Buying my first Silverado

Schmitdy · July 5, 2016

Hey guys, so after a number of years of driving a small sedan and trying to save my pennies, I think i'm finally ready to buy the truck I've been needing for quite a long time...

Right now i'm stuck between buying a 2012-2014 truck or leasing a new one for two-three years. I don't drive to much (under 10K a year) For my price range of around 24K (or $250-$300 a month) that would get me a 2012-2013 4x4 extended/double cab or a crew cab with 60-90K miles on it. For these truck with either the 4.2L V6 or the 5.3L V8, (both 4x4) how many miles is to many miles when buying?

I don't plan on really modifying the vehicle at all (even though I would like to put a tool box and a cover on the back) would I be better off leasing or buying? What do you guys think?

With leasing I can get a brand spanking new one, with a 12K mile a year lease, and built to mostly what I want for around $270ish a month.

Right now i'm going through the police academy and working part time, so I have a limited income of about $900 bucks a month.

Thank you!

thewhitestallion · July 5, 2016

Wait until you hit the streets and pass field training before you buy a truck just in case something happens. Then you can buy a truck that you really want and will not be strained too much.

I bought a 2012 the day I got hired and was getting about 950 every two weeks and I regretted it. My payment was 500 a month and I had to fill up about every four days because I was driving about 75 miles round trip. Luckily I was still living at home so that is all I had to pay for and I could barely do that.

Basically what I am saying is wait until you are done with the academy and either get hired on a PD or hit the streets and pass your FTO program. That is just my $0.02

fbachman · July 5, 2016

Please listen to that sage advice...

I overextended myself for s truck when I started my career.... Many more years ago than I am willing to admit to.

Be patient. It will be better all the way around when you get solid footing.

There will always be someone willing to sell you a nice truck, used OR new.

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Rkaroll953 · July 5, 2016

if you can wait you should, once i got my first job where i actually made real money i sold my perfectly fine 2004 for a 15. dont get me wrong i love it and i got a great deal but it is expensive. after the 700$ tax bill this month and the 7k a year payments its definitely expensive. i am looking at buying my first house soon and having the 530$ payment is something that will be tough on top of a mortgage. moral of the story hold out till its exactly right for you, dont let the want overcome the need.

Schmitdy · July 5, 2016

Unfortunately I am in need of a new vehicle. My current sedan is KIA and is unrepairable. Right now I'm struggling getting to the academy everyday by either borrowing people's vehicle (biking one time) or soon I may need to rent a car... I would just get a beater tell afterwards but that could be a year or two tell I finally get a job and right now I don't necessarily have the time to go look at a beater and inspect it to make sure I don't get a lemon. I know what I can afford that's why I'm keeping myself at around or below $300 for now. I don't need anything fancy, just 4X4, that preferably has tires and a radio haha...

Silverado Steve · July 5, 2016

Another vote here to wait until you get on more solid footing. I'd buy something cheap and reliable for now like a Civic, Corolla, Camry or Accord; something you can get most of your money back on in a couple of years. Keep in mind you say you only make $900/mon.....a truck will cost you a lot more on insurance especially if you are financing or leasing and on the increased gas bill. Take it from those of us who were once in your shoes years ago.

SouthPawCO · July 5, 2016

$900 a month? Pump the brakes and wait a year after you get hired. Get situated and wait for a good sale to come up (usually memorial day, 4th of July and December).

Schmitdy · July 5, 2016

Alright sounds good, I guess i'll wait a little while tell I can go back to being full time here in a few months and go from there.

SouthernSilveradoGuy85 · July 5, 2016

Ya wait. Not only do you have to pay the tax bill which for me it was over $600 and then you have to think about insurance. You'll also have to have full coverage on the truck so that's even more for insurance. Also going from a little KIA car to a full size truck you'll be paying more for gas than you currently are. You have plenty of time to get the truck of your dreams. It took me waiting until I was 29 and having an '86 C10 Chevy and then a '98 Z71 for 10 years. If you need a different vehicle and want a truck then get used, but it will probably need to be no newer than 2010 for you.

Schmitdy · July 5, 2016

Yeah I'm going to wait and save my pennies tell I finish the academy and have a bigger down payment. With insurance it actually doesn't differ much from the car I have now, I think it's an extra $200 a year or something like that.

But tell then, what would be a good combination of miles and price? Would a 25K truck with 20-40K miles be a good prince or more and less. Ect.. just so I know how much I need to save so I can plan accordingly.

Silverado Steve · July 5, 2016

No one can really answer that question with certainty. A rule of thumb, look for a truck with no more than 12K/yr for mileage. So a 2010 look for something around 72K.

Yeah I'm going to wait and save my pennies tell I finish the academy and have a bigger down payment. With insurance it actually doesn't differ much from the car I have now, I think it's an extra $200 a year or something like that.

But tell then, what would be a good combination of miles and price? Would a 25K truck with 20-40K miles be a good prince or more and less. Ect.. just so I know how much I need to save so I can plan accordingly.

truckguy82 · July 5, 2016

These trucks hold value tremendously well below 100k miles, what that means to me is that it does not make financial sense to purchase one with 60-70k miles.

It makes most sense to look for a great deal on a new or low mileage vehicle. (or something 10-15 years old for really cheap.

I just purchase a '14 all terrain with a 6.2, and 20k miles for $33k, loaded to the hilt. Just $5k cheaper and I'm looking at vehicles with far more miles, much older, and usually much less features/enjoyable. I went vehicle shopping and planned to spend around what your trying to spend. When I saw what I could get for a few more grand, it made it a no-brainer. From an accounting and net worth perspective, I believe it's actually a better financial decision to purchase the newer truck with less miles. That doesn't happen often, and it's amazing when it does.

Silverado Steve · July 5, 2016

^ Define holds their value tremendously? These trucks have a very average resale due to the amount of discount GM puts on the hood. Tremendous resale is a Toyota Tacoma. My 2007 Tacomaonly lost $7K in 7yrs. My 14 Silverado lost $11K in 2yrs.

Tek74 · July 5, 2016

As stated above.....get a very used basic car until you complete the Academy and your 90 day FTO program. Any of the (3) FTO's can wash you out.

Personally, I think you should wait until after your FTO program and until after you are past your 1yr probationary period. Then you can buy the truck you really want.

It's all about Deferred Gratification man. I wanted a new Silverado for three years before I bought one.

scottp1108 · July 6, 2016

Personal opinion, and speaking as a FTO for the last 10 years, WAIT. Get another beater, pay cash for it, and wait. Between the academy now and going through an FTO program, you're not going to have much free time to use the 4x4 (unless you need it where you live just to get around, then I guess disregard all this). At minimum wait until you're done with training, but preferable until your probationary period is over. Then, you can get yourself a nice new present to congratulate yourself and enjoy it without over worrying about the financial aspect.