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OT- economy and cars

2

26Red

Member
A fellow said to me today, "when are you going to replace that old truck and do your part to keep this economy going?" The conversation was not serious, but teasing. Afterall, the truck is 11 years old and has mega miles (325k).

Well, I"d sure like a new truck, with all of those deals out there. I know I"m not the only one holding back on a new/used vehicle purchase.

How many of you are holding out until things get better?
 
I think I must run more frugal than a lot of people because I have no interest in upgrading vehicles until the cost of the repairs passes the cost replacing it.

My 11yr old Ram 1500 only has 206k miles and costs about $500 per year in repairs. Tough to find a new truck for less than $40/month, $125 if you count the extra insurance it would need.
 
I bought a new truck just 6 months ago. The time was right, I needed the truck and the price was right. Holding out "until things get better" is only valid in my personal situation, not in some national or world view. Your mileage may vary. Pete
 
I"m not in the market for a new or used vehicle. But if I were I"d sure be pulling the trigger. When the economy tanks, new automobile sales usually do the same, leading to inflated inventories and subsequent incentives/discounts. If your "personal economy" is in good shape, there may not be a better time than now to buy a new pickup.
 
I upgraded from a 85 f250 gas 4x4 to a 93 F350 xlt diesel 4x4 not new but the cost of big trucks has gone way down and there are lots to choose from.
 
After listening to my wife (she visiting/watching over me while I heal some from a procedure done on me Friday) for two days I decided to do as she said and paid my pickup loan off. Took funds from two different banks and three accounts, but managed to put enough funds together and still not devastate my financial situation. Some ways it feels good to be without a car payment again, and some ways I'm not sure if it was the smartest thing to do. I'll have to be careful to not over extend myself and hope emergencies don't happen anytime soon. Either way, the 07 GMC ext cab Sierra 2500HD 4x4 I bought in Oct 06 is paid for. Should be getting the clean lein paperwork and title in the mail next week.

The prices on those new(er) pickups sure is tempting, but I think I'll keep what I have for awhile. LOL, they informed me to tell my wife that I was pre-approved for a 50K car loan, but have opted not to do so yet.

Jim
 
my everyday beater truck is a "87 Toyota...let"s see that"s 21 years old....ancient by some folks estimations. At 187,000, it still runs great, uses no oil...has never been greased because it has no grease fittings and the repairs have been minimal. One clutch, 2 or 3 sets of brake shoes, a master cylinder, couple batteries and of course, tires. Oh yes, I was talked into a timing chain replacement at 125,000 miles and the one that came out was no worse than the replacement that went in.

This has to be the finest vehicle I have ever owned...the air conditioner has never been touched and will freeze you out! I bought this truck 13 years ago....don"t even remember what I paid for it back then. But, I"ll be damned to a devil"s hell before I will believe that $30K is great deal on a new truck. I will even ask some of you with great credit....how you think spending $30-$40K for a pickup truck is a "Good Deal"? Figure up the cost per mile/year/etc., amortize that over how long most of you keep a truck before the Jones" next door force a new purchase for appearances sake, add the cost of $4+ diesel fuel (hell it has to be a diesel!) and full coverage insurance and it"s no wonder the husband and wife both have to work. One pays car payments and the other, the mortgage and groceries, if anything is left over.

In 1996, I bought my last new truck and paid $21K and change for it. I made $482K that year. I worked too hard to hand it over in big piles for a disposable...like a truck. And to think folks are out here financing twice that amount for vehicles and making way less than $100K a year....all for what? Boosting the economy, I am sure.
 
Yep, show me a truck that is actually worth what they are asking for it and i'd buy one. i support the economy as best i can. I PAY FOR WHAT I BUY IN CASH. the reason we are in such bad shape is overextended credit. what good does it do if you buy a pickup on credit and then turn around a file for bankruptcy on your house? how many remember when pickups where the cheap form of transportation and not the all decked out glamour rides of today?
 
mark - I didn't think to mention, my summer car is a 1989 Cavalier z24, with a v6 engine and 150k miles, it still gets 30mpg.

On another note, last month I was at a farm show and saw a 'show special' Brand new 2007 Dodge Ram 2500, 4x4, 5.7 Hemi, AC, manual trans, $19,500. There were no takers. That right there might be a good indicator of how tight money is.
 
My wife and I were in the market for a new car. I priced a 09 Toyota Corolla $17,600 and a Honda Civic $21,200 both dealers said they would give a $1,500 discount, I said and that's on the road, they said NO you have to add tax, tags, title, delivery, etc.

