How would you build a "forever" truck?

[Nitrousbird]

On 1/8/2020 at 12:12 AM, Grumpy Bear said:

  

FYI, 1965 dollars bought 40% more goods than todays dollars.

 

 

People use to tell me I was an idiot for paying off my home. Tax right off they cried! I would point out that over 30 years on a 7% note you pay triple for that home just in interest. You save pennies on the dollar in taxes on property taxes and interest. I saved out of pocket a quarter of a million dollars by paying my 30 year note in under 7. I didn't give the bank $11,900 in interest on $12,000 in payments the 10 years either. I could spend 12 K in interest or save 3K in taxes. No brain' r. 

Your percentage on 1965 dollars is way off, according to the Bureau of Labor and Statistics.  Try over 700%.  But you made a lot less then.  But that's inflation; perhaps you are comparing media income.  In 1965, media income was $6900.  In today's dollars, that is $55,985 .  Median income in 2019 was $63,688.  So you actually have a LOWER media income in 1965...

 

As for paying off a mortgage early...who the hell is paying 7%?  We haven't seen awful interest rates (baring poor credit) in a LONG time.  Our house is financed at 3.25%.  Could pay it off today, but investments tend to pay out more than that, ignoring any tax advantage.

 

As for new vs used, it simply comes down to tracking actual cost.  I keep spreadsheets of all of our vehicles, with all maintenance and repair costs, along with updating what i'd expect to sell it for regularly.  Once that monthly cost number after sale climbs to a certain threshold, it is time to sell.  That's what triggered buying my truck, my last one (Escalade EXT) was hitting a number that was no longer making sense.

[KARNUT]

Your percentage on 1965 dollars is way off, according to the Bureau of Labor and Statistics.  Try over 700%.  But you made a lot less then.  But that's inflation; perhaps you are comparing media income.  In 1965, media income was $6900.  In today's dollars, that is $55,985 .  Median income in 2019 was $63,688.  So you actually have a LOWER media income in 1965...
 
As for paying off a mortgage early...who the hell is paying 7%?  We haven't seen awful interest rates (baring poor credit) in a LONG time.  Our house is financed at 3.25%.  Could pay it off today, but investments tend to pay out more than that, ignoring any tax advantage.
 
As for new vs used, it simply comes down to tracking actual cost.  I keep spreadsheets of all of our vehicles, with all maintenance and repair costs, along with updating what i'd expect to sell it for regularly.  Once that monthly cost number after sale climbs to a certain threshold, it is time to sell.  That's what triggered buying my truck, my last one (Escalade EXT) was hitting a number that was no longer making sense.

When I bought my first house in 1977 the FHA interest was 13 percent. My payments were 208 per month. My car payments were 100$ per month. Average construction pay non union was 5-7$ per hour etc. Being involved in the family business we kept our pay in line with average middle class scale with yearly bonuses that our employees participated in. It’s much better now. I personally paid off my house off early and rented it out. Later sold it owner financed. There’s an argument now about not paying off early and investing in IRA instead. I like both. Pay off early and IRA. As far as vehicles I did both. My wife keeps hers, I traded often. We have 3 of her paid off cars now all trouble free and low mileage. Usually her vehicle is warranty covered through the payment period. It makes it through that trouble free, it tends to stay around.


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[Malibu SS]

Bought a 77 Suburban, 4 wheel drive, loaded.  Brand New.  Kept it 21 years and sold it for 1K dollors.  Bought a 98 Silverado 4 wheel drive,  brand new and kept it 21 years.  Sold it for 3500 dollors.  My 2007 Duramax is at 116K miles,  and mostly sets in the barn.  Ill have it til I die or give it to my grandson.  My 2015 High Country,  will be the same....Or until I am too old to work on it and have to buy an Electric Car.........Forever car.....It can be done.....It helps if you grew up in a time  way, way  back,  when working on a car was a passion....and not a hobby.  You had to be able to paint,  build motors,  transmissons, rear ends,  and repair anything that was thrown at you.  And most of all.......You have to have your HEALTH...  Its much easier to have a forever car if you smoke, drink,  do drugs and be stupid with your life.  You wont be around ....Forever....and if you are,  you will be too sick to worry about trying to keep a Forever Car.  

