topic Re: Decisions, decisions... in General Credit Topics

Decisions, decisions...

tcbofade — Tue, 25 Feb 2014 04:37:28 GMT

Forgive me if I miss something, I'm going to try to compress several long stories to ask for YOUR opinion...aren't YOU important!

Wifey and I bought a home in November. Our "out of pocket" was much, MUCH less than we expected. Now we are in the home and have more dollars in the bank than we expected.

I've been looking for a particular pick up truck for a very, very long time. It's relatively inexpensive...$1,500 to $3000 or so. Found one on Craigslist, asked for some photos and believe this may be the truck I've been looking for.

...but now I don't want to spend the dollars...yes, I have them, yes, we can spare them, yes I want the truck...but I'm somehow hesitant to part with the cash.

Spoke to my sister about this...she suggested a small signature loan from my CU...say a $3k loan with a $100 monthly payment or so... I'll confess I hadn't thought of that.

No, I don't NEED the truck...I've got one...just not the one I want.

Your thoughts?

Re: Decisions, decisions...

Chris679 — Tue, 25 Feb 2014 05:10:47 GMT

Why pay interest if you have the cash? If something came up that you need the money for you could get the same loan then and be no worse off really.

Re: Decisions, decisions...

myjourney — Tue, 25 Feb 2014 05:36:33 GMT

@tcbofade wrote:
Forgive me if I miss something, I'm going to try to compress several long stories to ask for YOUR opinion...aren't YOU important!

Wifey and I bought a home in November. Our "out of pocket" was much, MUCH less than we expected. Now we are in the home and have more dollars in the bank than we expected.

I've been looking for a particular pick up truck for a very, very long time. It's relatively inexpensive...$1,500 to $3000 or so. Found one on Craigslist, asked for some photos and believe this may be the truck I've been looking for.

...but now I don't want to spend the dollars...yes, I have them, yes, we can spare them, yes I want the truck...but I'm somehow hesitant to part with the cash.

Spoke to my sister about this...she suggested a small signature loan from my CU...say a $3k loan with a $100 monthly payment or so... I'll confess I hadn't thought of that.

No, I don't NEED the truck...I've got one...just not the one I want.

Your thoughts?

Hi my friend,

I want a new vacation home in the Caribbean on the beach and under 5000 sq.ft of air. w/ olympic pool

However how much will I use it living in the states and can I enrich my life better by saving that money and putting it to use elsewhere.

You see where I'm going with this?

Because we talk I know you did a lot of work in the home before you moved in and still have more to do.

So my question is why spend the money or take out a loan on a truck that you won't drive all the time because you have one already and I do understand how we're about our cars..It's a man thing in most cases Lol

A truck you could get later IMHO

Re: Decisions, decisions...

tcbofade — Tue, 25 Feb 2014 18:13:11 GMT

Valid points, both. Thank you.

MJ, ...but I really waaaaaaaaaannnnnnnnnt it...

Don't know if this affects your thoughts or not, but I'll add it anyway...current truck will be either passed on to my son or sold...I certainly don't need two of them.

I'm being very, VERY particular about model year, condition, trim package, drive train etc...Ford did not build exactly what I want as a stock truck...someone had to order exactly what I want...and while there ARE others out there, they are awfully hard to find.

Re: Decisions, decisions...

Chris679 — Wed, 26 Feb 2014 01:03:21 GMT

If you are looking for permission to buy the truck maybe ask your wife ?

Re: Decisions, decisions...

tcbofade — Wed, 26 Feb 2014 01:23:35 GMT

Wifey is fine with it...it's ME that doesn't want to spend the cash...

...I never said I was smart...

Still trying to figure this one out...

Re: Decisions, decisions...

takeshi74 — Wed, 26 Feb 2014 13:35:49 GMT

What are your priorities? If you want to save money then paying interest probably isn't the best option. If you want to build credit the loan can help. If you want to build your safety net then purchasing the truck probably isn't the best option. It really all depends on what you're looking to do. As for the purchase itself that's a decision that you have to make for yourself.

What makes you hesitant about spending the cash? Feedback is great and all but your specific situation and priorities play a major role in this. If you're asking "What would you do?" it sounds like I'm the wrong person to ask as I own 3 vehicles and the least expensive is a number of times more than what you're considering. My decision fits my situation and priorities but it probably doesn't apply to you.

Re: Decisions, decisions...

Uppingmyscore — Wed, 26 Feb 2014 20:56:37 GMT

Craigslist scares me so you know I won't be giving someone my hard earned cash. GL with your decision.

Re: Decisions, decisions...

Anonymous — Wed, 26 Feb 2014 21:01:21 GMT

@tcbofade wrote:

...but now I don't want to spend the dollars...yes, I have them, yes, we can spare them, yes I want the truck...but I'm somehow hesitant to part with the cash.

Your thoughts?

When in doubt - Don't.

Re: Decisions, decisions...

tcbofade — Wed, 26 Feb 2014 21:05:47 GMT

@Anonymous wrote:
@tcbofade wrote:

...but now I don't want to spend the dollars...yes, I have them, yes, we can spare them, yes I want the truck...but I'm somehow hesitant to part with the cash.

Your thoughts?
When in doubt - Don't.

Thank you. THAT was the logic I needed.

Re: Decisions, decisions...

Uppingmyscore — Wed, 26 Feb 2014 21:10:03 GMT

Good for you!!!

Re: Decisions, decisions...

Chris679 — Wed, 26 Feb 2014 23:53:28 GMT

If the wife gave the ok and you are still aren't sold then yeah, probably best to hold off.