Expensive vehicles

Harpoon

Guest
Tahoe for $70,000 +?

I can spend some money on toyz like the best of them, but that one had even me scratching my head.

Guess I found my line.
 

nckeith

Ten Pointer
I'm looking at a new 250 sized truck. I need a new truck anyway, or will soon, as it has 280K miles on it. My justification on getting a $30-$40K (XL 'work truck') truck is it's going to make me money. It'll cost me money too, but if I can "make a payment" with it doing work on a Saturday then so be it. I've held off on making my business a legitimate business and expanding what I do on my own because I lack a truck that can pull a trailer big enough to haul logs or a big dump trailer. A 5 year warranty is a lot of piece of mind and makes the thoughts of that truck payment a lot easier when I think of the tranny dropping out on a used truck.

If it wasn't the limiting factor in expanding my business and become a legitimate business for myself, I'd get a little rice burner.

You looking for a side job weekend. i have a coworker who needs some trees trimmed in east charlotte. I'll send you a PM
 

nhn2a

Ten Pointer
I heard a guy call into a Dave Ramsey show once where he was talking about financial peace and doing an open Q&A with call ins. A guy called in and asked if he should buy a new motorcycle and after about 15 minutes of giving the pros and cons Dave asked the guy what he did and how much he made. The guy was a nuclear consultant that made around $600K a year. Dave laughed and told him buying a brand new motorcycle for him was like most of us buying a hamburger. All that is to say people have different circumstances, jobs, income, and priorities.

I'll give two scenarios. I own my own business and make decent money. I recently bought a new 2016 F150 Platinum. I paid cash. I had a 2011 F150 that I owned for 6 years prior to that that I used as a trade in so the delta was about $25K. I'm an avid DIY hunter and needed a 4x4 truck for my hobbies but I also have a family and needed the crew cab and the creature comforts for them. Again the ultimate decision was I could afford it and I prioritized the purchase in my list of things and bought it. I also needed a very reliable vehicle so having the warranty adds a lot of peace of mind for me vs buying an older vehicle.

The other scenario I'll give is when I was in the military I had a soldier (E-4) that drove a Cadillac Escalade that cost about the same as my truck. He could barely afford the gas and when all of us would go out to lunch he would stay behind or we would have to pay for him because every penny he earned went into that vehicle. As others have said he really couldn’t afford that car but he cared more about how people saw him then the practicality of his decision.
Ultimately it’s a personal decision everyone has to make on how they choose to spend their money.
 

sky hawk

Old Mossy Horns
Contributor
I heard a guy call into a Dave Ramsey show once where he was talking about financial peace and doing an open Q&A with call ins. A guy called in and asked if he should buy a new motorcycle and after about 15 minutes of giving the pros and cons Dave asked the guy what he did and how much he made. The guy was a nuclear consultant that made around $600K a year. Dave laughed and told him buying a brand new motorcycle for him was like most of us buying a hamburger. All that is to say people have different circumstances, jobs, income, and priorities.

Exactly. There are guys on this forum who could pay cash for my house, and there are some who are one mishap away from bankruptcy.

I was listening to Dave Ramsey last week, and he had the exact opposite scenario. A guy called in and was upside down on his lease ($24k vehicle, rolled in debt?), and would have to take out a loan just to get rid of it. He was deliberating over exactly how to solve the problem, and Dave finally asks, "How much do you make, combined gross?" He said $40k, and of course the answer was, yeah, dump the car! You can't afford a new $24k car - even a lease - on $40k a year. It's ALL relative.

On a side note, I think leases are about the dumbest idea invented, from a consumer standpoint. Going the lease route, you never are without a car payment. The goal should be to pay cash or at the least have several years without a payment so you can save up for the next one. Living your life based on what you can afford monthly is for broke people who going to stay broke.
 

hrcarver

Twelve Pointer
Contributor
I need a new one every 10 years or so. They wear out like everything else. I figure a new (everything I own) in the price of my work over a certain number of years depending on how long i guess it will last. I don't guess low. I'll go fishing before I work for free! I'm 40 yrs old and just within the last few years getting to where I could pay cash if I had to, still I dont mind payments less than 4% though. I prefer to have cash on hand for things not so easy to get cheap loans for, like land.
 
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Homebrewale

Old Mossy Horns
you should look into a ram and also look into the factory lifetime warranty.
Big piece of mind.

Chrysler has gone through a bunch of ownership changes. Can you be sure the lifetime warranty will be honored if Fiat decides to sell the company?
 

hog&deerhunter

Ten Pointer
Exactly. There are guys on this forum who could pay cash for my house, and there are some who are one mishap away from bankruptcy.

