Author Topic: Buying a used car, should I keep my truck?  (Read 11067 times)

eagentzler

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Buying a used car, should I keep my truck?
« on: February 07, 2013, 02:15:43 AM »
I just found this community, mainly because I have been searching for info on cars and I came across this wonderful site. I'm somewhat frugal, but I still have a lot to learn at 25. Let me lay out the details.  I have a 1991 Toyota pickup 4wd at 212,000 miles.  I have been driving it for a number of years and only bought it because my Jeep Cherokee was stolen.  I paid for it with cash with the insurance money.  It's starting to see a bit of corrosion, but not as much as you would expect for a 20 year old truck.  However, as each year goes by, I have to do something to get it to pass inspection, but my maintenance bills are still about 300 dollars average.  I am buying a 2005 mazda 3 hatchback as it fits my utilitarian lifestyle.  Now here's the thing.  Should I keep the truck?  I feel like I should.  These are my reasons why.

-The truck will get me 500 bucks if I sell it.  Maybe 1k if I find the right guy who wants a toy to off road with.  Money in my pocket, but not a lot.

-The insurance will be 20 bucks a month tops.

-The 4wd is nice to have in the winter.  I am a utility worker and can't call off just because we have snow.  I also live a little off the beaten path.  Only about 15 minutes from work, but its a lot of twistys and hills.  Also, biking isn't a great option because I work mostly 2nd and 3rd shift and the road is a 55 (read 65 - 70) mph 2 lane road with little to no shoulder most of the way.

-I occasionally use it to help out at a local boy scout camp hauling wood and such. 

I just want to know if I have a reason to hold on to it until the wheels rust off.  The truck runs fine and has had a bit of my own maintenance accomplished in the last 10k miles.  Short of the transmission or engine giving out, this thing shouldn't need anything other than tune ups until the frame fails inspection. I give it a handful of years, but I have a feeling the used car market is going to get even worse due to rising gas prices.  I want to save some money while I have the chance before I have my back up against a wall and have to settle for what I can find, at a probably inflated

Jack

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Re: Buying a used car, should I keep my truck?
« Reply #1 on: February 07, 2013, 04:54:25 AM »
What engine does the truck have? What's the fuel economy? How many miles do you drive per year?

I'm inclined to say keep it, but I'm biased: I have an old Ford Ranger 4x4 as a second vehicle.

johnnylighthouse

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Re: Buying a used car, should I keep my truck?
« Reply #2 on: February 07, 2013, 06:49:33 AM »
I'm biased too, I've had a 94 Toyota 4x4 pickup for the last 12 years. I've kept maintenance to ~$125 for the last three years.  I'm now at 258k.  It has a four cylinder and I get ~19mpg. I've generally made more using the truck for side work than its cost me.

On the other hand i used to get around just as well in the winter in a 2wd toyota tercel with snow chains, as long as the snow wasn't too deep. I wouldn't keep the truck just to get around in the winter,  For me the stuff i want to haul around makes it worth it, but only just.

Another Reader

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Re: Buying a used car, should I keep my truck?
« Reply #3 on: February 07, 2013, 07:04:09 AM »
In general, folks here would want a lot more information about your financial situation before offering an opinion about the truck.  If you are financially comfortable, don't have a lot of debt, and are saving/investing a large percentage of your income, the truck is a non-issue.  If you are broke, in foreclosure, and borrowing from one credit card to pay another, the advice would be different. 

RoseRelish

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Re: Buying a used car, should I keep my truck?
« Reply #4 on: February 07, 2013, 09:50:43 AM »
I'd keep it. Rent it to friends/family in exchange for meals. Find a way to make keeping it roughly break-even and you're golden. But I'm a truck guy, so I have a biased opinion on the utility of being able to haul stuff at a moment's notice.

Nords

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Re: Buying a used car, should I keep my truck?
« Reply #5 on: February 07, 2013, 11:20:18 AM »
I am buying a 2005 mazda 3 hatchback as it fits my utilitarian lifestyle.
I missed the leap of logic between "utilitarian lifestyle" and "buying another car".  To me, the truck seems pretty utilitarian.  The car seems less useful to your lifestyle, especially in poor weather.

Jamesqf

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Re: Buying a used car, should I keep my truck?
« Reply #6 on: February 07, 2013, 12:00:22 PM »
I'd say keep it, but I'm biased since I have an '88 Toyota 4WD.

You don't say where you live, but around here a 4WD Toyota of that vintage would go for $2-4K, maybe more if it's been worked on.  Don't count on it falling apart anytime soon, either.  They last forever.

johnnylighthouse

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Re: Buying a used car, should I keep my truck?
« Reply #7 on: February 07, 2013, 02:40:59 PM »
I think nords has a great point, why do you want a smaller car anyway, are you driving  lot in situations where you don't need the truck?  Are you sure your new car will pay for itself in savings within a reasonable amount of time?  If no then maybe you should just keep the truck.

