Lots of good advice here. I am not a financial guru. but, I am a pastor, and often look at the other side of things- the human side. This decision also depends a lot on YOU. You may be the type of person that has to have the newest and best- I'm not finding fault in that statement, just getting to the point that a 12 valve and the older transmission will probably dissappoint you, after having a deleted (good running) 6.7. Or, you may be the type who likes older stuff, since it is simpler. I am that way- simple and easier to diagnose/work on is more important to me than creature comforts. So, my 12 valve appeals to me much more than a new truck. As far as the 12 valve goes, this is THE most reliable truck that I have ever owned. The 2nd gen trucks, regardless of their quirks, are great trucks- no more to work through than a new truck with deletes, etc. Someone else is posting on DTR about $3000 to do their deletes- I don't have that much in getting my truck in tip top shape, and I have been through my truck. So, all makes and models take attention. Perhaps you would really enjoy a 12 valve/2nd gen. But, the rub is that you need to find one in good shape, and from someone who can give you the history. You already know the history of yours- that is worth something. Again, you have to decide which one you can deal better with.
You need to look at the financial side, and the practical side- which truck will you be able to live with for years to come, being totally honest with yourself.
Perhaps your wife knows you better than you do. Don't discount her input.
Mark

 

What you should do with your truck really depends on your total financial picture.

I tend to follow the Dave Ramsey approach with this kind of thing. If the total of all your vehicle debt is more than 50% of your income, then you need to sell the vehicle(s).

Otherwise, just add them to your debt snowball and get them paid off.

It sounds to me like your biggest need is a firm written budget that you stick to. Ask yourself how you got into a debt mess to begin with, and how are you going to keep from going back.

In other words, what's the point of paying off some debt now if you'll only rack up more later? This is why using home equity can be so dangerous. People end up with the "out of sight, out of mind" temptation and forget about that debt. Then they go back to the back spending habits that got them into that mess.

The end result is that you end up back in debt, but FARTHER in debt because you now have a HELOC to boot.

It's OK to re-fi or use a HELOC to help you pay down debt. But don't kid yourself into thinking your accomplished something back doing that. Sliding your debt from one shell to another does NOT pay it off.

Do your Dave Ramsey snowball list, and add the truck to it. Get your written budget and stick to that. Pay off your debt and you'll end up with a nice truck you can actually enjoy because there aren't any payments!

JMO

 

Not very much equity yet

I have no problem listening to my wife, she has saved me many times but I do feel the way you do, I am not one for creature comforts, I do like them, but live and in creature comfort-less conditions, doesn't bother me much. Just because I like the simple, older design though isn't enough of a reason to tip me.

Thanks for the info, our truck and car payment together are about 8% of my month net income, so it's not bad at all, doing the snowball thing now as I mentioned and just have to wait it out.

 

I'm on the other end of the spectrum, I've got an older 12v (sig) thats been paid off for a long long time

and I'm really tired of farting with it, I don't want to toss the money at it to really doll it up. I've been eyeballing newer trucks with heated leather, nav, dvd and such.


now she's sittin the the driveway with a big puddle of tranny fluid under it ya the old tranny cooler lines rubbed a hole in one another and now I gotta crawl under that greasy pig and well, now you know why my name is greasy


grrr

 

Don't do that if you're quite a ways through the term on your truck loan. An amortized loan takes most of the interest up front in the first half of the loan and you pay mostly priciple in the latter half.
Make sure you'e not signing yoruself up for even more interest if you choose to go this way.

 

Thanks, won't be doing that for sure.

Settled on keeping the truck and paying it off...I'll cross that emissions bridge when I get to it.

 

im all about being debt free 12k is 12K

 

And what's wrong with a nice 1st gen?

 

The only thing wrong about a 1st gen is that I don't have one!

 

There are a lot of them around here. Ever once in a while one will come up for sale. You gotta be quick though, they don't stay on the market long.

 

Update!

With the addition of another kid we needed an upgrade for the wife's transportation, we hoped two would fit alright in her current car but it's really tight. So we traded her in for an upgrade and will be putting money down that here it comes, comes from the money from selling my truck! Which leaves us with a lower total monthly car payment, and a chunk of change for me to outright buy a "older" truck, by that I mean something 2002 or older.

Can't wait. I have plenty of time to look for it so that is nice. Looking forward to a simple, paid off, nice truck.

 

If still weighing pros & cons, I'm with your wife on this one.
Flaw in your plan is the $1,000 for fix-up. Could easily end up $3000 or more.

I just bgt a 98 Wrangler for a great price. Knew it needed a head gasket, but was priced so well I took a chance.
Long story short.... an engine rebuild and $2,700 later I have a great 98 Wrangler. And Jeep parts are about 1/2 the cost of Cummins parts.
I now have into it about what it's worth in a good market!

I am not in your tight financial situation, so I'm happy with what I have.
But any 10+ yr old vehicle is a gamble!

JMO