I was listening to Dave Ramsey last week, and he had the exact opposite scenario. A guy called in and was upside down on his lease ($24k vehicle, rolled in debt?), and would have to take out a loan just to get rid of it. He was deliberating over exactly how to solve the problem, and Dave finally asks, "How much do you make, combined gross?" He said $40k, and of course the answer was, yeah, dump the car! You can't afford a new $24k car - even a lease - on $40k a year. It's ALL relative.

On a side note, I think leases are about the dumbest idea invented, from a consumer standpoint. Going the lease route, you never are without a car payment. The goal should be to pay cash or at the least have several years without a payment so you can save up for the next one. Living your life based on what you can afford monthly is for broke people who going to stay broke.

It's a fleece not a lease.

1.
informal
obtain a great deal of money from (someone), typically by overcharging or swindling them.
"money that authorities say he fleeced from well-to-do acquaintances"
 

Jlewis74

Old Mossy Horns
Exactly. There are guys on this forum who could pay cash for my house, and there are some who are one mishap away from bankruptcy.

I was listening to Dave Ramsey last week, and he had the exact opposite scenario. A guy called in and was upside down on his lease ($24k vehicle, rolled in debt?), and would have to take out a loan just to get rid of it. He was deliberating over exactly how to solve the problem, and Dave finally asks, "How much do you make, combined gross?" He said $40k, and of course the answer was, yeah, dump the car! You can't afford a new $24k car - even a lease - on $40k a year. It's ALL relative.

On a side note, I think leases are about the dumbest idea invented, from a consumer standpoint. Going the lease route, you never are without a car payment. The goal should be to pay cash or at the least have several years without a payment so you can save up for the next one. Living your life based on what you can afford monthly is for broke people who going to stay broke.

Leasing has its place, though not for most people. Many people have jobs where they can write them off and it makes sense. If you drive more than the stated miles on a lease then its not for you. It is also actually a good way to dump negative equity. You go into it knowing that you are going to drive it below the miles stated for the term of the lease. When its over you walk away! Then go buy what makes sense.
 

Mr.Gadget

Old Mossy Horns
Chrysler has gone through a bunch of ownership changes. Can you be sure the lifetime warranty will be honored if Fiat decides to sell the company?

Yes to an extent
Dealer has a few extras inside the paperwork they can cover, ram can cover or refund.

Same was done with others in the auto market crash.
GM and DC all kept warranty and this being factory should be the same.

If not it is only 2500$ and I have pissed away more money than that over the years drinking 1000 bottles of Bourbon And Cigars.
 
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KTMan

Twelve Pointer
Contributor
I'd be curious to see a chart on average household income compared to what each member of the family drives (cost of vehicle). It amazes me to know what people do for a living and the amount of money they allot to a vehicle payment.
 

QBD2

Old Mossy Horns
I like to keep my monthly payments on a vehicle under 2-3 days of gross pay...
 
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aya28ga

Old Mossy Horns
Contributor
The more i look at new truck prices, the more I'm determined to hang on to my 2004 F150......
 

haywoodhunter

Eight Pointer
Leasing has its place, though not for most people. Many people have jobs where they can write them off and it makes sense. If you drive more than the stated miles on a lease then its not for you. It is also actually a good way to dump negative equity. You go into it knowing that you are going to drive it below the miles stated for the term of the lease. When its over you walk away! Then go buy what makes sense.

Yep. Or for the people that plan to trade every 2-3 years anyway. Plus the only time over mileage fees apply is if you turn it in. They don't apply if you trade or buy it out (at least on a Toyota idk about other brands)
 

Jlewis74

Old Mossy Horns
Yep. Or for the people that plan to trade every 2-3 years anyway. Plus the only time over mileage fees apply is if you turn it in. They don't apply if you trade or buy it out (at least on a Toyota idk about other brands)

Kinda correct on the mileage, it depends on how the dealer does it. Say you are 3 months away from the end of your lease. The dealer could trade it but many will make the remaining 3 payments and then turn it in. Some don't realize what the dealer is doing and if they are over miles and go this route they will get a bill for miles and damage.
 

haywoodhunter

Eight Pointer
Kinda correct on the mileage, it depends on how the dealer does it. Say you are 3 months away from the end of your lease. The dealer could trade it but many will make the remaining 3 payments and then turn it in. Some don't realize what the dealer is doing and if they are over miles and go this route they will get a bill for miles and damage.

Like I said, I'm not familiar with how others do it. But with Toyota if you trade in your lease on another vehicle even if you're over your mileage you won't get hit with mileage fees.
 