We ended up buying a 2000 volvo wagon with 87,000 miles that was spotless for $6,000 cash. I figure this car will last oh maybe 5 years at 30,000 miles a year. Then I'll go pay cash for another clean used car that was babied...thank you very much.
 
But if nobody buys new ones, those of us that buy used ones wouldn't have much to pick over after awhile...

And I won't buy a new one, I prefer them a couple years old with low miles. I got my current ride at 26k miles when it was 3 years old... for all practicality a new truck but at 2/3 the price of new.

I would have gotten older, but it is hard to find a pickup with some age on it that isn't whooped.
 
I take a different approach, I am 63 years old and I have never bought a new vehicle. I have bought several, one or two year old vehicles that were same as new. Why would I wan't to loose thousands of dollars within the first month or year? I let someone else loose their money and I reaf the benefits.
Next to a mobile home, a car or truck is the worst money investment , you can make. You loose money even if you buy a vehicle that is several years old. I don't desire to impress anyone.
 
I bought a new truck 2 years ago paid cash.The salesman didn't even know how to write up the deal,said he never saw anyone pay cash before.I could afford whatever i wanted at the time,but i chose a chevy 1/2 ton work truck with no carpet,no powerwindows,just a basic truck.
Friends of mine have bought new trucks since mine and always buy the most expensive trucks the can get,then struggle to make payments.They have lost almost as much as my truck cost.
 
I don't buy new vehicles. I buy the goodest used ones, and then run the wheels off of them, doing appropriate mechanical work to keep them going.

Estimated cost savings throughout life by not buying a new vehicle = $100,000 at least.
 
Looked at buying a new Honda Accord a couple weeks ago. By cleaning out what money I have put away and trading my current Accord in, the payments would be right around $300 per month, plus increased insurance premium. Gas mileage on the new ones is about the same as what I have now, tires and brakes still wear out on the new ones, etc.

Both of our vehicles are paid for - a 97 Dodge Grand Caravan with 62k miles on it and a 01 Honda Accord with 112k miles on it. I enjoy opening the safe every now and then and admiring the titles - nice to own something free and clear.

When the cost of repairs for these vehicles exceeds $200 per month over the course of a year ($2400 total in one year), then I'll start thinking about purchasing a newer vehicle. :)
 
I have, in all likelyhood, bought my last new vehicle.

I'm 58 (or will be in a couple of weeks) and have a 2007 GMC pickup. My last pickup lasted me 20 years. In the unlikely event that [i:654c4848f0][b:654c4848f0]I[/i:654c4848f0][/b:654c4848f0] last longer than 20 years, I'll be too old to need/want another fullsize truck.

My B-i-L lives with us and buys a new car every 5 years (can't stand to be without a car payment). He puts less than 10K a year on a car, is a VERY conservative driver, I do or schedule to have done all the maintenance on his cars and it lives in a garage. So, we know it's in good shape and we usually buy his 5 year old car for bluebook.

The only "economy" I worry about is my bank balance. I don't base my purchases (or lack thereof) on some talking head on TV.
 
I too dont own or intend on buying a new car, I purchase our companies auto when them come off lease, most around 120K miles, for 50% of the then current blue book value, run them 3 years, sell it, buy next company off lease. Saw one poster state lifetime savings by buying used and running until repairs exceed payments saves 100k, I read report on financial site that states its more 300K if that practice is maintained a lifetime, hmmm that might be enough to retire early, naw, Mark
 
I too dont own or intend on buying a new car, I purchase our companies auto when them come off lease, most around 120K miles, for 50% of the then current blue book value, run them 3 years, sell it, buy next company off lease. Saw one poster state lifetime savings by buying used and running until repairs exceed payments saves 100k, I read report on financial site that states its more 300K if that practice is maintained a lifetime, hmmm that might be enough to retire early, naw, Mark
 
I buy most of my company trucks at 3-4 years old and under 40,0000 miles. That said, it's getting hard to not buy new. I have an offer now on an '08 that lists for $42,000, I can have it out the door for $30,000 with 0% financing for 72 months, 1.9% for 84. It's darn tempting, but I'm holding out. If the deal is still there come spring, I'll probably pull the trigger.
 
Mathias,

Nice Biblical name there, sir. Back in my working days...which means I am now retired, I started with nothing. Through sheer determination, lots of sweat, little sleep and long days...I finally amounted to something. However, I never forgot my humble roots. I am not a miser and enjoy most of the things I want and all my needs are met. I simply refuse to throw money away. I know people who live in pig sties but drive new vehicles.....out away from the hovel they call home....they can pretend to be something else. Nothing like seeing a new Eddie Bauer Dually parked in front of a 1978 Mo-bile home (we call'em trailers in these parts..new or otherwise), with duct tape over the broken windows and the seldom used lawn mower shoved under the floor right next to where the hound dog is tied up. Worse yet, in the uppity neighborhoods....there will be a new Beemer beside the Escalade, the garage door left up so the neighbors can see the Harley, golf cart, bass boat, and vintage Vette and a for sale sign in front of their 5200 sq. ft. house. The owners are 24 years old. She's a secretary for a lawyer and he is a junior executive for a cleaning supply company. It's all about appearances...and nothing more. In reality, it all belongs to the bank..they get to stay as long as the ransom is paid each month.
 
