Well, I want to hear a few opinions. I have a lot on my mind lately, but it's in a good way. I have two good job opportunities coming up (I interview at one tomorrow and I take a test for the other one Tuesday). I may be putting the cart before the horse, but it's OK to dream. Keeping in mind that we want to buy a house this year, and the economy. I will be in a good industry and will graduate with a Bachelor's in May and will probably continue maybe Spring of 2012 for a Master's.

The problem is my truck, I put it through it's paces at my last job. While it never failed me and I love it deeply, I am concerned about how it was treated. Here are my options I am considering....

1) Keep my truck. 2006 XLT 4x4. Almost 90k miles. I would add Lift kit, rims, tires. I estimate around $5-6k by the time it's done. I'll owe around $10k by the time all this would be completed.

2)Keep my truck. Buy an older Jeep Wrangler with lift, rims, tires, and etc.
These of course have a wide range of prices but I would have a second vehicle.

3) Keep my truck and buy an older Honda S2000. I miss mine. Plain and simple. $11-15k. Once again, I'd have a second vehicle.

4)Trade my truck in for a newer F-150 an lift and tires after some time. (I will not be putting as many miles on my vehicle as I was with my new job). I wouldn't do it unless I can keep my monthly payment near where it is.

5) Trade my truck for a SUPER DUTY. This is pure want. I have no justification for this size of truck. The lift and etc. would be delayed longer.


Keep in mind I have no Idea how well these jobs pay or their benefits. It will be more then I was making. I won't have any credit card debt in a couple weeks and we haven't decided how to use our tax return yet. I'd like to put that money in savings.

 

Wait tell you find out about new job and salary. Then buy the super duty

 

Yeah, I'm not doing this tomorrow, it'd be towards June or July. Once I get settled in and graduate.

 

super duty with the 6.2

 

Super duty

 

I hate to be the voice of logic but given the facts that you want to buy a home, we have a sour economy and you'll be still in school, I would hold tight until you at least have the home and the truck paid off. It sounds like you still have a pretty heavy note on your existing truck and 90k isn't that much...these trucks are known for 300k plus. You never know what tomorrow will bring and you could find an awesome job that pays great and they close their doors the next day.

 

^One of the companies I am talking to. Let's just say that they just recently had a HUGE expense. And still turned profits ;-) Huge profits. They're not closing any time soon.


I made a huge push to pay off the credit cards last year. I have been out of work since October. Haven't drawn unemployment yet due to the circumstances. That being said, we didn't run up a bunch of credit card debt and lived well within our means. And if the job thing works out, they will be paid off in February. That gives me a couple months to save up. and BTW, the money I was paying toward credit cards was going to go toward the truck payment.

The other option is buying a 4wheeler but then would have to buy a trailer and place to store it until we get a house.

 

If you do draw unemployment, It may be really hard to get approved for a loan for a house.

And even though the company did good this year with a major expense and showed profit, It doesn't mean they are safe from closing. depending on what they do, they more than likely have to take out a loan from they bank before they start any new jobs. if things get worse, the banks won't loan.

 

^Good grief. can't a guy have dreams around here?

OK the company is world known. Operations on practically every Continent. I can't say anything about it until some other things calm down.

I also plan to have a nice down payment for the house. A loan shouldn't be a problem. not like we are looking at $400k homes.

I'm just saying my truck has been through it. I will be required to be at work in pretty much any weather. That's why the second vehicle is looking attractive.

If I keep the truck, it'd be rims, tires, lift, bumper and winch.

 

I wasn't trying to hurt your dreams, I was trying to help. When I bought my house I had taken unemployment a year before and barley was able to get my loan. just trying to give you a heads up.

 

6. Keep the truck and only put what money you need to keep it running reliably into it. You have a long life ahead of you to have toys. Right now, you have more important things to spend your money on than truck mods.

 

i agree with this.

but i would keep the truck and not mod it. that way you can put a bigger down payment on the house and have smaller payments. then save up for the lift later on. there are alot of things you need to buy to furnish a house and keep up maintenance on it.

 

WOW, Not onee person said "Raptor". I'm starting to doubt this site.


^^^I'm not so sure I trust my truck. It was rode hard and put away wet even though I kept all maintenance up, there are other things that make me shutter. I want a truck that will last a long time. I thought this one would be it... but I'm not so sure, just a few things that it does makes me cringe. I begin to wonder if it would be more financially reasonable to trade it in. I love my truck. It fits my butt perfectly. I just can't justify keeping it when I don't trust it. Same reason I got rid of my first Ranger.

 

How about you keep your truck as it is and save as much money as you can? With gradaute school and a house coming up, this is hardly the time to waste money on stuff that makes your truck look different. In reality, no one really cares much about your lift, tires, etc, so why not just save your money and use it where it will be needed more.

I get people all the time that tell me 'hey man, youre making good money now, go get a new truck!' Well, what does it matter to them? I like my 13 year old, 2wd, rusty 98 F150, and it runs like a sewing machine and has been paid off since I was in high school.

I am 27 and finished up graduate school 2 years ago. I have a solid job, low rent payment, and am working to pay off student loans and save for a house. There are guys all around me who barely graduated high school who have brand new F250s and wear $100 pairs of jeans. They appear to be the 'comfortable' ones, but I promise you, their bank accounts and investments are no where near what mine are.
Dont let yourself get caught up in stuff like lifts, tires, paint jobs, etc, because in the end, no one cares but you. Set yourself up to be financially responsible and dont live outside of your means and in the long run of life, you will come out miles ahead of everyone around you.

Just my .02...