I bought the truck in my sig for $6200 last year. After some abuse, I am in need of a tranny rebuild and likely a VP44 due to a failed lift pump. With these items I am looking at about $4000 to get my truck running like a champ. I already have a Juice/Attitude I have yet to install. The previous 47RE was replaced 60k ago. I've got 182k on the engine, no leaks. Front end was just redone as well.

My dad needs the truck maybe once a year to haul big loads or pull a heavy trailer(ie bed full of dirt, possibly 20k trailer).

Should I fix up the truck making it a $10200 truck, or should I sell it to get the truck of my dreams; a 2003 quad cab short bed? I have the money to buy the truck outright, but I hate to spend all my savings on a vehicle when I could invest the money. The other option is to sell the truck and just stick to the Subaru and Honda CBR I own and let my dad purchase his own truck to move things.

In all honesty, if the Cummins weren't so cool and my dad didn't need the truck, I would get a Tacoma 4x4 so I could play around in logging roads and mud.

As a side note; I am 25 years old, am considering going back to school to get a bachlors in who knows what, and also considering puchasing a house. I currently make $42k with no degree.

 

If you think you can afford it, get the 03.

 

Go to school while you are young. You can get another Cummins when you get done.

 

I agree that is the best thing to do, but my procrastination and dislike for school really keeps me back. Even if I do quit work and go back to school I will still need to figure out if I rebuild the rig I've got or sell it.

 

School Bad... Truck Good!

"UHHG"

 

Can you afford to do both? (get the 03 and go to school) I will admit, I would love to have a single cab auto to run to school and park in. The truck you have now might suit your needs better for school. (I know, no clear cut opinion)

 

If by afford, you mean take out a loan for school and get the truck, then I can afford it. So far I have paid for everything with cash including almost an associates degree. I like to make my money work for me rather than work for money. But I also think it's fun to have nice stuff while I'm young because I can't see myself playing hard when I'm 80.

How much is my rig worth with a drivable but bad tranny considering it's DOT yellow and has a couple minor dings and holes in the roof?

Also, can I save money by pulling the tranny myself and then putting it back in?

 

A truck is a truck and they are a dime a dozen. There will always be trucks. Going to school or building a house would be the smart thing to do as you can get a return on your investment there. Truth be told, unless you are working your truck and getting paid for it, these trucks are nothing but money pits that continually go down in value from the minute you buy one. I'm not much older than you and have been a disciplined saver for the last 7 years. I bought my truck outright with what was getting close to being a 100% downpayment on a new house. I have pangs of regret. It set me back a couple of years. I don't even want to think of what that 32k invested long term would be compared to the Zilch it's gonna turn into for sure now. If I had it to do over again I think I'd wait. Do whatever you want. I know these trucks are nice and I do like mine, maybe I am a tad bit hypocritical, but it would have been a lot easier on me if I had delayed the gratification of owning one.

 

42K a year ain't bad for a 25 year old. If your dad uses it once or twice a year it's kinda hard for him to justify spending the money on his own truck. I could use a small tractor with a hay spear, once or twice a year, but can't justify spending that type of money for that, so I just roll my hay off the trailer.

If you don't have a need for the truck, i.e hauling, working it and it's just for play why have it. Bombing, mods all become expensive. That's why I am aprehensive about adding mods to mine......as much as I really want to. A house and some land is a great investment, always will increase in value and the sooner you can pay it off the more of that investment becomes yours. A college education is also good......so I have been told but will getting your degree help you in the long run for your job or is it something that you just want to do?

You could also resist the earge to mod the truck, get a good rebuilt tranny, not Goerand or "super" tranny, just a good rebuilt and fix your VP and go on with it as a stock truck that your dad and you could use when needed. I know a truck is a valuable tool to have, when it's gone you miss them, I know I have had trucks then not have a truck and you think to yourself, man I wish I had a truck.

Don't know if this helps out any, I know I can't live without my truck.....well I can, but I hate to think about not having my truck around the house. A quad cab would be good if you fall under this category.....a wife and three kids and you want a vehicle that will be around for a long time. That's what we are looking at. I have talked my wife into a quad cab, 4x4 diesel w/ 6 speed. But first we have to pay off the Dodge in the driveway. That's just me thinking out loud though.

 

Upgrade your training to be able to afford more toys....Mark

 

Keep the truck you have and fix it. It'll be cheaper than getting the 03'. Then go to school and get your degree. Buy an apartment building. Preferably with a garage to wrench in. Live in one of the units (or the garage ) and rent out the other units to pay for the mortgage. Now your living and wrenching for free. After a year or two of this, you should be able to save quite a bit of cash. Use the cash to buy another building and use the equity you've built up in the first building to buy a third building. By the time you're 35 you may be able to retire and work for yourself. And you could have toys like DWiggs...if you so desired. JMHO.. it has served me well.

 

This is a safe time to say it - school does not cost. It pays---especially when you factor in you can be doing WHAT YOU WANT TO DO when you are done. Think carear, not a job. What would you still really enjoy doing thrity years from now, and what will it take to get there?

Personally, I agree with the post one or two up from here, it's why my signature says what it does...money goes into these, it's hard to get it back out, unless the truck is part of your job. Personally (and I know others will disagree) I would sell your truck altogether, go to school with the (assmumingly) paid-for Subaru and a bicycle, work part time, major in something you will enjoy and work at it with all your heart. Go with complete dedication and ambition. In a couple of years, you'll be done and starting into something that ultimatily will fulfil and challange you. Whatever you do, don't choose semething you will be bored with.

Just my $.02, and by the way - your Dad will galdly go rent a truck when he needs it - it'll probably make his year if you choose to finish a bachlor's degree!

 

I don't think your truck will be worth much with an iffy transmission and bad VP44 I'd price having a shop do the transmission, and I'd price buying a rebuilt and putting it in yourself...

Whatever you decide, go finish your degree.

It will not get easier later in life (when you do have a mortgage, maybe wife, kids...).

What you do with the truck likely won't have any bearing on what your life will be 5 years from now, but the degree likely will. Do it even if you need to take a student loan.

 

This is my .02. I am 23, make about 45k a year without any degree. If you think you can do school go for it, but like you, I cant stand school. Of course I would like to go back to school and get a degree but you wouldnt believe how many people I know that has a degree of some sorts and are either working a factory job making less money I do, or they are working in the field of study making less than I do. School is a good thing but it doesnt always work out. Its hard for me to give up what I have now. I have my own place, a 2000 cummins, a 4-wheeler and can easily afford my bills. I know how you feel. 42k is a good bit of moolah even for todays standards. You just have to think if your willing to do the job your doing now for the rest of your life???

 

Get your degree. I'm 61 years old and only have a BA, plus a lot of education credits. It's taken me all over the world with high paying jobs and NO taxes, as a teacher. It's the best investment you can make. Even a BA/BS will open lots of doors for you in the future.

I'm retiring next year. Bought a house, paid cash, will buy 08 Dodge Ram Larimie with everything on it, paying cash. Believe me, you can have fun even when you're older. I'm also going back to school and just taking courses in things that interest me, astronomy, particle physics, climatology.

My son is 25, was about 10 credits short of a degree, but makes a lot of money working for his mother, and has a band. He'll regret not having that degree someday.

Fix the truck and go to school!