To buy or not to buy?

[4hooves&featheredfriends]

OK I have never done this before..I've kept most of my postings to ag related topics. But this time I thought I would see what your thoughts are....

2000 GMC Sierra 1500 with 155k miles with the need to replace both rocker panels ($1500) and new tires ($400) prior to registration in October. 2nd vehicle 2000 Saab 9.3 with 130k on it running like a charm.

Do we -

buy a new GMC Sierra using our GM dollars as a down payment, financing for 6 years at about $300/ month. Insurance increases $120 per year and registration is going to be about $400. We would keep the miles low by only driving it for necessary trips not just to take the truck out - (no fun, huh.)

or

Repair the truck, only use it for towing and buy a used vehicle, allowing our GM money to lapse but having smaller payments per month for a shorter period of time. Yet these are vehicles that might require repairs along the way.

Please weigh in on this - I appreciate it.

 

[HennysMom]

4hooves&featheredfriends :

OK I have never done this before..I've kept most of my postings to ag related topics. But this time I thought I would see what your thoughts are....

2000 GMC Sierra 1500 with 155k miles with the need to replace both rocker panels ($1500) and new tires ($400) prior to registration in October. 2nd vehicle 2000 Saab 9.3 with 130k on it running like a charm.

Do we -

buy a new GMC Sierra using our GM dollars as a down payment, financing for 6 years at about $300/ month. Insurance increases $120 per year and registration is going to be about $400. We would keep the miles low by only driving it for necessary trips not just to take the truck out - (no fun, huh.)

or

Repair the truck, only use it for towing and buy a used vehicle, allowing our GM money to lapse but having smaller payments per month for a shorter period of time. Yet these are vehicles that might require repairs along the way.

Please weigh in on this - I appreciate it.

well lets see:

vehicle 1 is paid for I'm assuming... and 155K is still considered very low mileage, especially given the year. All in you're spending about $2K in fixes to keep a vehicle with no payments, and it runs well - insurance stays the same, so no increase there.

On the flip side - you're willing to go into car payments to the tune of $300.00 a month for 6 years ($21,600 - and that doesnt include interest btw), plus the $2,000 you are using to put down - and additional $720 extra in insurance over the course of the loan for full coverage and registration fees of $400 for a grand total all in of roughly $25K

hmm $25K or more (no interest figured in) vs. $2K...to keep the one you have...

nope.. I wouldnt - but thats just me.

ETA: save the $300 you would use to make the payment on a new vehicle and save up to pay cash for a good solid used one if thats what you need to do.

and all vehicles require maintenance... new or not.​

 

[4hooves&featheredfriends]

Thanks for the input.

No money is required down - as we have $3200 in GM Card dollars to use towards the value. So we would be financing about $16-$17k.

I don't know if this changes the scenario, but I would love to hear more info from you - Henny and all.

 

[joedie]

I don't think I could stand a 6 yr payment! I go used!

 

[HennysMom]

so.... you're willing to trade $2K in repairs and no payments in for $3200 GM "money" as downpayment, and $16-17K plus $720 in insurance and $400 in registration fees?

Your total is still going to be around $18-22K with financing and interest all in.

Bottom line, its what you and DH decide, ultimately

Me: I wouldnt trade $2K for 18-20K... doesnt make sense to me.

ETA: look at it this way for a second: if you can afford the 2K in repairs.. then repair the one you have. THEN: if you can also afford $300 in monthly payments.. set that money aside each month.

You could ultimately have 4K in a just over a year just setting that $300 aside - and I know you can buy a pretty nice used truck for 4K - or... save for 2 years.. and then you'll have $8K - a REALLY nice truck for that