Hi, first post here looking for some advice. I bought a new vehicle about a year and a half ago. Always drove old cars and trucks and I got caught up in the appeal of a brand new one. That allure is starting to wear off and I hate the monthly payment. I got a 0 percent loan so I financed the whole thing (tax, fees, everything). Came out to 25k and change over 60 months. Makes for a 430 dollar monthly payment. I am in sales with a territory covering about 150 miles. Reliability and driving dependable in poor weather is very important (live in snow belt) It's what I like best about the new truck, starts every time, plows through snow and gets me to where I need to go for work. Unfortunately, no company cars. They do pay for gas though. First baby is here so would like to spend that 430 on many other things. I still owe 18k. Carmax would give me What I owe on it. I could pay 5-6k cash for a 10-12 year old 4x4 off craigslist with probably 125-175k miles. I'll drive 30k miles per year so realistically that old used truck will probably last 3 years give or take. Other option is to just keep making payments until I feel comfortable paying it off and then drive it until it dies. I hope 8 or so more years. Could keep making payments for 2 more years then pay the last 6k or so cash that I would have spent on a used vehicle. baby will be starting day care soon so it would be a huge relief to get rid of the payment. I could still make the payment with day care but it will be very tight. I make 50k a year in a low cost of living small city. If all goes well I will be promoted within the next 2 years with around 100k salary. I'm working very hard for that day to come.
I just hate feeling like a slave to the monthly payment and wish I had read mmm material back then.
What would you do?