I currently have a loaded 05 Lariat Screw 4x4,I have a delima going on here. I am at 105K miles, never touched it other then tires and Oil changes. Been driven hard. Now I need new tires(2nd set), and also have aloud/grinding noise coming from the front end also need shocks/struts. Last week while getting a oil change the KID said something that something might be leaking from your front axle that he saw.

Anyway, regardless of all that. I was thinking of pulling the trigger for a new one if a deal works out.
I pull a 7x16 enclosed trailer filled with dirt bikes/misc stuff for motocross races. There are a few times 4x4 helped alot when rain would come. Kinda like the 4x4.

I dont have a penny to my name and cannot afford repairs to my current truck.(salary cut, wife lost job and all that). Money wise.

What I am getting at is if I can get a brand new one at the same payment @ 5 yrs ( all I can do) what do you think. I have about a little over a yr left paying on my current one. My point is I can ditch this one for a new one. I am one who will always have a car payment. If the thing goes wrong tomorrow I cannot fix it is what I am thinking.

Also, We know someone very well thats a top salesman(ford) that can do good work. Yes we know him very well.

IDK what do you guys think.

 

It is better to spend a little money you don't have on repairs, than it is to spend a lot of money you don't have for a new vehicle. 5 years is a long time making a payment when money is tight. Like buying a new house because you can't afford to paint the one your in, but you can afford to sell and but another one (payments are the same).........but the real estate agent works for free right (it is just taken off your principle you have built up).........if possible stay away from credit or reduce it as much as possible, nothing is free! 0% financing is the going rate built into the purchase price. You asked, so this is just my 2 cents worth. Good luck with your decision.

 

if you trade it in they are not going to give you squat for it with those problems. but it sounds like your back is up against the wall so to speak i would go for the new truck it will give you some time to things get better. GOOD LUCK.

 

i just traded my 2005 stx 2wd or a 2010 xlt 4wd and my payment only went up $40. doesn't hurt to see what kind of deal you can get. you can always weigh your options before signing.

 

Fix it, if you buy the new one... that is what is killing this country.

 

That is a tough dilemma. Personally, I'd get a new truck, but I don't want a large payment. In your case, if the payment is not that much more, maybe it is best. I don't know about where you live, but my insurance actually went DOWN, when I turned in my leased '06 F-150 and got a 2010. I guess all the safety features, etc.

However, your truck should last another 100K if taken care of properly. That said, think of all the months without a payment after yours is paid off.

One thing, this is why I don't buy 4X4s. On occasssion, it would be nice to have. But, living in the city, I see too many have front end issues after a while from driving on the pavement and freeway all the time and it just isn't worth it for me.

 

Find a decent set of used tires and see if you can fix the grinding sound from the front end. Could be IWE's, which is common and not expensive to replace. Scraping for a couple months to fix a few problems is a much more financially sound choice than getting back into debt for 5 years. Since you've got some financial problems, paying the truck off in a year and freeing up that cash is going to do you better in the long run than going into the hole for another 5 years.

 

Sell some of the dirt bikes or the trailer, fix the truck, pay it off, put your family in a better financial position. What doesn't make since to me, is that why wouldn't you take care of your truck in the first place?

 

Trade it in and downgrade from the lariot to something more reasonable like an xlt. Even stretch the payments 6yrs to get em lower. Might be hard to get financing since you dont have a job tho.

 

So going into the hole for another $20K over 6 years seems like a reasonable idea? He could be free and clear of a truck payment in 12 months. Frickin' throw-away culture.

And I agree, getting rid of the liabilities sounds like the best option at this point. With one income, you're just one minor emergency away from serious financial problems.

 

Keep your truck. When you have finished paying your current truck off, set aside the same monthly payment into a designated savings account or something along those lines so that if you keep your current truck for five more years, you'll have enough to pay off the next truck you buy immediately. In my opinion, I think it doesn't make sense to get a new truck for you at this particular time. Plus, it might be time for you to consider to make cutbacks in other avenues of your life to help offset your current economic problems, i.e. possibly sell your dirt bikes and stuff like that. Just my two cents FWIW

 

Agreed!

Sales tax on the new truck is going to be more than fixing your current truck. If you don't have money, buying a new truck is not a smart move. I say sell it all (truck/trailer/bikes) and buy something more economical (small car) until you get back on your feet if you are really in bad financial shape ("dont have a penny to my name" is bad financial shape).

 

I agree with not getting the new truck, but selling off the rest of assets isn't really necessary unless you are in dire straits. There is no way that getting a new vehicle is cheaper than fixing the old one. If you need to, buy cheap tires instead of spending $800+ for the nice ones. The front diff leak/noise may be an annoyance, but you can deal with it until you have the money to fix it. New shocks/struts/tires shouldn't run you more than $1000, which is probably only 2 or 3 truck payments. So basically you probably have less than 18 months of payments left before you own the truck outright and are home free. If you buy a new truck, you save possibly $1000 in repairs, but gain payments/interest/sales tax/tag on a new vehicle. Not a smart move for someone tight on cash.

You can't look at the money issue in such short terms, you have to think more than 6 months out with your financial decisions. In 6 months, you wife will probably get her job back and you may get restored to your previous pay which means you would be back on yoour feet and almost out from under a truck loan entirely with a great truck on new tires/suspension. You'll be sittin' pretty and able to save back that truck payment money.

 

I agree that selling off assets is a last resort, but not having a penny to my name would be dire straits to me. While motocross races may be fun, if they ain't paying the bills, they are liabilities when it comes to the real world.

 

I'd say that given your current situation; fixing the one you have now is a better choice than getting back into a new truck and be tied up for another 5 years. Going into more debt to take care of a situation that you have other means to resolve never makes sense. Lots of good suggestions on ways to address the issues at hand in this thread. I'd say that the truck probably takes priority over toys since I assume it is your main mode of transportation and helps provide for your family. It sucks but I'd sell the toys to pay for the repairs.