Some background, I’m 27, I’ve always been paycheck to paycheck and I need to change it. I just recently paid off my 2010 ford focus for $17k. (yeah) it was a huge mistake and the realization of the path I was headed. Thankfully it has held up pretty well and is at 160k miles. I have 10k inherited recently from my late grandfather, and is being held on to by my dad and put back for another vehicle, I have a girlfriend with her own daughter and getting us both to work and her to school is a big hassle and we both need a car.
Originally we had decided on a 14-17 Tundra, for around 20k, he and my stepmom would be funding the rest of the vehicle and I would pay them back, extremely generous of them. They are also helping tackle a debt for ~2.6k so the total would be around 25k.
I came to the realization that it may be a nice reliable truck, it’s also hopping right back into the same payment that wore me down for so long. My girlfriend wants to get into a newer car soon as well, this one won’t last forever. I need a truck, as it’s something I actually like, I’ve had tons of times I’ve needed to haul something and would like to start a business/learn a trade.
I think I’ve decided on a gmt800 as I could get one for less than or around 10k, and have money to save and spend for what feels like the first time in my life. I only make $20 in the Midwest, ain’t good but ain’t terrible either. I’m trying to find a higher paying job, and a skill set to set a career up. But would like to hear some thoughts. Thanks.
Would like some vehicle advice
byu/BobIgglyWampus inpersonalfinance
Posted by BobIgglyWampus
7 Comments
>>> just recently paid off my 2010 ford focus for $17k. (yeah) it was a huge mistake and the realization of the path I was headed
So you just finished paying off your car and your immediate next step is to spend money different car while you also still carry other debt? You’ll never get ahead.
>>> My girlfriend wants to get into a newer car soon as well, this one won’t last forever.
Your gf can buy her own car.
>>> I’ve had tons of times I’ve needed to haul something and would like to start a business/learn a trade
Sounds more like a want than a need. You don’t need a truck to learn a trade. You can haul off stuff fine with a $30 truck rented from Home Depot.
Not enough information about your income and debts. But given you have family funding the purchase while subsuming additional debt, it doesn’t seem you can afford a new car.
Hey. Sounds like you’re trying hard. Here’s the hard part, you need to set up a trade, job, career before you get nicer vehicles. There are two ways to have more money, 1st is to spend less, 2nd is to make more. You need to do both. You should be driving cheap as shit beaters until you have a regular income and money saved in an emergency fund.
Good on you for trying to be responsible and recognizing patterns you want to avoid.
Yes it’s good to buy a car before it needs to be replaced (purely because an emergency need will drive you to impulsive or suboptimal decisions).
My advice is to not buy a vehicle for a “might”/hope but an existing reality. If you already regularly haul things and need to rent a truck more than a few times a month, sure go ahead and get a truck. Plenty of electricians and plumbers operate successfully out of a beater minivan too though. Also remember insurance and property tax costs may change from changing vehicles.
First why if your dad holding your money? Throw it in a HYSA.
Second, you’re not married. You buy a car for you with your money and your gf should do the same. You don’t have enough money to be buying stuff for other people.
Sell the focus. I’m guessing it’s worth $4k? I sold my 2013 2 years ago with 215k for $4k.
Now you have $14k for a tundra. We bought a $12k 2012 tundra v8 5.7 liter with 195k miles last year. It’s a tank. We haul horses and classic cars with it.
This post is going to give me an aneurysm. You just paid off a car, why do you need to get rid of it right away. State that the car is not going to last forever, but you don’t want to give it a chance to last it all.
Neither truck is the best financial decision. The cheapest car to drive is the one you have take that $10,000 and invest in yourself with it. Pay off debts, start trade school, by tools that you’ll need for your trade. If you have anything left, start a modest emergency fund. Then, save money with your new trade job. Once you have enough, then and only then should you be considering purchasing a new vehicle
To clear some air, my girlfriend sold her car soon after we got together, it had too many problems and the money helped when we needed it. I work at 6am so we all load up and then she drives home, takes her daughter to school then herself to work. I think it would be an extremely selfish move to tell my girlfriend she can’t use the transportation she’s we’ve both relied on anymore so I can get a different job. I was offered the money to spend on a vehicle before I made up my mind to start on a better career path, and think spending some of that to free up everybody’s daily routine would be a decent idea, at least better than getting into a bigger debt.