MKRanger

Cash is king! There are lots of people who will argue either way about financing or paying outright. Personally, I hate financing anything so I save and pay for smaller purchases in life in full and finance only large purchases; and never at 100%. My 2012 Lariat that should be here next week wil be financed, but only 20% of it will be bank owned and for no long period of time. My dad and mom taught me about business and finances all my life and I have lived by their example. I don't think anyone should avoid having new(er) cars in life if the cost of such things would put their livelihood at risk or if they are genuinely happy with an older car. Interestingly enough, one of the local radio talks how host who acts as a consumer advocate professes that no car should be more than 1/2 of your annual gross income. His ratios of capital expenditures are great for anyone who wants to navigate through lean economic times and not feel the sting of recessions or fast growing inflation.

If you can afford it... buy it. If you cannot buy a vehicle on your terms, then save until you can. Furthermore, if someone is enjoying their new ride regardless of how new it is, let them enjoy it without arguing against the make, the year, color, or price. As long as they don't come to me asking for gas money, insurance payments, or help with next months note I am happy for them.

MKRanger

You had best plan to save $2.5 to $3k for every 10k miles. That alone will provide you with enough money to replace your existing model with a comparable model in 10 years.

Look back 10 years ago and a full blown 4WD King Ranch would have set you back $45k. That same truck now is $55 to $60k. I am referencing MSRP. Being in a profession where I am directly affected by commodity price increases, consumer price index increases, and union collective bargaining agreements I know that planning for tomorrow based on today's cost will leave you short changed.

TAB5.0FX2

X2 putting aside money is just like paying a note.... Why not drive the truck Now that you're saving for. Just make sure it's a low interest rate.... I have an new truck for piece of mind. why save for a truck and have to keep paying for upkeep on an old one, that may cost you more in the long run. I say buy a truck, pay it off in 4 years or less then enjoy it for another 2 or so, then buy another one.

goose2

I have purchased a new truck every year since 1976 and have paid cash for every one of them. I don't like car payments but to tell you the truth I don't know why I don't like them because I have never had one. The quicker you can not owe anybody the better you will be off. I would not own one if I had a payment on one.

rottozip

Very well said!

motordad

I deployed and arrived in Kosovo on 21 November 2011. On the 22nd I ordered a 2012 F150 Harley Davidson Edition through the Exchange New Car Sales. Fully paid it off on the 30th of December. Only problem is I don't pick it up until I arrive home in October 2012. I spent many years with payments and it is nice to pay for it up front. Only 193 days until I leave Kosovo.

Dyewild

I would love to have paid cash for my truck. But when your just starting out it is hard to save that much, and still have enough left over to pay your other bills. That being said I can't wait to pay my '05 off and start saving more.

GatorMedic

All of the trucks I was looking at cost $33-36k (I don't count MSRP cause that's not what is being paid), and the one I ended up buying was within that range as well. So I built in an extra $4-7k cushion in my plan for inflation. That combined with the interest I will make depending on how I choose to invest or save that money over the years should make up for the rest of the potential cost increase. Of course, when I get to the point of actually buying it, I can take a few grand out of my checking account if need be.

The member you quoted was quoting me. I have a 2010 F150 with less than 17k on the odometer. So it is a new truck and there is no upkeep since I'm still within the 3/36 bumper to bumper warranty, the 5/60 powertrain warranty, and I already paid for a 7/125k extended warranty. I intend to keep it for a total of ~10 yrs (i.e. 8 years more), so might as well plan ahead and save now for the next one rather than sit around twiddling my thumbs