I am currently 19 years old, going to school college for one more year. I live at home, work for my dads construction business where i make a good wage. I have a 99 f-150 with 59,000 miles on it. I have about $7,000 left to pay on it. I would like a new truck but not sure what to do. I know my truck would pry run well over a 100,000 miles. Yet i would like to trade it off before it hits 70,000 miles and depriciates in value too much. What do you guys think i should do? Trade before 70,000 and get an 05. Or maybe wait until i am out of school and get an 06 and maybe they will have some different features on them. I hate to have my payments double what they are now while going to school too. What do you guys think?

 

Pay it off and drive it 'til the wheels fall off. Buy a second vehicle later to satisfy your urge to upgrade. Driving a paid off vehicle is like money in the bank. Make a goal of getting 200,000 miles out of her. Having 2 vehicles is very liberating as well.

 

keep what you have. Once its paid off keep making the payment in to a saving account and you will save money for a new truck and you will have some if you need to fix your 99.
Its a great feeling driving a vehicle with no money owed on it.

 

I agree, keep what you have. Especially if you are not planning to work for your dad when you graduate. If you will be moving on to another job you don't want to have to worry about truck payments until you have the job and are somewhat settled. Once you're secure in a job and have a roof over your head then see about the new rig.

 

How much longer do you plan on living under your parent's roof? Even if you are 'paying rent', it is a far cry from the cost of actually supporting yourself in your own home. I'd recommend getting your current truck paid off so you might actually be able to afford to live on your own without the added expense of a huge truck payment. With your current $7K debt on the truck, you will likely be making payments for another year and a half. Getting set up in your own apartment will cost a couple thousand and then you're looking at $1500-$2000 a month just to keep everything functioning. Can you afford a $500+ truck payment on top of that?
Your parents probably don't want to support you for another 5-6 years just so you can drive around in a brand spanking new truck.

 

keep it until its paid for, save your money for a yr. then get a Harley edition

 

Have your dad buy you a new 05 for a company truck. He gets a write off, and you get an 05. Then you can worry yourself sick when you park it in a school parking lot and get the snot door dinged out of it.

 

haha he tried writing off my truck but the tax man wouldnt let him. I plan on working for my dad until i take over the business so job wise im pretty much set. I plan on living at home for maybe another 3 years at most. I would like to buy a house then. I dont have to pay rent now living at home. My parents dont really pay for anything now as far as insurance, gas and all that. Its so hard to resist the temptation of a new one tho! I have 3 years left to pay on this truck but id like to have it paid off in at least 2 before my school loans start which wont be much. I think i might wait until im out of school and then look into getting one. Thanks for all the replies.