need help with what to do with my truck

[Pemerling]

Alright its gonna be a kinda long story but hang with me. I recently have accepted a new job as a project manager for a construction and landscape contractor. I will be driving 40 miles each way to work (almost all highway agianst traffic) 5 days a week but will increase when I get into the winter season because I will be plowing and sanding during the winter. Now my goal is to start up my own company in the next few months as well to establish myself in the industry. I plan on buying equipment when possible, skid steers, trailers, mowers, backhoes etc. Now I currently have a 2003 dodge ram 2500 hemi which i get about 11 mpg in the city and 14 on the highway. I am considering three options. (1) Keep the truck and my 300 monthly payment (ive got liek 13,000 to pay off) and just ride out the gas prices or (2) trade in my truck, dealer will give me 23,000 for it and buy a diesel for 32,000 (same truck) new cummins six speed and have payments around 425-450 a month and owe like 20,000 on it or (3) pick up a used 1999-2000 f350, f250 or dodge 2500 diesel and dump like $3,000 into it and have a relatively small payment (financing like 4,000 dollars) and use it untill i make enough money to buy a new one. what do you guys think?

 

[aldive]

If it were me, I would go with the used truck.

Good luck......

 

[metalhed]

I would probably go used too.. Always thought it was better to be squared away with an older vehicle than go upsidedown on a newer one.

 

[Pemerling]

I just feel like such an idiot trading in my new truck with 25,000 miles on it for a used one u know

 

[aldive]

I just feel like such an idiot trading in my new truck with 25,000 miles on it for a used one u know

Consider the fact that you will be able to laugh all the way to the bank by doing so.

 

[metalhed]

Since it's going to be a work truck, it's going to get dirty. You'll get some dings and dents, you're going to be putting alot of stress on the motor and drivetrain every day.

I would get something made for these sorts of things, not a brand new clean truck that will make you cringe anytime something scratches it.

If I read it right, the used truck would be a work truck only, and you'll keep your ram as a daily driver. I seriously think this is your best option. Ram won't pick up as many miles or damages (interior/exterior) and will still maintain relatively the same value.

Even if you don't keep the ram, at least you'll see some return off of it. After a year or so of using it as a work truck, it will probably cripple the value.

Used is probably your best bet until you can comfortably afford something newer. Just my opinion.

 

[Pemerling]

im sorry i didnt clarify myself. i will not be keeping my dodge if i deciede to get another truck. i simply cant afford it and would like to use the extra capital to get my business off the ground. the benefit of buying the new dodge would be reliability

 

[Purdue72]

buying the new dodge would be reliability

Doesn't that equal an oxymoron!

 

[Purdue72]

j/k, couln't resist.
I just prefer Fords even when they're sitting in my driveway and not running.

 

[metalhed]

im sorry i didnt clarify myself. i will not be keeping my dodge if i deciede to get another truck. i simply cant afford it and would like to use the extra capital to get my business off the ground. the benefit of buying the new dodge would be reliability

Like you said, you could use the extra capital to help push your business. I think this is a no-brainer. You could have a nice new truck and very little bank to rely on, or something a little older and some extra capital to invest. Also as you said before, after the business starts taking off you could always buy a better truck.

Don't overextend yourself on this one. Go with what you feel comfortable doing, and work from there.

Goodluck.

 

[Mike 92 XLT]

Another vote for the used truck. Like it was mentioned before, since it is a work truck, it'll get beat up. It's a lot easier to beat on something that you own free and clear. Plus, with the money you save, you can grow your business quicker and start making more money to get yourself something nice as a non-work vehicle.

Edit: metalhed and I were thinking the same thing.


Mike

 

[Crazy5711]

I'm gonna hafta go with the used truck idea. What you need is something you can beat up without worrying about it. Just make sure you do plenty of research, cause I'm sure you don't want to have to spend all that extra capital on fixing that truck.

 

[james t]

Used Cummins and never look back.

 

[Crazy5711]

Used Cummins and never look back.

BLASPHEMY!!!

LOL