Don't count on it. Remember Murphy's Law.

 

Think about what you are saying: your truck is worth $8,400 but you can't sell it for $6,000 but your friends truck is worth $18,900 but not the $13k you are going to pay for it? Things are worth what someone is willing to pay for them and your friends F-150 is worth $13k, period.

The $2,500 is something you should save, you don't have $6,000-$7,000 coming from your truck, and having a vehicle loan in this economy when you don't have to is really the worst idea you can have. Seriously, ask some who has been there before and listen.

Question: do you have comp and collision insurance on your truck? If someone steals it or totals it before you sell it, are you not out the $? Suppose gas goes $5 a gallon this summer. Now your dodge is worth $3k due to crappy gas prices. Are you not out the $ then too? So many different ways this could bite you.

Don't count your $ chickens before they hatch.

 

Actually, if you sell it for 6k, you'll be into an F150 for a bit over 25k...since you have 15 into your Ram, 15 into the F150, with a 6k return on the Ram. 15+15=30-6=24...+1 for warranty...

But I digress. Look, any truck, any make, is going to start having issues crop up around 60-70k, so keep in mind you are going to spend 9-10 more for a warranty on a truck that is getting to the point it's going to start having issues. Granted, in theory it'll be covered under warranty...but so was your tranny, how'd that turn out? It's still going to be broke down, alternate transportation arrangements, etc, for 10k more.

Just figure this out before you get older. Have a friend who is 5o, traded in his vette he paid 13 for, bmw he had 6 into, and took out a 15k loan for an H3, but keeps saying he only has 15 into it. He still can't figure out how much of his savings he's pissed away as he's getting closer to retirement. All for a useless h3.

 

You guys don't think this is a smart decision?

My friend's truck is worth $18,900 private sale. I'll be getting his truck for $13,500. I'm also giving him my dad's van, so I have to pay my dad $1,500. So when I take out my $15,000 loan, I'll be in a 2006 F-150. For the 100K warranty, it's $1100. I will need to use my tax returns to afford this if I haven't sold my Ram yet. So for $16,100, I have a warrantied F-150 that rides much smoother than my Ram with 54,000 miles.

Now I will have $1,400 left of my tax returns (after paying for extended warranty) to immediately put towards my loan. Right there I'm down to $13,600 on the loan for the F-150.

Then, even if I get jipped and sell my truck for $6,000; I will be in a F-150 for $7,600 at worst case scenario. I bet by the time I finish paying off the $7,600, the F150 will still be worth more than what my Ram is today, plus I'll have improved my credit history as well.

 

Buy an aftermarket warranty for your 2001 dodge for $1500 and save a whole lot more.

BTW, your $1100 warranty (which sounds too cheap) will have a deductible, they all do. So every issue that goes wrong will have a $100-$250 deductible to be paid.

Swapping a truck with a new transmission for a truck that is 5 years newer + a loan is just a very bad decision. Financially speaking.

I have an idea: find a different hobby and stop agonizing over what car/truck you drive. I like my car/truck/motorcycle too but I don't agonize over replacing them or fixing them or whatnot. Needs to be a cheaper hobby though.

 

I agree with an earlier post...do nothing until your truck is sold and the money's in the bank. Too many people have had the same idea as you do, and they ended up getting stuck unable to sell...think it over.

 

Again, your math isn't so hot. Factor in the additional expense associated with purchasing the F150, and the fact that it'll be worth a little bit more is nothing. Get it in your head that a truck is not an investment.

Gut feeling at this point is you don't know what you want, and whatever you choose, you won't be happy. Here's what I've gotten from following these threads the last few days...

Building credit for a house......but at 19, you can get a car note, no cosigner, with 6% interest...your credit is fine. Save your 10% down payment and you'll get a house.

Better ride. Haven't gone into this, but I've driven my Ram vs a newer F150, and thought it was way over rated. Not sure what you're running for tires, or what you've done for suspension, but wonder how much that's throwing this off.

Status/passenger comfort: Seriously, WTF? That is what screams to me that you are chasing after a different vehicle for all the wrong reasons, and ultimately, you are not going to find what you're looking for.

 

the 5.4 is way underpowered and the f-150 looks gay and looks like a box , i hear nothing but good comments on you truck, we all like your truck and all the comments you get on it on youtube, i think your making **** up. why sell your dads van to benifit you. you should own up to your own things.

you going to have your parents hold your hand the rest of your life!!! sorry to rant but man you got a sick 2001 5.9 liter ram thats perfect right now becaue you put the money into it to maintain it.

save money who know what could happen in the future when you will need the money.

 

Who would ask for opinions on Fords on a Dodge site and expect an honest answer?

It's Neon's money, let him do what he wants. You only get one go around on this planet. Might as well be happy while you're here. You can't take it with you, folks.

 

Sorry to crap on the thread a bit here HTman. This is for 01DodgeRam360.

There is lots of great advice here man. Always having the shiniest newest thing aint where the action is as our credit ruined society has now proved.
Very soon people will be waking up and realize that despite recent trends the rich guys aren't the ones with a negative balance but shiny new disposable item (read truck, cell phone whatever) every time their neighbor outdoes them.

Just because some of us aren't driving the badest newest thing available isn't necessarily because we can't.

My advice would be not to trap yourself up against a credit wall at a young age. That the kind of thing that will haunt you forever.

I think that black dodge you have looks killer. Personally I think the body style of the 2nd gens is about as cool as it gets and I'm not saying that because I now own one. That is why I now own one.

If it doesn't perform well take it to the shop. As I grow older and hopefully a bit wiser I've noticed a bit of a pattern. It'll usually be a lot more cost effective fixing the old discarded but still serviceable items than buying newer even if you have all the work done at a shop like I do now that I'm a fat lazy old man.You pay dearly, IMO much more than it is worth, to always have the latest and greatest.

I do remember how it is to be young and always wanting to impress everyone and be cool or whatever, but I truly believe you'd be doing yourself a favor sacrificing a bit and driving less than the most you can afford.