What do I do...

[Reksanity]

I'm a 16 year old who just got his license and was given a 2001 sport trac 4x4 by my dad with roughly 120,000 miles. We spent 2 winters in Chicago with the truck so it is VERY rusted also my dad didn't really care for the truck. The interior is falling apart as expected and the ac compressor is failing and my power steering is getting weaker and weaker, I also need new tires but I don't have the money. Also when im going about 70 the vehicle starts to vibrate in an unnatural way.
My parents have told me for years that im on my own for the truck, 780 dollars for 6 months on insurance, I have to pay gas and repair. I fear that if I keep this truck the more things will go wrong and the truck wont be worth fixing, leaving me with no vehicle for a long time so I can save up to buy a new vehicle. I wan to sell it and get something that wont leave me in such a dangerous financial situation but my dad says keep it for 2 more years. Is he right?

 

[crispins]

Is that insurance price for basic liability insurance or full insurance as it sure seems very high.


My opinion is you cannot afford to keep the truck and it is not going to be worth very much selling it either.

You should sell it for a $1,000, go without a vehicle for a while and save money while you also save by not paying insurance.

In 6 months you could buy a $2,000 vehicle and have a few $100 saved up for repairs as they are needed.

 

[Reksanity]

Is that insurance price for basic liability insurance or full insurance as it sure seems very high.


My opinion is you cannot afford to keep the truck and it is not going to be worth very much selling it either.

You should sell it for a $1,000, go without a vehicle for a while and save money while you also save by not paying insurance.

In 6 months you could buy a $2,000 vehicle and have a few $100 saved up for repairs as they are needed.

Its full coverage, my parents put me on my own plan instead of having one with my family for whatever reason.

 

[crispins]

Its full coverage, my parents put me on my own plan instead of having one with my family for whatever reason.

You do not need full coverage on a vehicle worth $1,000, that is a waste of money and makes no financial sense.

Drop the insurance down to just liability only and you may find yourself having enough money to keep this truck.

 

[koda2000]

I bought a $1000 '01 Sport Trac 2.5 years ago. I bought it sight-unseen, knowing that it was a non-runner (bad fuel pump). Looking back on it, I wish I had never bought the truck. I had to fix sooo many things, besides the fuel pump, that I have too much time and money in it. Furthermore hardly a month goes by where something else doesn't need fixing. I did all my own repairs and used good used parts where ever I could. I could probably sell it for what I've got in it, but to make a reliable vehicle out of it I'd have to pull the engine out to replace the timing chains. Turned out to be a real money pit, that I can't trust. Oh well, I gambled and lost, plus I have several other vehicles I can drive.

I think your dad is dead wrong about you keeping the ST. I suggest you get rid of that thing for whatever you can get for it (maybe you can find another sucker like me), save up some money and get a reliable vehicle you can afford.