i need help with this decision....! - Ranger-Forums - The Ultimate Ford Ranger Resource


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  #1  
Old 06-02-2009
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i need help with this decision....!

here goes..

Currently i have a 2006 Ranger Supcab 4x4 Auto with only 41000 miles on it... I love my truck, i really do. My payment is not too bad ($336 a month). i bring in $2000 a motnth salay, after taxes and insurance, $1700. i was happy with my payment, but after that, insurance, another small loan payment, and a few other bills, it only leaves me with about $650 spendable cash...not a lot. ive already graduated college ive only been at my job for 8 months, and new draftsmen dont get paid a whole lot until they have a little experience under the belt. My gf is getting ready to graduate and become a nurse. We will be engaged soon and will want to get married soon and get our own place.

Lets face it...$650 spendable cash isnt going to cut it...but i still want a nice truck! Sooooo, i was doing some thinking today, what if i sell my truck for payoff (right at $14,800)...get about an 01'-03' model preferb a levell II...for up to but no more than 12000 dollars....I caclulated the payment and it is around $291 t my current interest rate...if i could get the interest dropped a little, it would be around $285. Thats a 45-50 dollar payment drop...

Now in september my two tickets come off...my insurance rate will go down to normal and drop off about 150 dollars! theres some more extra cash. Next april, my small loan will be paid off, theres another $123 more in my pocket a month.

if i do all of this, its adds $324 EXTRA in my pocket a month for a grand total of about $975 a month after bills...this should be enough to help get us started PLUS whatever her salary will be (she has NO expenses other than cell bill and tire payment).

i looked online at a few trucks...now i realize when i get an 01-03, i will be sacrificing about 20k-30k miles (i mean mine now has 41000 on it!) so more than likely, im the mileage range i will find is prolly 50-70000 miles. i wont buy one over 70k...

here are a few i have in mind...


http://www.autotrader.com/fyc/vdp.js...e&rdpage=thumb




i really like this oneand the milage is not too bad! what do ya'll think?

and this i like

Cars For Sale: Car Details - AutoTrader.com

just a few, i really want a level II though



these are just a few ive looked at online...now i just really need help in deciding. i think its a win-win...

1)I STILL will have a ranger
2)Lower Payment
3)more money

the downfall is i lose my 06' which is SOOOO nice, but these trucks ive listed are SOOOO nice as well, especially that level II

sorry this was so long, but i really need help with this situation...

Last edited by dixie_boysles; 06-02-2009 at 02:16 PM.
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  #2  
Old 06-02-2009
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this is a hard decision!
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Old 06-02-2009
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I would just keep your truck and put all the mod money toward the payment. Then once you pay it off you'll be good to go!
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Old 06-02-2009
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i dont exacly put any mods into it bc i dont have the cash just to go throwing into my truck...plus itll be another 4-5 YEARS before i pay it off, itll have too many miles on it for me to mod then, so i dk, thanks man
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Old 06-02-2009
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haha i still have 4 years left but modding will always happen!
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Old 06-02-2009
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Id keep your current truck also. Im in the same boat. Entry Draftsman making a tad less than you. But my truck payment is only $261. I only have about $500 spendable, you find some side jobs like i do and then your spendable cause goes up. Last month I had close to $1100 in spendable cash. All from side jobs.
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Old 06-02-2009
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The $40 drop in monthly payment is probably not worth it. You'll end up losing that to repairs and maintenance on the older truck.
And you probably won't be able to sell for what you owe on the new truck, unless you're really lucky...
I would keep the newer truck and just tough it out until your loan is payed and insurance rates drop. You won't be worried about the extra $40 at that point.
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Old 06-02-2009
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Quote:
Originally Posted by brightredford View Post
The $40 drop in monthly payment is probably not worth it. You'll end up losing that to repairs and maintenance on the older truck.
And you probably won't be able to sell for what you owe on the new truck, unless you're really lucky...
I would keep the newer truck and just tough it out until your loan is payed and insurance rates drop. You won't be worried about the extra $40 at that point.


this is quite true, the red fx4 has almost 30000 more mile on it than mine, i really like it, but not worth 40 dollars less in loan payment!

ok what about this....my interest rate is high right now (i dont even want to disclose it!) what if i refinace inafter owning it for a year to lower the interest rate, would this be a good idea (sorry guys, im a little new to the business world of loans and such!).
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Old 06-02-2009
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im in a similar boat. My payment is a lot lower though, only at 209, however I am a full time student and work as an intern at an architecture firm full time summers, part time during semesters. I luckily have scholarship, but still have to have student loans to make rent and help with biills during the school year. My truck will be paid off next summer if i continue payments, or early if i decide to pay it off with loan money.

