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What would you guys do???

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Looking for some advice from you older guys. I have been wanting a new truck for quite some time now. The catch is I want a powerstroke and im pretty picky about color, options, interior, etc. and there is almost nothing available around here I am interested in. I currently drive an 05 F150 that has nothing- stx package. And cranking the windows, and having a guttless motor is getting old. Other than that its a great truck that I dont owe a dime on. Now, Im 22 years old and have been working full time for almost 2 years as a mechanic at a ford dealership making ok money (not great, but ok) and I would like to buy my own house and move out at some point. But I would really like a new truck. I can get a 2012 F250 supercab long box 4x4 with a 6.7 and the higher end XLT package for right around $42,000 at my cost and with rebates. Thats a pretty good deal for a truck like that. Between selling my truck and what I have been saving I would have a down payment of around 14g which would help quite a bit with lowering my payments. But I want to hear from some of you older guys or younger ones who have bought a new vehicle because im really torn here I know I cant go wrong saving my money but I want a new truck so badly. On the flip side, $42,000 would be a pretty good down payment on a house lol Share your wisdom and ADVISE ME PLEASE lol

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1) If you want a diesel get a cummins. No piss in tanks, no cab removel for work, no need to buy parts to make it reliable. Inline 6 40% less moving parts. Has 800ft torque.. And its acually a decent price.. Oh and way better mpg

2) i get that you work at a Ford dealership, but buy the RIGHT vehicle..

3) your 22, buying a first house, lots of payments.. YOU DONT NEED OR SHOULDNT EVEN THINK ABOUT BUYING A NEW OVERPRICED TRUCK!!!

4) find a used 2005-2007 Dodge Cummins for 15-28$... Save your self some money that you will need!!

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Dodges make me sick! lol I would rather pull the cab on a 6.0 and make it bullet proof than drive a dodge haha. To each his own... I just am a ford guy for some odd reason lol

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So go with a used Ford then, but a house will be an investment.

A vehicle never is unless you buy something special, brand new, & put it in storage for 40 years.

Go with the down payment on a house, that's assuming you can make mortgage payments comfortably.

If I was in your shoes I'd keep the truck you already have as long as it's dependable. Put a down payment on a house, & put aside a comfortable percentage of your paycheck that you'll only use for either a new truck when the time comes, or for an extreme emergency (separate account coming right off your pay automatically)

Edited by Ruffus

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I've been through similar times. I never wanted to buy any vehicles brand new, but definitely wanted to upgrade my truck, boat, and bike for the past few years. But realized if it isn't broke don't fix it. So instead I saved my $$ and bought a house. Now I have my own place to store all my paid off toys. I only have payments on the house so I can afford to play and put gas in all my toys. I am absolutely stoked on everything about the house. Personally I wouldn't have it any other way. Toys will come and go, break, and get old, but a house is more of an investment for the long run. It really locks you down to a specific location. So if you are ready to stick around for a long time housing prices and interest rates are very low and will probably remain that way for a few more years.

With that said I'm 30, just got engaged and moving in a much different direction than when I was a 22. So settling down is something I've been looking forward to. 42K for a truck is a ton of money...just think when you want to get a house you will not only be paying off that 42K, but also scraping money together for a down payment.

I would say don't do it. Why do you need more power are you towing? IF you absolutely need an upgrade I'd go with a used truck, just keep looking. I'm sure that working at Ford they can find other trucks around the US at other Ford dealers and ship relatively cheaply.

End rant

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Yeah a used truck would be ideal but good ones are few and far between. We havent had a diesel on our lot for quite some time. No one seems to be upgrading and i cant say I blame them with the price of these new trucks.

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Use your strengths to your advantage......you are a mechanic.

New vehicles are a serious financial hit to someone in your position.

Get into permanent truck search mode and use your skills to identify vehicles that are not as bad off as the sellers might think.

Many of us "old" guys can afford the new stuff, but when i was your age new was not an option.....period.

Debt:bonk: is a life of serfdom.....you dont want to be there.....live cheap:banana:!

BB

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I would love to find a 6.0 and "bullet proof" it but even those are hard to come by. I have been looking for a good 6 months and havent reallly found a decent truck that I liked that the seller wasnt asking way too much for.

