Talk me out of buying a new car! (or In!)

[eaglefan]

You have a real nice truck now, and it sounds like all the "Bugs" are out of it. Plus, you have leather. If the GMC had leather, maybe, but I wouldn't. I have about 14 payments left on my avalanche and I can't wait to not have a payment! And my payment is less then 200 a month.
Pay off the one you have now early if you can. Drive the wheels off of it and save the $$$ for a harley, or any toy, or the savings account. That is my goal anyway. I'm getting a street glide sooner or later. My goal anyway

[BrianMcLeod]

if one can't pay cash for a car, one can't afford the car.

Agreed!

[LRC3]

I won't even pile on.

A fool and his money shall soon part....

[EVOlved]

You have a real nice truck now, and it sounds like all the "Bugs" are out of it. Plus, you have leather. If the GMC had leather, maybe, but I wouldn't. I have about 14 payments left on my avalanche and I can't wait to not have a payment! And my payment is less then 200 a month.
Pay off the one you have now early if you can. Drive the wheels off of it and save the $$$ for a harley, or any toy, or the savings account. That is my goal anyway. I'm getting a street glide sooner or later. My goal anyway

Sounds like my plan except I will be saving for a mobile detailing rig or at least a DP for one once I pay off my ride thats why I took the shortest term I could on my car and put down as much as I could, because there is always something on the horizon.

[CDot]

if one can't pay cash for a car, one can't afford the car.

Good in theory (and great back in the day), but not in practice by today's standards. The relative purchase price of vehicles has skyrocketed. My father purchased his first car (a 1970 AMC Javelin) for $2k. The average American salary was a little less than $6,200 according to National Average Wage Index during that time. That makes a new Javelin (a popular sports car) purchase about 1/3 of the avg salary at that time.

Fast forward to today and the average midsize sedan (not sports car) transaction price is about $25k (http://www.foxbusiness.com/static/ma...ttimetobuy.jpg); with the median household income--not even salary--at $53k (USA QuickFacts from the US Census Bureau). That makes getting a new midsize sedan about half of the household income. Considering the price of goods & services nowadays; including that of maintaining an average family of four, paying cash for a car is somewhat unrealistic unless you want to get one for $5k-$7k (which takes a lot of time & diligent savings in itself). Just my humble opinion

To the OP though...the wise financial decision is to keep your current truck. Besides, it looks great !

[HD.Detailing]

Good in theory (and great back in the day), but not in practice by today's standards. The relative purchase price of vehicles has skyrocketed. My father purchased his first car (a 1970 AMC Javelin) for $2k. The average American salary was a little less than $6,200 according to National Average Wage Index during that time. That makes a new Javelin (a popular sports car) purchase about 1/3 of the avg salary at that time.

Fast forward to today and the average midsize sedan (not sports car) transaction price is about $25k (http://www.foxbusiness.com/static/ma...ttimetobuy.jpg); with the median household income--not even salary--at $53k (USA QuickFacts from the US Census Bureau). That makes getting a new midsize sedan about half of the household income. Considering the price of goods & services nowadays; including that of maintaining an average family of four, paying cash for a car is somewhat unrealistic unless you want to get one for $5k-$7k (which takes a lot of time & diligent savings in itself). Just my humble opinion

To the OP though...the wise financial decision is to keep your current truck. Besides, it looks great !

that is the majority of thought in this country, but the majority is also broke.

I bought 1 of my cars used 3 years old.. only 5k miles. Now had I bought it new, I wouldn't have been able to get it at that point in time.

[CDot]

that is the majority of thought in this country, but the majority is also broke.

I bought 1 of my cars used 3 years old.. only 5k miles. Now had I bought it new, I wouldn't have been able to get it at that point in time.

I do agree in part with you, I think that's why the financial health of the average consumer is so subpar--our way of thinking is messed up. Most people are 1 or 2 checks away from not being able to pay any bills. My main point is that costs of items have gone up so much, that paying cash for a car that's 3 yrs. old or less is nearly impossible.

Vehicles are an especially tempting purchase because it's such an emotional experience. I'd personally never buy a new car--I can't make it make sense from a financial perspective. I'd have to eat depreciation in the first year, risk being upside down if I didn't put a huge down payment in, pay yearly new car property taxes (in NC cars are "personal property" like land and are taxed every year), etc. No thanks!

[KneeDragr]

There is no difference in saving up for a car or paying off its loan except saving up in cash is cheaper. I don't see the logic in saying it's not possible to pay for a car in cash.

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[bulldog shine]

You have a new truck. It only has 15k. I wish mine did. Keep the current one. You will be happy in the long run.

[natewood70]

Keep your current one, and fill the bed with Chipotle burritos from the money you save by not purchasing a new one. You can never have enough Chipotle burritos.