I constantly think about selling my truck and buying something with the cash so I dont have a payment, but in the end , I know my truck, I have owned it for 4 years, I know its maintenance, what is wrong with it and what is right. I got it for a steal at 12000 in 05 with only 38000 miles and it is a low payment. So I have decided to just stick it out and pay it off. Because of it I have not been able to afford most of the mods I would like, or even a better lifestyle in general. I work jobs on the side doing everything from drafting, to remodelling, and labor, to treehouses. I am constantly buying and selling stuff on craigslist as well.

I think you will benefit more from budgeting your money better elsewhere, limiting you driving to save gas money, and keeping what you know is a great truck.
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  #10  
Old 06-02-2009
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Been there, done that. If I were you I'd just ride it out. I would hate to give up a new vehicle to get a used one. Live simple and you can do it. Sounds like you don't have much in the way of bills. You should see if you could get refinanced. It's a gamble buying used. Just because you have a lower payment, doesn't mean you're going to have an easier time. Most of the time, used means a timebomb of expenses concerning repairs. If you can get a loan for 12k, then you should be able to refinance. Buying used doesn't necessarily mean lower interest rates from my experience. Had better luck buying new for lower interest than with used.
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Old 06-02-2009
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keep your truck. once yourinsurance drops and you pay off your loan, itll get better. put all the cash you can into that loan and pay it off quick. that way it will be better in the long run
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  #12  
Old 06-02-2009
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well...looks like wehave a concensus, keep the truck...thanks
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  #13  
Old 06-02-2009
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It will look better on your credit as well if you keep this truck. Theres no reason why you can't mod it while your making payments, it might take a little bit longer to save up for it but its certainly doable.
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  #14  
Old 06-02-2009
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46 mins and solved.that awesome. 40 dollars is not worth it.
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  #15  
Old 06-02-2009
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I say keep it. I kick myself everyday for trading the ranger in. Mainly because It would have been paid off this month. That really sucks! Now I still have 4.5 more years of payments instead of being payment free.


The you won't even notice you saved the extra few bucks a month. It seems to to just disappear.
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  #16  
Old 06-02-2009
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I would say keep it.

Insurance will go down before you know it that loan will be paid off before you know it.

Once loan is paid off throw a extra 100 dollars at your truck payment.

right now I figured you probably owe 20160 for the truck 100 dollars for the next 5 years will be 6000 dollars extra which would have you paying it off faster


Your probably early 20's? Get married the first 2 years suck anyways. By the time you decide to have kids your truck will be paid off and you both will be making good money.
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  #17  
Old 06-02-2009
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Here's an Idea. Keep your truck. Next April when you have more cash available try making 2 payments per month on your truck. That way you will probably pay it off in less than 2 years. ($670 per mo for 12 months comes to $8,000 plus per year.) Then keep the truck until the wheels fall off. The $336 you're sending to the bank, put in a savings account. Five or six years from now you can buy a new truck or car and pay CASH for it. I haven't made a car payment in over 25 years. Just think of how many THOUSANDS of dollars in interest I've saved over those years. I did it, you can too.

BTW Check out this vid. I don't agree with everything in it. But even if 1/2 the info is wrong, you'll still come out way ahead. Just food for thought.

Drive Free. Retire Rich.
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  #18  
Old 06-02-2009
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Awesome video!
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  #19  
Old 06-03-2009
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awesome video, if only it were that easy! yeah i plan on next year adding more money to my payment, i dont know about doubling it, but im def adding more money to the payment...thanks ya'llthis is exactly why i love RF!
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  #20  
Old 06-03-2009
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it would be silly to get rid of your truck for something that cost 12k.

if you really want to do it you need to go much much cheaper like a truck for 5k.

seems you have made your decision tho.

Not to mention, newer truck = less problems.
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  #21  
Old 06-03-2009
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Quote:
Originally Posted by zabeard View Post
it would be silly to get rid of your truck for something that cost 12k.

if you really want to do it you need to go much much cheaper like a truck for 5k.

seems you have made your decision tho.

Not to mention, newer truck = less problems.
yeah made decision to keep. Im just going to try to pay more to get it paid off earlier if possible...
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  #22  
Old 06-03-2009
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Plus no one is going to pay $14,000 for a 06 unless its a a dealer. I kinda know how you feel. I just went from a $25,000 F150 to a $6000 ranger...OUCH!! But Im saving $425 per month!!
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  #23  
Old 06-03-2009
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Quote:
Originally Posted by dixie_boysles View Post
this is a hard decision!
i'd keep your ranger, but i understand when you need money you need money. if you absolutly have to get rid of it get the white step side but thats just my opinion.
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  #24  
Old 06-03-2009
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Originally Posted by DaisyDuke View Post
i'd keep your ranger, but i understand when you need money you need money. if you absolutly have to get rid of it get the white step side but thats just my opinion.
I dont need it, but it would be nice, but i think like everyine else said, its not worth the extra 40-50 dollars a month...if need be, i will just refinance to get a lower interest rate...
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  #25  
Old 06-03-2009
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I would definitely try to refinance. Who is your loan currently through now? I would shop around and see what other banks are offering for rates, I'm with BB&T and I have that decent rate
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