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definitely go the used truck route. you can probably buy 2 slightly used ones for the price of a new one. for $42k i would buy a used truck for $20k, a small used toyhauler for $12k, a new dirtbike for $8k and still have $2k left over :bonk:

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debt is almost never a good financial decision but in the case of a vehicle it is ALWAYS a bad idea. Borrow $30,000 on mondayto buy a truck that won't be worth half that in two years? Might as well just throw some cash on the burn pile! Keep saving your money and live with the truck you have...doesn't sound like you NEED a new truck...just WANT one...If you must have one then keep saving, buy used and pay CASH! Stop being quite so picky about color!

It sounds like you have a great financial start at 22 and if you can make the right choices now and avoid serving your "wants" you'll find by 40 you'll have the type of freedom most people only dream of. Read "millionaire mind", or "millionaire next door". "richest man in babylon" or even "total money makeover". You'll find that the key to real wealth isn't how much money you MAKE but how you choose to SPEND it!

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Find something you can pay cash for. If you buy that truck for 42K, realistically you are paying closer to 50 or 60 depending if you finance it. Financed new truck and couple of cars when I was your age because parents said that was the best way to go, they were wrong.

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Thanks guys. Im definitly going to hold off and keep saving my money and wait for the right used truck to come along. I want to be able to live comfortably when im older and I work with a lot of guys that have made financial mistakes in the past and I dont want that to be me. I use to never listen to adults and now im turing to them for advice lol Man how things change...

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Use your strengths to your advantage......you are a mechanic.

New vehicles are a serious financial hit to someone in your position.

Get into permanent truck search mode and use your skills to identify vehicles that are not as bad off as the sellers might think.

Many of us "old" guys can afford the new stuff, but when i was your age new was not an option.....period.

Debt:bonk: is a life of serfdom.....you dont want to be there.....live cheap:banana:!

BB

I agree 100% with this...when I was turning wrenches for a living, had use of a fully equipped shop with a good parts counter at my back, it didn't faze me one bit to drive an older, paid for vehicle that might need some TLC now and then.

Even though I don't have a full service shop to use or a fully stocked parts department just steps away, I still drive older paid for stuff that needs some TLC.:bonk:

I vote for save your cash and buy a house. The house is alot more expensive, but it lasts alot longer than the truck.

Also, when you go to buy a house and talk financing, you want to have a very low debt-income and debt-asset ratio.

No vehicle loans, cash in the bank, solid job and newer paid for wheels look really good to lenders.

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All I read in your initial post was want..... want....want.

Nowhere did I see the word "Need". You can see the trend here by most of the posters, buy the house and the rest will fall into place. Buy the toys and you'll look back later in life and regret your decisions.

Vehicle debt of that level at your age no matter what you make is just silly. Add on the knowledge and resources you have at your disposal, why would you pay 3 times what you should for the same thing (a vehicle)?

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If you want to buy a house- wait !

Tough it out with the truck until you get into the house.

Any debt is bad debt when trying to get your first mortgage

After you settle in with your mortgage, do a budget and see what you can afford.

Me personally- I will never buy another new truck.

Too many great used ones out there with low mileage and mega savings.

More $$$ for toys.

My toys are worth twice what my truck is. (04 Ford F150 4x4 x-cab long bed- I love it and hope to keep it for another 8 years.)

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You will always come out ahead if you save the money ahead of time and pay cash for the vehicle. Not only will you be able to get a better deal, when you get ready to hand over 420 hard saved $100 bills, you will start to get a little tight-fisted and start looking at what will get you by with just handing over 200 of those hard saved $100 bills. Or even decide to just hand over 100 hard saved $100 bills and by a new (used) bike with some of those extra $100 bills that you saved.

If is a whole lot easier to settle for something used or less expensive when you are handing over those bills.

And not having any debt hanging over you is wonderful.

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Since you "want" a truck and don't "need" a truck, time is on your side to find a good deal. Try looking in the places that have been hit hard economically. When times are tough, people ditch their toys. I know people who have bought cars in CT, WI (but the owner and car had just moved from CA) and CA because they found good deals. Winter seems to be a good time to buy, too. But, it did considerable time to find the good deals. Be patient, it might take 6 months to a year.

That being said, you have a truck that works. I've been living with crank windows (which is my preference) for 20 years with my beloved Ranger. I wouldn't trade it for anything as long as it still fulfills my transportation requirements. I'd prioritize the house over the truck. I like my vehicles to sleep inside and I'd much rather work on my cars and trucks in a garage than in a driveway.

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