Trying to make a difficult decision

[Diamondpilot]

I you want to get out from under that $800 / month truck payment, but still must have a newer truck (instead of a trailer to pull with your van) check out something like this on a 2011 Sierra / reg cab / 2wd.

Purchase Financing Payment
$122 Bi-weekly
84 months
$0 Down Payment
$1,450 Freight

Even adding tax etc you're still probably under $4K per year compared to $9,600 with the current truck. May not be as fancy BUT.............

Ford / Dodge may have something similar.

I do not think this would work for him living where he does. 4 wheel drive is a must, especially if he has to go to work each and every day.

I still think he needs to keep the truck he has and just pay it off at this point and drive it for another 5-10 years afterwards. The things he needs to look at is how much the farm animals are really costing. Many hide or do not want to admit how much the luxury items really cost. It adds up. My mechanic had horses and when he sat down and put it on paper the bags of feed each week, bedding, round bales in the winter, ect all added up to more than he ever though.


Sit down and figure up what is really being spent. Cell phones, internet, Ipad service, cable TV, sat radio, ect all add up also. Look at your food cost. Really cooking, not heating up a pre-made meal from the grocery store can save you 60% or more at the grocery.

Chris

 

[clemsonfor]

I agree on the farm animals. I hear guys say that there is no way they could make it on cows with out another job. I just find it hard to beleive the OP has a breakeven poin on his "small " heritage herd. The only thing i can see is that he is studding them out or selling them to others as pasture ornaments. I deal with a logger who's dad has 600 acres and has cows and pasture and he said he has always had to have another job to make ends meet. If he has a horse your usually attached more to them so i would sell of the price cows to keep the horse. You can cut out the smart phone and get a regular cell phone and save $50 each phone per month easy. Cut out all this ipad type stuff and itune etc.

I disagree in that i would still get rid of that Killer payment even if you dont make anything on it. He proly has it for another 3 years easy. If 4wd is a must i would look seriously at the suburus like others have said. They seem like tough durable 4wds, i just have no personal exp with them. If you like new you can get a new Kia or hundai tiny 4wd suv they get mid twenties on fuel and a brand new base model can be had for under 20 and a used one one a couple years old for half that. These korean vehicles are far better than what they made a decade ago. I would have never considered one but i like the new kia suv and it can be had new for real cheap. They are reliable 200K vehiles now.

 

[bosshoss]

Instead of selling truck and getting something older and less reliable(yet still HAS to get him to work and back). Sell tractor and get an older tractor. Take equity and pay on truck to reduce payments. When truck is paid off you can look into replacing old tractor with a newer one.

 

[Soundguy]

I agree on the farm animals. I hear guys say that there is no way they could make it on cows with out another job. I just find it hard to beleive the OP has a breakeven poin on his "small " heritage herd. The only thing i can see is that he is studding them out or selling them to others as pasture ornaments. I.

i'm sure not makin anything on mine.. it's a literal cash hole.....

hard to do sucessful small scale farming anymore...

soundguy

 

[clemsonfor]

Instead of selling truck and getting something older and less reliable(yet still HAS to get him to work and back). Sell tractor and get an older tractor. Take equity and pay on truck to reduce payments. When truck is paid off you can look into replacing old tractor with a newer one.

Many of you may think if a vehicle has 100k and is 7 years old it must be unreliable or worn out? Look in my sig line. I will drive any one of those vehicles the 50 mile round trip to work 5 days a week all year if had to. The reason i dont drive the k10 is the gas at 10mpg is a killer. I use to drive the ranger till the saturn became extra at 34mpg i drive it to save, thats my point here i use 40% less gas by driving the saturn over the ranger, still gets me to work have not missed or been late one day due to the saturn in over a year.

 

[CinderSchnauzer]

I do not think this would work for him living where he does. 4 wheel drive is a must, especially if he has to go to work each and every day.

Chris

Ontario does plow the roads and there are hundreds of thousands of vehicles on the road in ON - including Northern Ontario,without 4WD - probably including the Van he has now.

 

[Soundguy]

Many of you may think if a vehicle has 100k and is 7 years old it must be unreliable or worn out? Look in my sig line. I will drive any one of those vehicles the 50 mile round trip to work 5 days a week all year if had to. The reason i dont drive the k10 is the gas at 10mpg is a killer. I use to drive the ranger till the saturn became extra at 34mpg i drive it to save, thats my point here i use 40% less gas by driving the saturn over the ranger, still gets me to work have not missed or been late one day due to the saturn in over a year.

i agree.. I have an old dodge gasser.. a lil worn and less powerfull when new.. way more than 100k and 13ys old.. but heck.. I have no qualms driving it in a 2 hr radius from my place... it's let me down exactly once since i got it.. and that was a fuel pump... my newer better condition lighter used yukon has averaged at least one major meltdown per year of ownership.. that one I'd even drive extended miles... some people just don't feel comfortable if they aren't still making payments..

soundguy

 

[Travelover]

I didn't read every post and take this for what it is worth, but I think one really has do do better than break even month to month. I feel that you really need to have a good sized emergency fund ( 6 months expenses) in case of a job loss or a major expense that otherwise throws you into high interest debt. I also feel strongly that one needs to save aggressively for retirement. I'm not sure how much your social security pays in Canada, but in the US it is just enough to get by on - if you have your house paid off.

Just my 2 cents.

 

[bosshoss]

Many of you may think if a vehicle has 100k and is 7 years old it must be unreliable or worn out?

Well I never said that. Do you think that any of your vehicles are going to be more reliable than op 2009? which has a warranty for a few more years so no repair costs. By the way I have 2 2002's in my household 108000 and 137000 miles and I don't consider them worn out or unreliable but they are nowhere near as good as any 2009 with way less miles.

 

[mjncad]

I you want to get out from under that $800 / month truck payment, but still must have a newer truck (instead of a trailer to pull with your van) check out something like this on a 2011 Sierra / reg cab / 2wd.

My first pickup was a 2WD S-10...never again on having a 2WD pickup in any place that gets snow, and Canada gets more snow than Denver does. My current pickup is 4WD. It was 70-degrees today :thumbsup:, and snow is forecast for tomorrow night :thumbdown:.

My mechanic had horses and when he sat down and put it on paper the bags of feed each week, bedding, round bales in the winter, ect all added up to more than he ever though.

Sit down and figure up what is really being spent. Cell phones, internet, Ipad service, cable TV, sat radio, ect all add up also.

Chris

As a friend named Chris that I used to work with summed it up on horses and technology.

"A horse is a four legged hole you throw money into."

"I'm now paying more for 1's & 0's than I am all my other utilities combined."

Ontario does plow the roads and there are hundreds of thousands of vehicles on the road in ON - including Northern Ontario,without 4WD - probably including the Van he has now.

Colorado plows its roads too, and I still wouldn't own a 2WD pickup here again.

I'd still like to know why the OP has such a ridiculously high truck payment.