so i was planning on ordering new tires and shocks for my '12 lariat...but certain family changes (trying for a kid) caused me to rethink this, and rethink my truck.. not that i dont love it BUT my note is a little out of hand.. so advice on what to do? downgrade? sell wifes car because my truck is better?

 

My advice would be (and I'm sure your wife will agree with me), buy her a new truck, also.

Dilemma solved.......

Until you start adding things............

 

Keep the truck, sell the wife's car and buy her a yearly bus pass

 

Do you NEED your truck, or do you just LIKE it? Can you, as a family, get by with only one shared vehicle? Is your wife's car paid for and in reasonable shape?

If you can't afford the note, get out from under it. However, if you are upside down, you have another problem. Don't be tempted to go trade it in on something else with the dealer's promise to roll what you owe into the new note, that just makes you FARTHER upside down.

My nephew has been playing this game for a few years now, and brother, is he paying for it now. He owes $24k on a F-350 (that he needs like another hole in the head) with 150k miles on it and it's worth $12k at best. Kid has no common sense, all he wants is his toys. Can't afford the payments but he goes and spends bucks on mods. When the vehicle needs major maintenance, every time he's unloaded it instead of fixing it and buys another POS. He's already gone through 1 bankruptcy and 2 vehicle repos.

 

I can offer you no advice..... I know nothing of your financial situation. My only question is if your budget is that tight, why are you driving such an expensive vehicle?

God Bless America.

 

Sell the wife.

 

Id only get rid of the truck if you clear the loan plus some. Downgrading is usually bad, dealers love to screw people over on trading down. Get rid of the car.

 

What are your priorities?

Credit payments or family?

As 99and04 said,

 

her car is paid off, shes got a 2012 altima. i use my truck for work, and towing the boat every weekend or hunting. it wasnt something we were planning on (baby on ze way) its not that I CAN'T afford it, its just now its like wow, kid planning costs alot. not upside down on the note, just now realizing i dont need all the bells and whistles that i got (although it is nice.) house note and truck are the only notes at the moment also.

 

If you aren't upside down then unload it for a lesser truck. Or get rid of the boat. You have to prioritize what is important to you right now.

 

If she has a 2012 Altima that's paid off, you would be a complete fool to get rid of it. THAT is your "family vehicle".

I see a big reduction in hunting and boat towing with a kid on the way.

If you see a way to sell your truck without taking a bath on it, I'd seriously consider it, then go buy an old used work truck for now.

Family should always take priority over toys and recreation.

EDIT: Here's another possibility - you are a homeowner? Do you have any equity in the house? If so, look into doing a refi with cash back and use that to pay down the truck note. My stepdaughter is in the process of doing this right now, their mortgage payment is going to go up about $150 a month but they will be able to pay off their new Kia Sorento and get rid of that $500 a month payment.

 

I would get rid of the boat and keep the truck for a while just to see how its going to go.. When we had my son everyone was saying how much more money it is.. Its a little bit more but nothing to get rid of a nice truck..Diapers, wipes, food and hes ready to go.. Daycare is what is the most expensive.. What i pay for daycare(450 month) is basically a car or truck payment.

 

450 a month? Wow, thats cheap. I'm shopping daycares right now, and looking at between 1050, and 1480 per month. And thats per kid! You would be hard pressed to find a dayHOME, for under 500 a month here.

Sell they toys, your life (as you know it) is over after a kid. In all honesty, I think it gets better, but definitely different.

 

You probably use the truck every day. I'm guessing she uses her car every day. Its time to consider if the boat can help offset your truck, financially.

Daycare here avg's $215/week. If you find something for $450/mo then you're either doing really well or really bad, depending on what kind of care you actually get.

I know one thing - you're never "financially ready" for a kid. You just have to buckle down and prioritize.

 

I'll say.

My child support payment was 360$ weekly, and that was 10 years ago!