Here is my situation. I have a 2008 F-350 4x4 king ranch crew cab diesel. Paid cash for it used in 2009 for 35k and now it has 117k miles. I figure it is worth about 25k now.
I love the truck and don't really care if I get a new one or not but I feel that I am at a crossroads so to speak in that right now it is still worth quite a bit but if I keep driving it the miles are going to get up there and before I know it I will have a bazillion miles and a truck worth pretty much nothing.
I use the truck for work and realistically buying a newer one every few years is justifiable. I am trying to figure out what makes the most sense from a financial standpoint - drive this truck I have until it has 200-300k miles and is worth essentially nothing or trade it now and get something newer?
I love the truck and don't really care if I get a new one or not but I feel that I am at a crossroads so to speak in that right now it is still worth quite a bit but if I keep driving it the miles are going to get up there and before I know it I will have a bazillion miles and a truck worth pretty much nothing.
I use the truck for work and realistically buying a newer one every few years is justifiable. I am trying to figure out what makes the most sense from a financial standpoint - drive this truck I have until it has 200-300k miles and is worth essentially nothing or trade it now and get something newer?