always said " don't through good money after bad, and I figure spending a lot of money on a truck with 250,000 miles is doing just that. I know a lot of people drive them till the wheels fall off, but a lot of parts get replaced before the wheels, and those parts cost money. After all is said and done it's your truck, and your money and I hope you do what's best for you, but I would think long and hard. Later, Nat

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lawman in sc

12-12-2005 17:43:37




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 Re: OT -truck decision- number's opinion needed... in reply to Nat, 12-12-2005 12:27:46  
I would fix it.It only matters what it's worth if you are going to sale.But if you are going to drive it it doesn't matter.Just my opinion.



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