RevLeonidas
Oregon
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Joined: 09/17/2007
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...for what it's worth, I bought our 2002 CTD Dodge with 112,000. My brother who once was a locomotive diesel mechanic tells me that our truck is "just broken-in." The truck's former owner used it to haul stuff in a 5th-wheel type trailer. With it's mileage it uses no oil, gets 14.8 mpg with the camper on, and it's nice to drive. Would I trade it for a newer Chevy? Maybe, but the Chevy would have to provide everything better than what I already have.
Drive that Chevy; let the driver in you have an opportunity in the choice.
For the business of GM to the best of my understanding, the Federal Government (us taxpayers) is going to have a big steak in the success of GM; thus, GM will still operate; however, it is safe to assume that there is greater risk with the future of the vehicle's care.
...thanks for readin' my useless two cents.
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d3500ram
colorado
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Joined: 07/31/2006
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One thing to keep in mind... The Chevy may have more creature comforts and may ride a little smoother. The "new sensations" may woo you to want the newer one. It might be hard to objective.
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dmax lover
Portland,Oregon, USA
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Joined: 08/27/2005
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As far as the GM bankruptcy goes - I would use it as a bargaining chip to get a reduced price on the chevy duramax.
I think the warranty on the vehicle is safe - now the government owns GM - if millions of chevy owners have their warranties void, they will blame it on Obama. And Obama likes to have as many folks voting for him as possible...
I think you will see the new GM focusing on trucks & small economy vehicles... But all you will hear about from the Obama Administration is the "small economy vehicles" part of the equation since they have to claim they are building the new "green economy" and "dealing a death blow to global warming" ... etc. etc...
jeff
2005 Chevrolet Duramax 3500 SRW Crewcab Longbed (KYB Monomax Shocks, Michelins,Pacbrake Airbags,Hellwig Rear Swaybar)
2006 Northern Lite 9.6 Classic (Torklifts & fastguns)
Northern Lite Owners Club
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Sportsman Matt
Blackstone, MA
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Joined: 10/16/2007
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OK... first question... can you afford to replace your truck with a newer one and not have to finance it?
Second, what are the specs on the truck your looking to buy?
Reason I ask the first question is that if you finance anything, you'll be paying way more than it's worth. Then when you go to relace it, you've paid 10 times more than it's actual value and more than likely have to take a considerable loss. Yet if you pay cash for it, then you own it outright and save yourself finance fees and the possibility of repossesion by the finance company due to monetary issues beyond your control. Also your talking $35,000 for a newer truck, only gaining 1000# of GVW capacity, and possibly someone elses problems. Can you afford to give away $35,000 and not feel bad about it?
I know in my situation, I'm looking to buy or build a new TC next year, but I'm keeping the truck I have for the next 15 to 20 years (or 1,000,000+ miles) And I'm paying cash for it, I refuse to give a bank money in fees or interest charges.
Biggest thing is to stimulate the economy, buying is good. But to finance the purchase doesn't help the economy, especially if you have to give it back because of loss of job or some other unforseen issue. Financing is like throwing most of your money away from what I've seen.
Good luck
Life is short, Play harder.
2002 GMC Sierra 1500 Regular Cab Long Bed 4.3L V6 Automatic 2WD
2010 KZ Sportsman Classic 19BH Travel Trailer
1989 Sunline 750C Truck Camper
Fishing and Hunting New England and eventually the world
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dmax lover
Portland,Oregon, USA
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Joined: 08/27/2005
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Financing or not financing is only part of the equation - which leads some to stick with an older vehicle too long...
If you look at a typical year, you have the following annual expenses :
- insurance
- fuel
- maintenance
- repair
- depreciation
- cost of financing
So some think of a vehicle as being "free" after they pay it off - but in reality it is still depreciating by several thousand dollars per year and all of the other expenses are still there. It is losing value and it is "costing you" - folks just don't "see it" until they sell or trade it in. If you choose to move to a new vehicle sooner, then you have more residual value in the old vehicle to use for down payment.
I like to drive relatively new vehicles without the worry of having them break down on the road. So I look at nada blue book for trucks one or two years older than mine (I do this for the wifes sienna too) so that I know exactly how much I am paying in depreciation cost every year. Then, as the vehicles age, I look at the on-line forums to see what major repairs to expect and after a vehicle gets up to 80k miles I take a look and see if I want to "roll it over"... I will typically go through this thought process every july - as this is usually the best time to buy (e.g. clearing out vehicles for the next model year...)