I've been holding off buying a new vehicle for 40 years. From my perspective, buying a new personal rig is a total waste of money - unless you cannot fix stuff yourself - or - you've got an excessive amount of money that you need to get rid of. Even more of a waste if it involves borrowing money and paying interest, being forced to get collision insurance, etc.

There would have to be an incredible change in technology to make it close to worthwhile for me. Maybe if all gas and diesel disappeared - and the only fuel available was hydrogen - I'd have to think differently.

For now? My biggest truck - 3/4 ton, 4WD, extended cab and 8' bed gets up to 21 MPG on diesel. Also have a 27 year-old truck - 1/2 ton, 4WD that gets up to 24 MPG. I've got a car 20 years old that get close to 50 MPG, etc. I can work on them all with no esoteric tools. My biggest "newer vehicle" leap has been to buy a 1998 Dodge Grand Caravan AWD with 100K miles on it for $1500. It will probabluy outlast me.
 
I didn't hold back. Just bought a 1995 F250XL 4x4 351W 5spd 150K mi. new enough for me at 19. Was driving a 94 dakota but its really dads and lil sis is gettin it and I needed a truck that could pull a trailer for hay and scrap anyway, borrowin moms got old. Paid $1500 cash and it was well worth the money (so maybe I held back a little.lol)
 
I couldn't have said it better myself. Besides, I want to see what is going to happen in the country in the next 6-12 months before I send away hard earned cash.

Christopher
 
Cost per mile with fuel and repairs considered.
Too old is worse than too new.
I like the 1-3 yr lease returns or sometimes the end of year closeouts.
In anycase I drive a vehicle a little larger and heavier than maybe need be. In case of a collision the larger vehicle and it's occupants win.
I'm not driving some 40" tall 2000lb weiner wagon that would be totaled by hitting a racoon.
 
Buying new is a waste of money to me. I will never buy new again unless I win the lotto.

Buying late model used is the best value. Unless you do like me a drive an 18 yr old. Might have to give up in a couple more years though. Rust started popping out on it this year.

I spend less than $500 per year on it in maintenance and repairs and it gets 34 mpg on the highway.

status and style is just too wasteful to me.
 
The new cars i've bought were less than what dealers were asking for 1 or 2 year old models.
 
I cant decide what to do. My 98 2500 has 185K on the diesel engine. Its been good and hasnt given me any problems so I hate to get rid of it, but the deals on 2-4 year old trucks are GREAT.Decisions decisions....
 
I didn't buy a new car from 1959 til 2001. I did buy a new truck in 1969, but I bought 3 used trucks after I sold the 69 in 1983. I was paying on a mortgage and I had a daughter in college. I bought used cars with low miles and ran them until they were worn out. We have that emission testing and you need to keep a car in good shape, but I'm at the age I don't need to have that done anymore. I still have a 1981 Mercury Cougar that I bought in 1985 from my late brother-in-law. It had 15k miles and he told my wife's sister it was worn out. I was using it as a truck hauling compost last week. Hal.
6jdn6h0.jpg
 
We are older middle class and will never buy new again.Our 4 year old mid-size SUV has 48,000 miles,our 8 year old car has 88,000 miles,and our 17 year old Ford truck has 165,000 miles on it.

When and if we do buy it will be something 2-3 years old and we will let someone else take the hit on it.
 
You mention the emission's testing. Here in NY, it's more lenient for older cars. The inspection is cheaper too. With anything newer than 1995, it gets tough. 1996 and up with OBDII the State reads into the computer for codes and all must be clean.

As to new cars - and the year 1959 - I went with my dad to pick up the last new car he ever bought - a black 59 Ford Business Coupe 2 door. Three speed stick on the column with no synchros in first gear, manual choke, manual steering, no radio, vacuum-powered windshield wipers that stopped whenever you hit the gas pedal, and the "mileage-maker six" - with a whopping 223 cubic inches. He paid $1950 for it, brand-new. It was made not far from where we lived at the Mahwah Ford Plant in northern New Jersey. Supposedly he had friends working there that threw in a few "extras" into the car. What they were - I don't know. Maybe the heater? Paint?
I got the car later and drove it up to the middle 80s.
 
