So here it is, I have the truck in my signature, and owe 12k still. My wife and I have what I would consider a normal amount of debt, both having gone to college and using credit cards some. We are kind of going through a re-evaluation of our financial situation. I have been looking for a while at the older trucks, like a sweet 1st gen. Here is my crazy plan:

Sell my 2008, pay off its loan, use the money left to buy a older (nice) truck and, assume about 1000$ for immediate fixes/upgrades and put the rest in savings, hopefully about $3000. I found a nice looking truck on CL, it's a 98, doesn't save if it's a 98.5, left a message asking a)if it's a 12V b) what transmission and c) do the back doors open. It has 170k and, says at least, it was well maintained the whole time, looks good in pics. It is a QC LB 4x4.

My Reasons: First I would save all the interest and not have a car payment for the next number of years. I only read and hear great things about the 12v for reliability. etc. My my 6.7L w/deletes has given me no trouble but is exactly that, a 6.7L with deletes. I will have to move to the lower 48 next year, not sure where yet and would hate to get stuck in a state where I couldn't register it due to emissions or would have to pay to purchase and then install all the EGR crap. The insurance per month would go down a bit as well.

So my brain just sees this: sell truck, get $$ back, buy 12V Cummins, still have $$$ left, and no car payments anymore. My wife says I am nuts, I *only* owe 12000 on my truck now.

So sorry for the long post, I am hoping for some other people's perspective, many of you have a lot more experience than I do. Am I nuts?

 

I think you are going to (already have) take a beating on your truck if you sell it. You have payed it down to 12K, I say keep it and finish paying it off. It's an 08 so you have already ate the biggest part of the depreciation and it's likely to slow down significantly now.

I think 98 12 valves are nice..........and would love to have one as a toy. But remember there are a few other issues going to a 2nd gen, like brakes, older steering etc. Your 08 should be in much better shape in those areas. It prob has more room, comfort features etc. too.

I wouldn't worry about the deletes and stuff until you have to.


I say keep what you got, get on the Dave Ramsey Plan www.daveramsey.com and start snowballing your debts. That's my opinion. I hope it helps.

 

Good luck. I go threw the same isues in my head every day. I want rid of my payment as well but I know darned good and well I will want anouther truck back in a year or two and then be back in a payment. So I have decided to just keep this truck and drive it till it falls over dead. Once its paid for I will have a nice truck that should last me for the forseable future. .................BUT if I sell it I can use the money left over to pay off almost everything else I owe money on except the house and have a lot of breathing room till I get the itch again to have anouther truck.

 

I think its a great plan...to get out of debt and buy a older 12V...

 

Thank you, the new trucks have more room for sure and all those creature comforts. We read his book actually and are just starting the snowballing step, made a huge excel tracker sheet. I guess the deletes concern me more, but not too much.

Sounds like me, dang.

Thanks, sounds like a good plan.

Will sleep on it for a week and maybe it will go away. Something in my head was like holygrail truck! must do it!

 

An older truck is paid for, so no monthly payments. BUT, they often have little things going wrong with them all the time. Especially with heavy use and harsh environments (like yours). The 12v engine is great, and with proper maint will last a long time. But what about shocks? Brakes? Wiring? A/C? P/S? Water pump? Etc? With an old car it seems like it is one thing after another.

If you have an older high mileage vehicle as a DD, you often need a secondary mode of transportation for when something breaks and it takes a few days to get the parts.

What you're getting for all the money you're paying is reliability. Considering where you live, that's a valuable commodity.

 

I would keep what you have for sure

 

Lots of good sense here. Thanks for your input.

I did look up the cost of the cat, NOX, DPF in case I ever need them (previous owner did delete). almost 7000 for all that stuff.

 

Keep it and pay it off. You know this truck versus buying a used 12V that has an unknown number of possibly abusive owners, and an even larger unknown number of problems. There is a good chance the money saved would be spent in the first year alone trying to fix it.

If your finances concern you, contact a good financial planner or read up on Dave Ramsey's stuff. Also talk to your local bank/credit union to see if a refi on the loan will help lower your interest rate.




Kris

 

Better off with the devil you know than the demon you don't. Keep the truck and look for some real solutions to the debt.

Renegotiate your credit card rates if you can, some rates are in the 50% range, most in the 30's, or better yet, if you can, get a better rate and cascade the debt (http://www.debtreliefprogramreports....on_System.html http://www.desalvo.org/cdp.html)

Try to get a signature loan at the bank pay them off, cut up all but one for emergencies and pay back the fixed rate loan at the same payment that all of your credit cards would have added up to. (If you do this one, be sure you stop any new spending.)

Just my 2 cents worth....

 

I agree with TexasCTD. My wife and I have been going through the same process. We too had some debt from paying for a wedding and the usual stupid spending on credit cards. We have been following the Dave Ramsey plan and there is light at the end of the tunnel. I think you are so close to paying it off, you should gut it up and pay it off. I think you will be happier with the piece of mind of being the only owner of the truck your driving and a better sense of future maintainence to come. Not knowing what your terms are on your truck but the interest saved the remaining $12k is probably not more than the money you will sink into a 13 year old truck. Max out your payments and let it snowball. It may be tough for awhile but worth it in the end. Goodluck

 

We just started the snowballing debt phase, actually exciting in a weird way. Thanks for the advice, my adult half though that from the beginning it's that innner child that was like oooohhh! 12V! If it goes according to plan, which it rarely does of course, we can have the truck and whats left of her car done in 1.5 years with the snow balling, plus I am about the deploy and that will help save some dough for sure and give me a whole year that the truck doesn't get miles on it.

 

Normally I am all for ditching the debt, and getting into something with no payments. That said, I wouldn't go backward to a dodge with a 12-valve. The engine is bulletproof, but the truck is still a dodge. and it will nickel and dime you to death.

You would be better advised, if you must stick with the powertrain, to keep your current truck, and pay it off as quickly as possible, for many of the reasons listed above. Either that, or get rid of it, and pay cash for a good used late model half ton gasser, or a toyota tacoma. Although the full sized half tons do better on fuel. Remember, its about saving money.

Good luck with your choices.

 

On one hand, selling the truck and using that payment towards existing debt you'll get out much quicker (assuming there are no surprises along the way).

On the other, I don't think $12k left is a bad deal at all. So I can understand why your wife says you're nuts.


Without knowing your budget and your debts its hard to say do this or do that. So only you two can decide where things can be rearranged, where money can be pulled from or put to.

You would be adding a wild card to the mix by purchasing a used truck you don't know. Tough call though. Its nice to be in a paid off truck. I've got $10K left on mine and it would be so nice to put that truck payment elsewhere.

Good luck figuring out what you need to do.

 

If you own a house get a home equity loan and pay off the truck. Make payments to bank and the interest can be written off your taxes.