JT

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Re: Buying a used car, should I keep my truck?
« Reply #8 on: February 08, 2013, 03:50:37 AM »
I'd keep the truck, as you seem to need it where you live and because of what you like to do with it.  Can't for the life of me see the Mazda 3 being able to do the same things.  Granted you're possibly looking for something a little tidier BUT  a friend of mine had a truck and it had various quirks that he just worked around (ie parked it on a hill when he didn't have time to fix the starter!).  It was a great truck - good and practical and great off-road.  Your truck sounds similar!! My one suggestion would be to use the truck to pay for itself.

eagentzler

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Re: Buying a used car, should I keep my truck?
« Reply #9 on: February 08, 2013, 11:04:15 PM »
As far as my finances, I could have more in my retirement but I have just north of 10k and still contributing.  As far of the rest of my finances, I'm pretty set.  I eliminated all of my debt before I separated from the navy almost 2 years ago.  I drained my savings while spending nearly a year taking it easy and looking for a job, so I'm building that back up.  I know it sounds like a waste of my savings, but it was my plan, and after going through what I did, I needed a breather before I had a mental breakdown.  I have almost 800 dollars left over after all of my bills every month. 

As far as the vehicle situation goes, the reason I am looking for a newer vehicle because of the following:

-I'm going to use my GI bill starting fall 2014 and I will still need a vehicle then.
-I don't know how much longer the truck will last.  The drivetrain is in good shape, but I'm a little concerned about corrosion.  I give it 3-4 years at best, but anything can happen.  I live in south central PA at the moment, but I will be moving to state college in a year and a half.  They salt the roads like crazy around here, and I wash it after every snow storm..
-I want to have a newer vehicle so I don't have my back up against the wall if it fails inspection sometime in the future.  I can bide my time and find exactly what I want and have the upper leg now.
-I also have a hunch that the used car market will only get more valuable as the supply gets lower because people are keeping their cars and those who need a new one buy used.  If I get one now and take good care of it like I did my other vehicles, I might get another 15 years out of this vehicle.

The truck is a V6.  My rough math figures that if I drive the car most of the time, I will break even on costs in about 5 years.  That is, the savings in gas will catch up to the costs of the new car in said amount of time.  I found a 2005 with 42k miles for only 9700, and it drives fantastic and is a very sound car (I have a mechanical background and my father is a former auto mechanic).  The truck would only be used for various hauling situations and partial winter driving.  I wish I would have bought the 4 cylinder truck, but it was all I could find.  As far as getting 2-4k, that's what a co-worker told me, but I found it hard to believe.  I guess it is possible.  I bought it for 3800 a couple years ago.  Once again, my main concern is cutting my fuel bill in half and prepping for future loss of the truck before the used car market becomes much more expensive.  I currently spend 250 - 300 dollars a month on gas.  I would go from 15/17 to 22/29 and I do almost no city driving.  I do use the truck somewhat regularly, but I would put the most mileage on the car, by a lot.  You guys are giving me a lot of good suggestions.  Thanks.  I'll keep reading them and try to weigh all options.

Skyn_Flynt

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Re: Buying a used car, should I keep my truck?
« Reply #10 on: February 09, 2013, 09:17:42 AM »
Even a vehicle that only looks like it'll last "a few more years" may last "several more years" when it's rarely driven.

If it was me, I'd keep it, if I had a place to park it. But be ready to pawn off on CraigsList if any serious repairs come about.

Trucks can be VERY old (as in: older than your parents) and still marketable though. There's usually someone with acreage willing to buy one that won't pass inspection and drive it on his own land.

johnnylighthouse

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Re: Buying a used car, should I keep my truck?
« Reply #11 on: February 09, 2013, 11:17:54 AM »
If you're spending that much on fuel the you definitely need to make a change.  I think you should find something even more efficient though.  How are you going to pay for the new vehicle?  Do you have savings other than your retirement accounts?  If you're contemplating taking out an auto loan I couldn't recommend keeping the truck while paying interest.    Why not get something cheaper with better mileage and sell the truck to help pay for the new vehicle?

Also I wouldn't really rate the truck that high for winter driving due to no anti-lock brakes and the high center of gravity.  I put my truck on its side once in the winter on an icy highway.  If one is prepared a front wheel drive car with chains or cables is fine in my opinion unless you have > 1' of snow.

So if you can get a new vehicle without going into debt and want to keep the truck just understand that its a trade off and you're still paying maintenance, inspection, registration, and insurance on it.  that comes to at least $700 for me in PA, but I have higher insurance being near the city.  You're retarding your savings rate at least a little, so just make sure the the benefit is really worth it.