Should I make this purchase

[ninjamike81]

Well.  After reaching my goals i set over a year and a half ago.  from 583 to over 750 fico on all 3 agencies.  I want to reward my self.  I am a certified Kawasaki and Yamaha technician and Maryland state motorcycle safety inspector.  BUT  I do not wrench as much as I used to because i have been promoted to service manager.   I have outgrown my current tool box.   I have been contemplating getting a new box for sometime now.  here's the details

MSRP                                         $10,025.00

MANAGER  SPECIAL              -   $1,800.00

INSTANT REBATE                  -   $1,250.00

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WITH TAX                                   $7,468.50

ALSO I GET

$600.00 in free tools off the truck

free xbox one system  $500 value  "kids xmas present"  

apr 9.9%  i took the inq and they approved me for $10k

55 a week for 3 years.  but i will be transferring it to a 0%apr card within 90 days and its same as cash that way.

 open to opinions  thanks for looking.

[Kirmie2010]

If its affordable for now and the forseeable future I dont see why not.

Cons -

you owe 7500 or so dollars and are in debt for up to 3 years.

You say youve outgrown your toolbox, chances are you dont need $600 more in tools.

Pros -

You needed a new toolbox anyway.

xbox one for kids xmas present.

$600 in tools can be used as gifts as well.

So I guess it comes down to (for me) do I really need that new toolbox?  Am I going to be doing enough work that would make it worthwhile?  and Can I afford it?

If you do need a new tool box, will be making use of the new toolbox and can afford it, go for it!  If not, Id pass for now.

[ninjamike81]

that's the exact conversation i have been having in my head for the last month.  thanks for the input.  he comes by my job tomorrow.  im going to see if he can sweeten the deal a little more and  make me a offer i cant refuse.

[Anonymous]

Is this a want or a need? Are there cheaper alternatives even if they look less fancy? Rough calculation shows this will be a ~ 10% utlization if new loan and ~15 if you put it on credit cards... is that worth it for you? Can you afford it? What else could you do with that money? 

[slicemans]

Check the truck to see of they have dent and scratch tool box. You might get lucky and get one in good condtion. its 1/3 of the prices.

[Anonymous]

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@slicemans wrote:

Check the truck to see of they have dent and scratch tool box. You might get lucky and get one in good condtion. its 1/3 of the prices.

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Great advice. Also see if you can't figure out how to pay yourself through Amazon payments or Paypal or something to turn your CC funds into cash to buy something on Craigslist. There are tons of people dumping Snap on/Matco/Mac boxes for various reasons. People don't realize the resale on these things are TERRIBLE. The biggest draw of these trucks is the easy free or cheap in truck financing. I've seen used boxes sell for 1/4 or 1/5 of what thye sell for on the truck. And they carry the same warranty. When a guy gets out of wrenching and needs to sell his $8K box, he finds out quick he doesn't have a ton of people banging on his door to pay $6K because nobody has that cash lying around.

Also, what are you doing with your old box? Trade it in! If you haggle hard you can get the dealers to give you a lot more in trade than you think your box is worth and definitely more than you can get trying to sell it yourself. It works out for the dealer because he is going to turn around and sell it to some guy who can't afford to buy anything up front but can afford $40 weekly payments for 2 years.

[Anonymous]

I apprenticed with a Snap on dealer in college. I saw him give a guy $600 for an old, crappy beat to hell Craftsman box that couldn't have been worth more than $400 BRAND NEW. I asked him why he gave that much, he said he'd get easily $600 on the truck because the guy buying it can't afford to buy a $400 box up front. Furthmore, he said, that his wife/girlfriend never has to know he made the purchase because he just pays a few bucks a week in cash in person, no credit card receipts or anything. 

Don't get me wrong, I LOVE Snap on tools, have a good collection myself, but I would definitely keep thinking long and hard about dropping $8K on a box. That said, Extreme Green is my favorite color and is the color of my box.

[slicemans]

I couldnt drop 7k on tool box, for that money I would buy a new car.

[ninjamike81]

Well he came by and my wife was stopping through and she saw it and said that i needed to buy it.  so i did.  what swayed my decision  was he gave me the deal stated above.  as well as om other promo items off the truck  "hoody's for myself wife and 2 kids.  and other stuff".  also i have in writing that he is giving me 4800.00 for my old box once it is emptied.  but that will be 3 cash and 1800 truck credit. that i can use for any other tools or items that i will end up needing.  thanks every one for the input.  i will try and get a pic of it tomorrow.

[Kirmie2010]

Cool look forward to seeing it  Those are nice.