Hello forum folks! I'm thinking about buying an almost brand new truck. I would love to hear your thoughts on why I should or should not do this. I feel insane to even be considering it - but that's not making the idea go away.
I've always driven older vehicles until they have over 225,000 miles on them (the last one had to be scrapped at 325,000). Or until I wreck them into a deer. Most of my vehicles had salvage titles when I purchased them. I've had a long commute since I started driving and I've put a lot of miles on my cars. Now I'm now a small business owner (1-year in), I drive fewer miles, and I need to update my work truck. I currently have a 2006 Ford Ranger extended cab 4x4 with 240,000 miles. A tow hitch and 4-wheel drive are required for my business. Think forester in a very rough and rural area, only that's not my actual field. I'm looking at two trucks, both of which are F150 regular cab 4x4. A 2013 with 32,000 miles for $20,000 or a 2020 with 10,000 miles for $29,000. I would need to buy a topper for the 2020, but it does have fancy new features like a backup camera, which I think I would really like. Especially since the topper won't have a back window. The 2013 is very basic. It already has a sweet fiberglass topper, but I would need to install a radio.
I'm leaning towards the 2013 because I think the mileage is comparable. But, the 2020 has all of the service records and it is still under warranty. It's also an excellent deal. It's listed way, way below book value- probably because people want electric windows and an extended cab.
The new truck will probably be purchased by me personally and I will charge mileage to the business. I'm looking at much fancier vehicles than I normally would for several reasons.
1. It's a business vehicle so I would like for it to be reliable and look nice. Both of these trucks fit the bill.
2. My mom just gifted $10,000 each to my sibling and me in hopes that we would use the money to upgrade our vehicles. But there are not any actual strings attached to the money. If I buy either of these trucks it will make her happy.
3. I guess I can afford it. I seem to have reached financial independence. But, that doesn't feel real yet. Since I just started my business, I intend to keep at it full-time for at least 5 more years.
4. I'm starting to get tired of the endless, expensive vehicle repairs. I do not repair my own vehicles and I don't intend to start. At least until I retire. In general, I've always assumed that warranties were a gimmick and a waste of money. But, maybe I'm wrong. Would I be better off with the 2020?
5. Safety features? I guess that should be a concern. But, a 2013 probably has all the important safety features. Right?
6. I'm from the rust-belt. And so is the 2013. It would be by far the most expensive, lowest mileage, and the youngest vehicle I've ever owned. Only 7 years old! I don't know if I even need to be concerned with rust. All of my vehicles have had rust underneath and it didn't seem to stop them from getting me where I needed to go. Should I care about rust?
Despite the reasons above, I'm not so sure about the fancy vehicle because I like to hang onto my money. It's so darned hard to get in the first place. I'm also concerned about hedonistic adaptation and becoming a wasteful over-consumer. Driving a brand new vehicle just seems like a crazy thing to do. What do you folks think?