We are in the process of repairing our credit.
His is 660s...mine is getting there. He has a paid for truck that the transmission has gone out in. So he “needs” a new truck. Originally it was going to be a 15-17k older model/higher miles but dependable to use for the next 2-3 years to allow us to still tackle debt. Now he is looking at 40K+/$600+ a month. I am not happy and have expressed so. He thinks there is no need to rebuild the transmission in PAID for vehicle because of the expense. I say $4k for rebuild is better than taking on a $40k truck. He says why spend $$ on older truck when he can get a newer one that will last longer. We are not seeing eye to eye on this at all. I say if he can produce $600+ a month out his ear for a truck payment he’s been holding out on my debt tackling plan.
Help. Advice? Suggestions?
I drove a 2002 Ford Ranger until June of last year. Didn't want to spend the money to fix it and started shopping for a car. I decided to buy new because I wanted to have a reliable car with warranty. I miss that extra $600 a month. I wish I had bought a cheap beater for cash. I still have my truck and it's fixed now. If I could sell my new car, I would, but I'm still upside down on it. I really could use that spare cash right now because I'm paying off my cards and loans. Instead of being $5k from being debt free, I'm now $30k from it.
Option A: Rebuilt tranny
Option B: Buy a used truck
Option C: 40k brand new truck
Option A is the most practical, assuming that the tranny is the only thing wrong. As vehicles age, other things can pop up, and if you are spending 3k a year in repairs (beyond the normal maintenance costs) Option B may make more sense.
I see no scenario where Option C is the best choice
Am I correct that the 600\mo. for a new truck is not including the higher insurance you (or he) will be paying as well? If that’s the case, that $600\mo payment is now $750-800
I’ve seen your other posts and know that you have some baggage you’re trying to fix. Good for you! Are these just your accounts, or is his credit bad too? I only ask because if it is merely just you, he may well think the hell with your mess, Why should he pay your bills? That seems a rather jerkish attitude, but I can at least say, “okay, I get it…” (please understand, I’m NOT taking his side, just trying to rationalize how he is thinking)
Now on the other hand, if these debts are both of yours, or he has his own set of baggage, well, not only is he being a selfish jerk, he is also irresponsible.
Sadly, if he is adamant about getting a brand new truck, short of threatening to leave him, there’s nothing really you can do about.
Whatever he chooses to do, don’t let it distract you. Keep doing what YOU can to do to improve YOUR credit file.
Thanks Fi-Fico. I am on board with option B. I have even offered for him to trade my car in and I will get an older cash car. I have worked hard to clear his report of any I correct info. There are some late payments showing on his but no collections, etc. Mine is the one hit the hardest. Although it is totally not in his nature I do feel like there is a bit of, I make $xxx per year and work everyday and if I want it I will get it. He did support us while I stayed home with our children.
I guess I am going to express one more time that this is not what is best and from here in focus only on me and mine.
After we got in deep doo doo I implemented the motto, "Is it a need, or a want?". If it's a need then fine, we'll figure it out....If it's a want, well you know the saying..want in one hand and poop in the other, guess which one fills up first.
Heck, if he doesn't look at his scores then tell him, uh-oh....your auto fico isn't good enough they might laugh at you.... hahaha
Here's my thing, the new truck really could be the best choice, but why does he need a $40k+ truck? Just 8 or 9 years ago I bought a brand new Toyota Tundra base model with the 5.7 liter V8 for just over $21,000. Why wouldn't a truck like that serve him just fine? My truck was definitely low on frills but had everything I needed including tow package and the biggest engine Toyota had. True, it had cloth seats vs leather, steel wheels vs mags, bench seat vs buckets and a console (that actually appealed to me) ect., but you have to be practical at times instead of getting what you want.
With that said, I realize prices have gotten highter, but I bet he could get a full-size pick up in a base model for around $25k (most start with MSRPs around $30k but with discounts $25k is doable) with any of the big three and including Toyota. That would be a more practical approach. For me personally, I can't see spending $40k on any vehicle especially a truck.
Brian_Earl Thank you for your response. The thought of another large (to me) payment just does not make sense to me. At least I hope you are enjoying your new truck!
I enjoy the car, but would enjoy the extra money more. I don't know the history of your financials, but something to keep in mind is, if you've been pinching pennies for a while, that may be the reason for the urge to splurge. It's hard going for extended periods if you're not occasionally giving yourself a break. I think that's one of the reasons many people fail at reaching their debt goals. I'm the type of person that will push until I reach my goal, no matter the cost. My wife on the other hand, gets frustrated because she sees her family and friends who make less money than us going on trips and buying nice things. I have to constantly remind her they're putting themselves in debt to do it. But, for both of our mental well beings, I do try to splurge here and there. A nice dinner once a month where we don't worry about cost, annual passport to Disneyland, whatever. It drives me nuts inside because I feel it keeps us from hitting our goal sooner, but it helps to keep us from killing each other. I would just try to find a compromise that you're both ok with.
Ooooh how I feel your pain! My SOs A/C & heater and what not went out just as he started a new higher paying job and for a minute there he was dead set on rewarding himself with a newer truck. Took a lot of work to change his mind. Had to have a few very candid conversations about priorities, lifestyle creep and what's best for us financially. I (barely) convinced him that spending what turned into 3k to fix his current truck vs. financing a newer truck would allow us to save and invest a bit and made a deal with him that when I graduate next year and go back to work we can revisit getting him into something newer. Moral of the story: Communication is key. Why strain your finances with a large expenditure now when with a little patience and work cleaning up your credit and raising your scores you can qualify for better financing and in the meantime save/invest and have a larger down payment ready later? I'm a fan of option A. Fix the transmission and drive it til the wheels fall off while saving for the next one. SOs truck is an 02 and my car is an 06 lol. If A isnt viable because of other issues with the truck then go with B. No sense adding unecessary strain and expense into the equation. Don't get me wrong, there are days I long for things like bluetooth and back up cameras but then what would I do with all those CDs I bought in the 90s?! And honestly, the thrill of a new vehicle wears off pretty quickly.
Don't get me wrong, there are days I long for things like bluetooth and back up cameras but then what would I do with all those CDs I bought in the 90s?! And honestly, the thrill of a new vehicle wears off pretty quickly.
Accidentally leave them in the player when you dump the vehicle on Carvana
Tongue-in-cheek aside anything above the bare minimum for a servicable vehicle is almost by definition an luxury expense and therefore not a need. No better advice to handle a SO who has a spending problem than what's already been stated above though.
(Though the joy of autopilot on California freeways has still not worn off so that thrill is still there: so much win compared to my old car)