Okay. What the heck was I thinking? If I’d really wanted this truck, I should have posted the question to a “Get Some More Debt” blog. But no. Einstein here posted the question to a community of personal finance folks. The outcome, via comments, shouldn’t surprise me. Thanks to everyone who posted. I guess I knew the right answer but was hoping that, if I painted a nice enough picture, everyone would tell me to “go for it”. But, since all of you know better, you gave me good solid advice.
I have decided to suck it up and wait. A couple people gave me some input about buying a truck that is a couple years old. I would have considered that except that I want a Toyota Tacoma, and this year is the first year of their bigger body style. If I was to buy a couple year old Tacoma truck, I’d have the same problem as my current one. (Not enough room). The only other alternative for me is to purchase a Toyota Tundra. It’s a nice truck, but I hate the gas mileage on it, and really don’t need a truck that big. As for the commenters that recommended not buying a truck at all, I just can’t consider that. We use the truck a lot for working around the house and we don’t have anywhere to put a cheap trailer because our homeowners association won’t allow any trailers in view and I don’t have room to get it behind the fence.
Thanks again for the feedback. The fever has cooled. I’m in a much better place now. After seeing some presentations at work about the amount of work that is going to move around the globe, I’m convinced I should save every bit I can. The only thing that makes me feel a little better is that, with all the baby boomers retiring over the next 5-10 years, we’ll have a pretty large number of jobs that need to be filled, and I know just the guy to fill one of them.
Good Decision! We have two paid for cars and are loving it! This is the first year my Christmas bonus and gift money won’t be going towards paying off the cars. I’m planning on keeping these cars ’til the wheels fall off (2001 model & 2004, so it’ll be a while), in the mean time, we’re finally seeing some big improvement in our net worth.
Since this year model is the one you really want, save for another 1-2 years and buy the exact truck you want, used but still newish and with cash! You’ll be glad you did!
I’ve enjoyed reading your site. It’s fun to find other people that love using money wisely – so refreshing in this day and age.
Great decision. I completely agree with Carolyn. Start saving up for this very truck and if the right opportunity comes along in 2 or 3 years when it really is prudent to replace your current truck, do it then! You’ll be in an even more prime financial position and you’ll feel no(at least a lot less) guilt!
Good for you.
Is it bad that I was going to tell you to just buy the truck? I mean, your kid is only going to get bigger. (You’re still feeding her right?)
That said, I’m a fan of buying a car in their 2nd year of a new redesign – gives them a chance to get all the kinks out. I think 10 years is a good run for a car, especially in an age of 36 month leases. At $26k, you’re paying 2,600 a year for a car, neglecting other costs of ownership. Not bad.
ahhh…the cool shower effect of personal finance psychos…
remember what dave ramsey says…
you live like no one else, so someday you can live like no one else…
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