Author Topic: Is it time to dump the truck?  (Read 2212 times)

jgold723

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Is it time to dump the truck?
« on: March 24, 2015, 06:51:19 PM »
I have a 2005 Toyota Tundra basic worktruck. 4wd. Bought it used 7 years ago because I had to haul my snowblower to our apartment building to clear the driveway. We've since sold the building and so I really don't need this anymore.  I'm thinking that the Mustachian thing to do would be dump this gas hog and get something else. But...

1) The truck has only 68,000 miles on it. It's in great shape and a Toyota -- it will last for many more years with presumably minor maintenance;
2) Since I use public transportation for commuting, I only put about 5,000 miles a year on this. So the gas issue isn't as big a deal;
3) The trade-in value of the truck is relatively low -- about $5K (although I can probably get more on Craigslist). I'm looking at Mustachian type vehicles (Scion XB, Toyota Matrix, Honda Fit) that will still give me some cargo capacity, but better mileage, but most seem to be in the $10K range. So I'm out at least $5K.
4)Yes, I could go cheaper, with an even older, higher-mileage vehicle. But I put some value on reliability and I don't want a vehicle that's going to spend a lot of time in the shop.

Should I switch? For what it's worth, I don't mind driving the truck (it's nice to be up high and 4wd has its moments here in Maine) and it is certainly convenient when I have to haul bulky items like brush and lumber.

SaintM

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Re: Is it time to dump the truck?
« Reply #1 on: March 24, 2015, 07:07:30 PM »
I would keep it.  The depreciation on the truck is a sunk cost at this point.  At 5,000 miles a year, it will take a long time to save by owning a newer more fuel efficient car.  Might as well invest the difference.

The only way I could see this work is to get an older car for about the price as you can sell the truck.  I doubt you will find much with as much life left in it as your truck.  Plus, what you have is a known quantity, as opposed to the potential of buying someone's lemon.

Syonyk

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Re: Is it time to dump the truck?
« Reply #2 on: March 24, 2015, 07:20:25 PM »
If you're not commuting in the truck, and using it as a truck somewhat regularly (4WD in the winter in Maine, hauling brush and lumber), I'd tend towards keeping it.  A low mileage truck that isn't driven much is probably not depreciating much (low mileage trucks are in high demand long term), you know what condition it's in (vs the ~6mo of "parts roulette" any new-used vehicle has), and you're not putting many miles on it.

If you don't have "non-commuter" insurance, you should look into that.  A vehicle driven only 5k miles/yr is often able to be insured cheaper than a daily driver.

Is there a way to cut the miles even more?  Bike to the grocery store or something instead of taking the truck (if you do that)?

I'm probably biased by owning a large truck that I don't drive much, though...