Can we afford this much vehicle?

[skives]

[QUOTE=~bs;n705660]why do you need a truck[/QUOTE

well it’s the vehicle I want. But we do a lot of projects around our house that we need to haul lumber and we heat with wood pellets that we buy by the ton. Plus it’s the vehicle I want.

[disneysteve]

our goal is to payoff house 10 years after buying it. We have just under 7 years to go. Plus homes usually go up in value unlike vehicles.

I think the point was that investing the money rather than prepaying the mortgage would likely earn you a better return. It wasn't about the house vs the truck.

I have definitely made the same decision as you, though, on more than one occasion. I prioritized debt reduction over investing with my student loans, car loans, and our mortgage. With a low interest mortgage or other debt, you could likely make out better putting the money in other investments, but there is just something really satisfying about getting rid of debt. As long as you're investing adequately to meet your goals, I don't see anything necessarily wrong with using some disposable income to pay down debt.

[Jluke]

Required Mortgage payment is $558.

is that PITI (Principal, Interest, Taxes and Insurance) or just PI?

just trying to figure out how much you will save once the mortgage is paid off.

[skives]

Required Mortgage payment is $558.

is that PITI (Principal, Interest, Taxes and Insurance) or just PI?

just trying to figure out how much you will save once the mortgage is paid off.

Just PI.

[~bs]

[QUOTE=skives;n705662]

why do you need a truck[/QUOTE

well it’s the vehicle I want. But we do a lot of projects around our house that we need to haul lumber and we heat with wood pellets that we buy by the ton. Plus it’s the vehicle I want.

Just curious, because there's more economical choices. But yeah if you actually use the truck bed, it makes sense. I know way too many people that buy expensive gas guzzling trucks that haul stuff like 1x per year. Their choice, but seems silly to me when they complain how much it costs to fill their v8 guzzler

[bjl584]

It's crazy how much nice 1/2 ton pickups cost. That $20 - $25k will likely only get you a 70,000+ mile, 4-7 year old or older vehicle.
Nothing wrong with a vehicle like that, but new ones are approaching the cost of entry level houses. My first house was $25,000.

A coworker of mine just showed me a picture of a truck his son bought over the weekend.
2014 Ford F350 Diesel, Platinum Trim Package.
107,000 miles.
$32,000

That's a lot of cash for a 6 year old vehicle.

[disneysteve]

A coworker of mine just showed me a picture of a truck his son bought over the weekend.
2014 Ford F350 Diesel, Platinum Trim Package.
107,000 miles.
$32,000

That's a lot of cash for a 6 year old vehicle.

Yeah, but how much was that truck new? It's crazy but some of the fully loaded trucks now are going for close to 100K. And trucks seem to hold their value well.

[LivingAlmostLarge]

Why not start saving for retirement and back off on house? And save for truck and back off on house for now?

[bjl584]

Yeah, but how much was that truck new? It's crazy but some of the fully loaded trucks now are going for close to 100K. And trucks seem to hold their value well.

He said the factory sticker was still in the glove box.
$67,000

[Petunia 100]

A coworker of mine just showed me a picture of a truck his son bought over the weekend.
2014 Ford F350 Diesel, Platinum Trim Package.
107,000 miles.
$32,000

That's a lot of cash for a 6 year old vehicle.

Wow, he got a great deal. Yes, it is a lot, but an F350 diesel is crazy expensive.

I really hope that this son has tow needs, and did not choose this truck only because he liked how it looks.

[bjl584]

Wow, he got a great deal. Yes, it is a lot, but an F350 diesel is crazy expensive.

I really hope that this son has tow needs, and did not choose this truck only because he liked how it looks.

Yeah, I'm not sure on that, but I did see a picture and it looks sweet.