How many of you would trade in a fully paid off 2003 Silverado for a 2005 Lariat F150? If I do then I'll take on a loan of about $16,000 and have payments of over $250 more than I have now... which is zero.

Or I could use some of my left over from a house loan and pay $100 a month for the next 30 years.

By the way my wife says to not get into more debt. We have a $1000 mortgage and I make $3500 a month.

Should I tell her that my Chevy is a lemon and that I HAVE to get a new truck?

Hahhhhhhhhhhhhhhhhh

 

That's a tough choice! Having a 2004 F150, I can really say that I love it. But would I have gotten it if my previous truck was paid for? Probably not, even if it was a Chebby .

Even knowing how nice the new F150's are, I would still rather have no F150 and no payment. The only reason that I traded my 2002 for a 2004 was because my payment virtually didn't change, and at the time I traded it, I still had several years to pay. So it's not like I was close to having no payment.

I'll trade situation with you in a heartbeat

 

Also, from a financial point of view, saying that you make $3500/mo and have a mortgage payment of $1000 doesn't mean much. You must take into account all your other bills/obligations as well. I'm in the lending business (banking) and we will usually not approve anyone that have over 40% debt-to-income ratio (meaning more than 40% of your gross income is spent on credit-related bills). Just something else to think about...

 

The reality is that I could afford the $250 a month if I wanted too. My only other obligations are food/clothing for my family, saving for college, vacations, insurance, utilities, ... I usually have 5 or 10 dollars left over each month. Seriously though, I could easily afford the payments if I chose to. The question is should I make payments and be happy with my truck or should I continue saving up $250 per month for my next truck purchase. Either way I am spending the same amount. The difference is that I either put the money into my account or theirs.

 

If you can afford the payments, get the F150. I’m assuming you have test driven the Fords and see what all the hoopla is about. Last year I traded a 2000 Silverado that was paid off for my 04 Lariat and glad I did. I ended up cutting a check for 14k; that was the difference with my trade.

 

No way I would put myself back in debt if I had a 03 truck already paid off. You just have new truck fever, suck it up and it will go away in a week or so. You have a nice truck now, but this is just my opinion.

ViperFX4

 

Or you could get a new 2004 for a lot less money than a 2005...Kevin

 

I would just keep the Chevy. The less debt you have the better peice of mind you have. I got mine because I had been waiting on it for two years and fourtunately my wife and I make decent money together. My Dad just got a 2004 Chevy 2500 and it is a very nice truck. I say keep your Chevy a couple of more years and then give it some thought.


but you are the only one that can make that choice....not us.

 

Your thinking is on the right track. Twenty years ago a wise older man gave me this advice. He said your car is never paid for. Once you pay it off, continue paying that amount to a saving account for the next vehicle.

That is what I did. Between the discipline and the interest savings you get into a stronger purchasing position as time goes on, all at the same monthly payment. After a while, you forget about that $250 a month and live on.

Start making that payment to your own account last month, knowing that you are temporarily driving that Chevorlet until the rebates from Ford are right.

 

This is just my .02 cents

1) Get the truck and be happy while your wife is pissed off at you(remembering that you have to sleep with her or maybe the sofa) and the first financial problem that comes up is your fault.

2) Keep your truck and work your finances to where you are putting the payments away for a while and then sit down with your wife and show her it is affordable.

3) Use the link to see what an extra 100 a month on a house payment can do for you.

Extra Payment on House Link

I agree with viper it is new truck fever and the holiday shopping bug bite down and see if it sticks till the spring. The dealer here has a lot of 2004 on the lot ordered way too many so I think there will still be good deals when and if you still have the itch.

But everyone is living in debt now, if you look and BA might be able to help us but the national average for credit card debt is roughly $8,000 now.

So I traded a 2002 in still owing on it got a good deal not as good as others but I was happy. My wife was for it 100%.

Good luck with your decision.

Happy New Year

 

The paid off truck ( if still performing great ) is the best deal that's
for sure.

 

I'd keep the Chevy If you buy the '05, she'll never let you forget the mistake that you made. If it ain't ok with the wife....don't do it

 

If you dont mind a slight vibration, there are a few guys on here that would probably trade ya fair and square....

 

No question in my mind, keep the Chevy. Simply look around on this board at all the problems these trucks are having. Then go to Fullsizechevy.com and read about all the fun they are having. I just traded a 2002 loaded Z71 ext cab for a 2004 4x4 Lariat screw. By far the worst auto buying decision I ever made. I've driven Chevys for the last ten years and they have been very good to me, but I succumbed to the allure of the pretty new Ford body style and the beautiful lariat interior. I've had it two weeks and it's had a ring and pinion and clutch pack replaced as well as rotors turned already and I have the steering nibble. I fear upcoming aggrevation dealing with the nibble issue. I'm also finding I prefer the Chevy ride. The Ford is smooth and quiet (when the steering wheel isn't oscillating) but there is something much more solid feeling about the Chevy to me that I can't really put into words. The Ford feels somehow delicate. Just a minor thing but the front door and seat don't line up very well so I can't use the arm rest. the seat is too far back and I'm not a real tall guy. You have a VERY nice paid for truck, and your considering going into debt for a new model year truck with many documented problems. Keep the Chevy and be happy! Just my .02.

 

I agree with everyone else...keep the chevy....I'm all about driving a truck until its paid off and/or has been driven for several years.....save your money, you have a practically brand new truck thats YOURS...reconsider in a couple years...my opinion, help you sleep better at night