I have an 03' 1500 that would need around $6k to fix up like new again. New paint, brakes, tires, maintenance, and some extras. Im in a dilemma where i could probably sell the truck as is around $7k. Is it work fixing up?

My other option is look for a 4th gen ram in the $20k range then adding $7k in aftermarket parts to make it how I like it. Basically, I would save up $5k, selling my old truck for $7k and finance $15k.

Both options would be the same monthly payment except the the new truck would be 72 months while the other option is 24 months. Im still going to school so saving up and paying off the loan all at once is not an option. I need back up money in the bank. What would you guys do?

Or I could run my current truck to the ground.

I am currently un happy with my current trucks condition. The paint is pealing, the dash is cracked, interior is faded, suspension components are worn etc. I just don't know what a smart decision would be. However, I do NEED a truck for the lifestyle I have.

I know I could always buy a cheaper 06-08 but I figure If I actually jumped into it, I would rather have the most up to date body style I could afford.

 

I mean it's not our money so take whatever we say with a grain of salt. I understand your dilemma but personally you have an 03 so I think it's time to upgrade. You can get an 09 or a 10 for a good price I'm sure and then have at it. My dad's car was a 2000 that we've owned since new and it's run its course so were about to start looking for a new car (I'm trying to get them to stay Dodge like me since they both have GM vehicles now).

 

From a money stand point, investing in a new truck is oh so foolish if its based only upon desire.

Your taking more of a gamble on a new truck because you don't know whats wrong with it, and your paying more for it just to have a warenty, interst charges and a commitment in time to pay if off.

And than thiers extra cost to insure, worry with the first door ding and anger when the new truck has a design flaw hidden under the mystic of a new truck.

With your old truck, investing in repairs is rebuying your truck for a period of time that you have no control over, were as on a new truck your invested in the process until its paid in full, and than you might be buying it all over again in repairs when the warenty is over, and your upside down with the truck.

Your not lossing money in depreacation if you fix your old truck, and your the best one to know where you want to invest in.

It makes no sense to own a used truck and than buy a newer used truck, as your paying depreaction on two trucks vers one new one with 0 miles, keep what you have, or go new only if you have the $$$ means to happy and not get burnt out when **** happens!!.

Your first task is to get your education, pad your bank account and than worry abought a new truck when you have a job that will allow you to get any new truck that you desire!!!

 

I would maintain the truck for now, just to keep it running reliably. You have school to finish. Once you're done with school, then investing the $$ to rehab the truck will be worth it and doable. I got lucky with mine and I have gone to great pains to maintain it (still have to replace some stuff) but most people don't believe me when I tell them it's a 2003.

 

I vote keep the old and get your education. If you got this loan going plus the ed loans (I'm assuming) you could find yourself in a challenging situation along the way

 

Everyone makes good solid valid points here. My 1st concern would be the condition of the drive train. How is it? Has it been maintained properly? I am a little concerned that it may have been somewhat neglected considering the other issues it has. That's why I have a "do the maintenance - fix problems when they happen" mentality. Prevents things from piling up all at once and leaving you stranded. That said, if drive train is good to last you a while to reap the benefits of fixing the other stuff, then yes I would keep it and fix it for now. If not, then that could really cost you money down the road when added to the other money spent to bring it back into good shape. If you feel it could take a dump on you in the next couple years, then you may want to consider cutting your losses now before putting more money into it. I often would like a newer model truck, but nothing wrong with mine and I hate a dang car payment. Sometimes it is cheaper to keep her. Especially until you can get out of school.

 

My mom got a awesome pontiac g6 when she was in school and she wasnt able to make the payments cuz of loans so it got repoed. My opinion (since i like older trucks anyway) keep the truck you got and make repairs as necessary and upgrades to it slowly, not all at once

 

yea same here im fixing to get promoted to SGT and i was looking at getting a cummings, but i have 24 months left on my truck also...after talking to my SGT he made a good point and i decided to keep my truck, shoot mines and 2002 and people dont even belive that its a 2002. so IMO i would keep the truck and finish school, because you can have a paid off truck and some money saved up to get a truck you want and your 03 can be a play toy

 

how many more years do you have?

 

School is more of a take-the-classes-I-need-to-learn, not necessarily I "HAVE" to get a degree. I work at my uncles company company where I learning to be a marketing director, so I do have a lot of help and Im not to worried about school loans or anything.

However, that doesn't mean I get stuff handed to me, I do have to work for it. I am very fortunate however.

Now onto the truck, My uncle owned it from new until 2007 with 70k miles. He treats his cars as simple materialistic objects and neglects them. HE is known to forget about oil changes etc but never drove it crazy and never towed. When I got the truck, I had to freshen everything up and make it nice.

It has been an awesome truck and nothing has broken down at all. Im just worried at 125k miles that stuff will start letting go. It now burns some oil, the tranny does seem to be fine, and I installed a try trace in the rear. Both front CV's are shot. However, Its basically all the cosmetic and stuff going wrong. But having 125k miles and my luck, the tranny will go soon.

Realistically, If I don't sell it soon, It'll be more to fix than what the truck is worth. It would really suck throwing a $5k in the tranny in a 10 year old truck.

Yet, I'm scared to go down and finance a newer truck which could really put a damper on my lifestyle. Most of my earned money goes to gas in the wake boat once a week, having fun with the gf, etc. Decisions, Decisions!!!!

Thank you for all the opinions!!!