Keep it garaged and painted underneath.  Dont run to the car wash every time it gets salt on it.....Keep it dry....Dont soak it down at the car wash every week in the winter.  Once every 3 weeks to a month is enough.  This tip is contrary to all logic...Take it for what  its worth to you.  I have all kinds of other tips but you will have to figure them out yourself.  Good luck on your   " Forever "  ..venture.  ....

[Grumpy Bear]

14 hours ago, Nitrousbird said:

Your percentage on 1965 dollars is way off, according to the Bureau of Labor and Statistics.  Try over 700%.  But you made a lot less then.  But that's inflation; perhaps you are comparing media income.  In 1965, media income was $6900.  In today's dollars, that is $55,985 .  Median income in 2019 was $63,688.  So you actually have a LOWER media income in 1965...

 

As for paying off a mortgage early...who the hell is paying 7%?  We haven't seen awful interest rates (baring poor credit) in a LONG time.  Our house is financed at 3.25%.  Could pay it off today, but investments tend to pay out more than that, ignoring any tax advantage.

 

As for new vs used, it simply comes down to tracking actual cost.  I keep spreadsheets of all of our vehicles, with all maintenance and repair costs, along with updating what i'd expect to sell it for regularly.  Once that monthly cost number after sale climbs to a certain threshold, it is time to sell.  That's what triggered buying my truck, my last one (Escalade EXT) was hitting a number that was no longer making sense.

Paragraph 1: Whiff. Point wasn't wages. Point was the buying power of those wages. Exactly what do you think inflation is? Were you thinking the buying public was winning that battle? 

 

Paragraph 2: Okay, I see I made that too simple. Point was that at the 7% figure the 30 year cumulative payments equaled three times the purchase price. People whine if the reality is complicated then whine more when it is made simple. So...ya just want to whine. Go figure. 

 

Paragraph 3: Yea....whatever...it's your money. Every dollar I ever made was taxed when I made it and taxed when I used it. Those taxes dollars are real hours I really work and real money I don't get to spend. Opinion varies. The truth does not. 

 

I care enough for the general population of the forum to offer an opinion.

I don't care enough to fight to get any one individual to consider it worthy. 

 

 

 

[wforrest08]

I had a burrito for lunch. Just thought I would add something else that has absolutely nothing to do with the question asked since that seems to be the thing to do...

 

[j-ten-ner]

3 hours ago, wforrest08 said:

I had a burrito for lunch. Just thought I would add something else that has absolutely nothing to do with the question asked since that seems to be the thing to do...

 

I think that the discussion is still on topic.

You have to take the cost of a "forever" truck into account.

 

so long

j-ten-ner

[jroc1990]

Everyone is talking about rust, but no one is talking about preventing rust.  Chevys come with that awful rubberized undercoating that eventually flakes off.  The best thing to do would be to scrape/grind/sand as much of the underside as you can to prep it for paint, por15 is a super solid product that holds up well.  Fluid film will also be your best friend, apply it before every winter hits.  The fenders/rockers/wheel wells need painted, get a spray gun with a wand, with the rockers youll probably have to drill a hole for the wand, but that one hole could save your rockers assuming they're not to far gone.  Yes this takes a lot of money and even way more time, but if you want something to actually last that's what you gotta do

[MikeBMW]

7 hours ago, jroc1990 said:

Everyone is talking about rust, but no one is talking about preventing rust.

Or, just live in inland Florida, Texas, California, Colorado, Kansas, etc...
I realize this isn't a viable solution for many so your solutions are great ways to prevent rust in areas where it's truly an issue.
Thanks!

[davester]

POR15 would work well, if you can dip the frame and all the parts in it, then reassemble without scraping off the paint.  Every spot where water can get past the POR15, it will, and then it will hold the water there, under the paint, rusting out the frame that much faster.  And it's tough to get the frame clean enough everywhere for POR15 to stick, particularly inside the frame.

 

Regularly spraying the frame w Fluid Film or similar products, is more likely to make it last