For example, I got to 95k miles on my wife's 2000 honda odyssey - I looked at the nada book for a one year older model - about $2000 difference. Major repairs on older odys were a bit high due to a weak transmission design ($3500 to fix). So my potential cost of ownership for the next year could have been $5500. At that point I have a choice, pay the auto repair shop and listen to my wife complain about being on the side of the road or pay the bank and have a shiny new car... Decision to buy a new toyota sienna was relatively easy - just remove the payments from my thinking and look at the actual cost of ownership...
Interest rates are currently low - they will go up when inflation spikes up; And given the amount of "paper" the government is printing right now, it surely will...
jeff
* This post was
edited 06/02/09 06:37pm by dmax lover *
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wnjj
Cornelius, Oregon
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Joined: 01/11/2007
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Sportsman Matt wrote:OK... first question... can you afford to replace your truck with a newer one and not have to finance it?
Second, what are the specs on the truck your looking to buy?
Reason I ask the first question is that if you finance anything, you'll be paying way more than it's worth. Then when you go to relace it, you've paid 10 times more than it's actual value and more than likely have to take a considerable loss. Yet if you pay cash for it, then you own it outright and save yourself finance fees and the possibility of repossesion by the finance company due to monetary issues beyond your control. Also your talking $35,000 for a newer truck, only gaining 1000# of GVW capacity, and possibly someone elses problems. Can you afford to give away $35,000 and not feel bad about it?
I know in my situation, I'm looking to buy or build a new TC next year, but I'm keeping the truck I have for the next 15 to 20 years (or 1,000,000+ miles) And I'm paying cash for it, I refuse to give a bank money in fees or interest charges.
Biggest thing is to stimulate the economy, buying is good. But to finance the purchase doesn't help the economy, especially if you have to give it back because of loss of job or some other unforseen issue. Financing is like throwing most of your money away from what I've seen.
Good luck
If you pass on low interest rate financing by paying cash you may very well be costing yourself more money in the long run. If your cash is in an investment making more than the loan rate, why would you pull it out to spend it? How about another scenario: You have a bunch of cash and spend it on a new truck. Great, your truck is paid for. Now you have an unforseen expense with your house and have to take out a loan in a hurry, possibly costing more in interest than if you had financed the truck, particularly if they were offering low interest incentives. Having cash on hand is worth something.
My point is there are times when giving the bank some interest is not a bad financial choice. When you finance something, you don't pay "way more than it's worth", you pay exactly what the vehicle is worth plus the value of having it immediately without paying the total immediately. It's called time value of money. If you can't get a decent interest rate, pay cash.
Financing is exactly what keeps our economy going. Why do you think the banks are being urged to loan again? You definitely shouldn't borrow beyond your means but if you have the cash to pay for something outright you could still take advantage of a good loan. If you lose your job, use the cash to pay it off.
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MTBob
Montana
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Joined: 07/17/2008
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Wow, these replies are really helpful - given me a lot to think about. Today we finally got around to visiting the local Chevy dealer. A curious experience. It looked like we were the only people that had been in the place for the past several weeks. We looked at the 09 3500's and they are certainly spiffy, lots of buttons & stuff... not like my Dodge "TRUCK", if you know what I mean. Oddly the dealer wasn't willing to "deal" and had a breath taking price of around $47,000 for an 09 3500 DMax 4x4 LTZ model. I suggested they cut the price in half since, as a tax payer, I now own 2/3 of the company - didn't get anywhere. Good luck to them, hope they find someone will to buy a truck from a bankrupt company. He also said that if we could rest assured that the warranty would be upheld since the government would guarantee the payment... huh? Sounds like socialized maintenance services (aka socialized health care) O'Boy, that sounds like fun!
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FF1063
NY
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Joined: 08/04/2004
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*
* This post was
edited 06/15/09 06:06pm by FF1063 *
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cewillis
Tucson, az, usa
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Joined: 01/24/2005
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MTBob wrote:a breath taking price of around $47,000 for an 09 3500 DMax 4x4 LTZ model.
Not exactly how I'd describe it. That dealer is completely out to lunch. $47K makes the used Chevy sound a little better, though.
Cal
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cornucopia
Lewiston, ID
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Joined: 04/06/2008
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I have a 2001 dodge diesel 4x4 6 speed 3/4 ton with a 2009 Northland Grizzly 880 camper. camper weight is 2900 dry. with water and all my stuff I'm well over 3400. I have E rated tires, TL stable loads,rancho 9000xls set on 9, and torklift frame mounts. I have factory rear sway bar. my rig does just FINE. it's not like driving a honda car, but if you realize that you are driving a big,(top)heavy rig you will be just fine. I have a jake brake on my diesel and I really wouldn't want to drive this rig without it. you will be fine with your set-up.
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