You're a wise man. I was going to mention that I can see both sides of the argument, but over the long haul it probably makes sense to keep the '11. Hoping you get lots of trouble free miles out of her.

 

That truck will go many more miles. I have not had a truck payment in over 10 years. I have a 98 Silverado with over 200k miles I have owned for over 16 years. No reason you can't get 10 more years out of that truck. I just recently purchased a 2013 F150 XLT SCREW with cash from money I have saved not having a truck payment. I saved a lot of money on interest this way. I still have the Silverado, I just kept it because it is worth more to me that the 2 grand I would be able to sell it for. It will be my beater truck, LOL.

 

THAT is my exact plan. I love my 2014 and feel like I could never get rid of it for reasons I won't go in to here, but when it's paid off in 2.5 years, I'm getting a mustang convertible.

 

A paid off truck is something you just don't sell. At least until you have another paid off truck and you don't need it anymore.

 

That won't be until they are 16 and you buy them their own cars. Then they can spill soda and drop french fries and ketchup all over theirs instead of yours.

My kids left for college a couple years ago. The car was worn out! Last year I bought a platinum f150. I had forgotten what a clean car is like.

But... do you want to wait that long?

 

No kids and not a lot of debt. Explains everything! :P

 

12

 

I have a 2012 with 164K miles. It runs smooth, and I recently took it to the mechanic to have a once over. Said it was in great shape. I bought it in 2011 and have it paid off for six years. I have been putting money back for six years, and recently bought a 2019 Limited.

Keep it, drive it, and put the truck money away until you at least reach 150K. By that time you will be able to pay cash for it.

 

In my experience a 10 year old truck with 150,000 miles will bring about 1/2 what it sold for when new. Not sticker, but the actual price it sold for which will often be well below sticker. I've done this a couple of times and in a perfect world is what I think is the best approach. I like to make a small monthly payment for 5 years, then no payment for 5 years, but still put back $100/month or so to go toward a new truck. At the end of 10 years you get 1/2 your initial investment back + $4K-$6K to use as a down payment on the next one. This way you never have a big payment and unless you are extremely unlucky will never have to pay for a major repair. My current payment is $250/month, but I usually pay $350 to pay it off sooner. If you go much over 10 years or 150,000 miles then you probably just need to keep it till the wheels fall off.

I've done the 10 year/150,000 mile thing a couple of times, but it isn't always possible. Most of the times I've traded vehicles in my life wasn't because the old one was worn out, or because I just wanted something new. Life happens and things change, then the type of vehicle needed changes. You start out single, get married, have one kid, then 2. Then your kids get bigger and you need more room. Then gas prices double and you try to downsize. Then your kids want to bring along friends and you need something even bigger. Then one day they are out of the house and you can again downsize. Until they bring in grand kids and now you need something bigger again.

 

I'm at 136,000 with my 2011, and I decided that I'm going to run the wheels off of it.

(1) I like the truck.

(2) I've got it modded to my liking - SuperSpring in the rear, Front and rear mechanical LS, 5STAR tune.

(3) Life in the cheap lane. If I have to put a motor or Trans in it down the road, it's more than offset by zero payments.