Mr.Gadget

Old Mossy Horns
Set up a blind poll on household income and current cost /value of cars and payment.

Payments can be variable as some pick short term and some long term for the same value truck.

One thing I see and people post here was number of cars or trucks.
Some say they have 2 or3 lower value others have one that cost more but less insurance.

Had a friend that was that way. Drives older trucks yet has 3 in the 6 to 12k range but pays the price in insurance.
IF he traded or sold them and went to one and one insurance he could easy drive a 50k truck.
 

Homebrewale

Old Mossy Horns
Since we're talking expenses, some people will say they need a $50k truck because they need to haul some furniture or mulch. The number of times they do this in a year can be counted on one hand. They'd be better off with a smaller, higher mpg vehicle and then rent a truck on the few occasions a truck's hauling/towing capability is actually needed.

Off-topic: Mr. Gadget, the SOB is gone.
 
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damarshall7

Four Pointer
Had a friend that was that way. Drives older trucks yet has 3 in the 6 to 12k range but pays the price in insurance.
IF he traded or sold them and went to one and one insurance he could easy drive a 50k truck.

So the insurance on ~36k worth of trucks (3) is more than insurance on one 50k truck?

I only carry liablility because all of my vehicles are not worth much, and if I had 3 12k trucks, i would not carry collision as well, because the other trucks serve as "insurance"

It really comes down to what you like to spend money on. Some like trucks, some like boats, some like guns, some like houses that are bigger and more expensive than they need, and some people like to keep their money so that they can pay cash for these things later in life and live a comfortable retirement.

If i take $300 a month that i would use for a truck payment and invest it at a modest 8%, in 30 years it becomes $440,000. If I buy a new truck, drive it for a while and sell it and roll it into the next truck, at the end of 30 years I have a 50k truck.
 

Mr.Gadget

Old Mossy Horns
See that is the problem.....
No one is sauing a truck is an investment. Dont think anyone said that.
They are something we want, need or just like to have.
Never was about the money.
Where we were talking about investment was if and when to pay off a house or.different ways on how to pay for a truck with out the mass outflow of cash.
Some of us have these trucks and invest 300 to 500 a month extra to make money.|

As so at the end of 30 years yes we still have a new truck. The fun ad use of it for 30 years and also the extra money from investment.


And yes to your point.
3 to 4 trucks at min insurance will cost you more than one truck.
Try it. Ask your insurance guy.
Also taxes, upkeep, tags, title, use tax.......
Add it all up. Been there done that. Seen it first hand.
 
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Mr.Gadget

Old Mossy Horns
BTW

If you look and many new trucks small or large you will find most are in the same price.
Dont always look at the sticker.

If I replaced my old Taco it would cost close to 38k now.
For that I got a much higher sticker price truck with big discount.
Much better ride. Much more power. Same or better MPG and lot more room better equipped.

So you need.to look at bottom line and what you get.
 

JJWise

Twelve Pointer
I just bought a 2014 Ram. The truck was just over $26k after taxes. I payed $11k in cash that I had from selling my previous truck and then I used a loan from my credit union to cover the rest, my monthly payment is only $250.
 

silverado9306

Button Buck
I thought I would never own a new truck, but I bought a brand new 16 Silverado last July. They were offering 10k rebate plus I had a good trade in. Sticker was just over 46k but ended up paying 22k out the door.

My wife and I only owe for our house and vehicles. No credit cards, loans or any other garbage. We both make good money and live comfortably.

Sent from my SAMSUNG-SM-G891A using Tapatalk
 

pattersonj11

Old Mossy Horns
Contributor
Im hearing a lot of guys getting fullsize worktrucks with 4x4 and v8 for roughly $20,000.

I could spring for that kind of price. Definitely couldnt for one of the $50,000 models. They are very nice...but its just a big chunk of money.
 

g3trappernc

Twelve Pointer
You want to see some expensive trucks? Check out Black Dog Customs.....Fully refurbished military Humvees.....If I would have only hit Powerball last night.....
 

bigbkhnter

Guest
I would much rather take that 50k I would pay for a vehicle, invest it in an Roth IRA and enjoy the return years later. Heard of a story from someone who was very successful at a young age and wanted to buy a nice new Mercedes with cash money. This was back in the early 80's. he took the 30k and instead invested it in a Roth. Years later he seen one of the same model cars he wanted and asked the owner how much he had paid for it, I believe it was 3k, at the time his Roth was over 300k. Just a little food for thought.
 

Greg

Old Mossy Horns
Yep .... been investing for years and driving $15k cars and trucks until the wheels fell off. Now I'm thinking about replacing the Saturn with a Mustang GT. :D
 
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