I'm in my fifties and I have only made a car payment once. Years ago, I bought a 78 3/4 ton chev with a snow plow. I put half down and paid it off in less than two years. Cash is the best way to go. I will have a house payment if really necessary, but that is all. People who roll over a unpaid for car note unto a new car are out of their mind as far as I am concerned.
 
Funny we must of had the same dad because my dad brought the exact same car in '59 after trading in a '50 Studebaker Champion, black,three on the tree. The man never own a fancy car. Guess he made me a tightwade too.
 
I think the timing is about right to buy now. We are in a recession and the car dealers and mfrs are offering discounts. Just bought a new Prius with 50 mpg to replace the 5.4 liter ford expedition with 13 mpg.

Every other time we have been in a recession or near recession, the fed began worrying more about inflation and the interest rates went through the roof. Starting next year with the rocovery, look for interest rates to take off. Hope we don't hit 20% again on cars.

But it still boils down to how bad you need a vehicle.
 
Heres my farm chore truck, O'l Blue. Born in 1978 its been to heck and back and I just can't kill it. It has a new used Texas box and is in need of a cab and fenders. Very simple to fix if needed and no need for collision insurance. My dad and uncle bought it new for the farm. Used to have stock racks on it. Its hauled, pulled countless loads in its 30 years and will continue to. Just can't see using a new computer loaded pile of tinfoil new truck for 30 years like this one has been used. Nope I guess I'am not ready for change yet.

<a href="http://s41.photobucket.com/albums/e280/Scott1066/?action=view&current=pickupSmall.jpg" target="_blank">
pickupSmall.jpg" border="0" alt="Photobucket
</a>
 
I totally agree with you JD. If I absolutely had to I know for a fact I could keep most of the vehicles I have right now for the rest of my life. My 1988 ford truck still looks better than a lot of newer trucks and owes me nothing. I have a 1986 5.0 mustang parked in the garage that could problably be driven 200,000 more miles if I really wanted to. I have 105,000 on it when I started using it for drag racing and then not at all. People buy new cars because they are too dumb to fix them, too vain to drive something that is not in style, and too programmed to think they need more junk than they can afford. Most people nowdays have attention spans so short they loose interest in anything that is over 2 years old.
 
my 1998 Honda accord just turned 235000 only repairs are to brakes. we all know how important they are. still gets in the high twenties over all.
 
That's what I also found. Plus the used ones had 30-40 thousand or more miles and who knows if they ever had maintenance done ?
 
My old 98 Dodge diesel been paid for a longe time now. 126,500 miles still no problems
Diesel prices are high true But No payments or high Insurences, one payment on a new one will pay my fuel
for Two mo. It is not the MPG it is the cost per mile factor & a new truck payment brings that up quite a bit.
 
Just some more thoughts on vehicles... Here in AZ if you buy from a private individual there is no tax on it. So buying from a dealer is something I don't do anymore. I wasn't aware of this when we moved down here so the Accord was purchased from a dealer. The Caravan was also purchased from a dealer, but it was the right price, the right time, the right condition, etc. and I got the price down to where the tax wasn't too bad.

In my previous post I had the mileage on the Caravan wrong, it's actually at 70k since we drove it to ND this summer to pull a trailer back. We thought about buying a Suburban when we got the van - figured it would be nice if we ever wanted to pull a trailer... Anyways, my sister's Suburban makes about 17mpg empty if she babies it around, usually closer to 15mpg. We had the van loaded down pulling a 4x8 U-haul trailer, cruising along the interstate at 80mph all the way from ND to AZ and averaged 15.5 mpg! I don't know why more people don't get into a minivan - more usable space and more comfortable (in my opinion) than an SUV. How many SUVs can haul a 4x8 sheet of plywood? I can do it without even taking the seats out!

Loaded to 6880 lbs total. Trailer was 1620 lbs.
100_8103.jpg


Too many people think they [i:4cb4f84cda]need[/i:4cb4f84cda] an SUV when they don't. :roll:
 
Yep, the things really have been redesigned for yuppies. Couldn't believe the new trucks when I saw them, especially Ford. UGLY. Dealer just looked at my brother funny when he said he didn't want a truck with CD player, auto locks and auto windows but they found one (funny what a dealer will do when it comes to making a sale). Some of these people want a TV, computer and six cupholders in their vehicles. TV, computers and cell phones should be used at work on break or at home. Its now supposedly a fine here if a police officer catches you on a cell phone while driving. I don't know, I see people doing it all the time still. I'd like to hear any of them say they can talk on the phone while driving and still leave 100% of their judgement to driving.
 
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