Buying a new 2500

[doozer78]

So I've always wandered how everyone can afford these new trucks. With costs upwards of $80k on certain models how does everyone afford them? I'm not asking what you do for a living or how much money you make but it just blows my mind how many people out there purchase these new trucks and it seems like it's no big deal especially all the add ons after buying one. I'm in the market for a new 2500 but man the cost just is insane. I feel I have a decent paying job. I have Bills like most but it seems the payments are $800 or more a month which is nuts!!! So how do you all do it??? Just curious

 

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[ROOK Lucky 13]

Savings plus tax refund plus selling the old rig for a really healthy down payment, plus loans and choosing the $43k “Custom” trim model get me there.  There is quite a bit a story for each of these items, including me learning nearly every trade there is in (unintentionally) flipping a few houses I’ve lived in to “buy up” and make out pretty well and actually be able to save a few years to pull the trigger.  Never had a new heavy duty pickup before this, just the hauling rig (1995 K2500 Suburban beater).  Although, with all the side work I ended up putting in on my houses, yard, families’ places, it impressed upon me the value in having a capable truck.

[CamGTP]

I've talked to a few people at dealerships before and some say people will go with longer than 5 year loan just because they have to have it. Or they will just forever be upside down on a vehicles and trade them in every few years.

 

I sometimes wonder around here how a younger new married couple with 1 or two kids that both drive 40+k vehicles can afford a $350,000+ house. I guess being in debt up to your eye balls is cool or have 40-50 year loans. I mean how do you have $75,000 for a down payment when you're already paying through the nose for everything else you have before the house. I try not to scawbble over this too much, just a thought that comes through sometimes.

[brclark82]

I bought my first new truck 6 years ago.  Silverado half ton High Country.  It was a leftover ‘14 after they had ‘15s on the lot and I got it for around $45k.  I saved $10k for down payment and used that plus about $10k worth of previous paid off trade in to finance only $25k and also got a 3% interest rate.  2.5 years later I upgraded to a ‘17 Duramax High Country the same way, as a left over after the ‘18s hit the lot.  Sticker $68k and I paid $56k plus still had $20k equity in previous truck plus I saved another $10k to put down.  Then I had less than $30k loan on a $56k truck.  This year I owed $12k on that truck and sold it for $46k for $34k equity plus another $10k savings.  $80k sticker, bought it for $68k minus $44k down equals $24k loan on a truck with an $80k sticker price.

 

If I didn’t need or want such an expensive vehicle, these trucks are easy to sell private party and I could pocket $35k easy probably closer to $40k and move on.

 

Thats one way

Edited July 16, 2020 by brclark82

[Dunn]

they trade their paid off 3 or 4 yr old truck for the 80k version....

 

like buying a house....you start off with bottom and trade up, because you have equity you just keep upgrading

 

i thought same thing awhile back....payments on 80k truck would be insane....unless you have 30-3-40k down payment (trade in)

 

i came from a 15 yr old truck i drove into ground and paid 47k for my 2500 and even that is bit much for me but i wont need another truck for along time....and so far hear the 2500/3500 are indestructible....so well see

[Dunn]

3 hours ago, CamGTP said:

I've talked to a few people at dealerships before and some say people will go with longer than 5 year loan just because they have to have it. Or they will just forever be upside down on a vehicles and trade them in every few years.

 

I sometimes wonder around here how a younger new married couple with 1 or two kids that both drive 40+k vehicles can afford a $350,000+ house. I guess being in debt up to your eye balls is cool or have 40-50 year loans. I mean how do you have $75,000 for a down payment when you're already paying through the nose for everything else you have before the house. I try not to scawbble over this too much, just a thought that comes through sometimes.

350k house.....damn you cant touch anything here for less than 600k and its a 1 mil for 2 bed in decent area.....i cant afford to buy house.....my truck and keep my rent low....if married prob a different story, lol

[davester]

I went for paying $5k cash for a 10 year old truck, spent maybe another $3-4k fixing it up and adding 4wd over a couple years, and now it's been pretty reliable, and while it may be a bit thirstier on gas than a newer, similar truck, I am a bazillion dollars ahead vs buying a new truck and making monthly payments, even if it needed no work except regular maintenance.

[CamGTP]

A "good" job around here is $20-25 an hour and of course 30+ is living pretty well in these parts. Two people making 80-100k a year combined is doing alright if you don't wanna live in the richy rich parts of the cities.

 

When I see avg price houses in other major cities across the country at 400-600k all I think is that whatever job you got must be pretty damn awesome because that's like 80-100k a year type money lol. You'd be a high roller if you pulled in that kinda chinge here.

[kenny_r]

Crazy part is that homes and jobs can fluctuate in price depending on where you are in the country.....but vehicles don’t. I wonder how it make sense to have a pickup that’s nearly the price of a house [emoji848]

[Dunn]

7 minutes ago, kenny_r said:

Crazy part is that homes and jobs can fluctuate in price depending on where you are in the country.....but vehicles don’t. I wonder how it make sense to have a pickup that’s nearly the price of a house

this is true....have always wondered that myself

 

here its nothing compared to house but often wondered about other parts where the houses are beautiful and cheap but vehicles stay same

Edited July 16, 2020 by Dunn

[Dunn]

26 minutes ago, CamGTP said:

A "good" job around here is $20-25 an hour and of course 30+ is living pretty well in these parts. Two people making 80-100k a year combined is doing alright if you don't wanna live in the richy rich parts of the cities.

 

When I see avg price houses in other major cities across the country at 400-600k all I think is that whatever job you got must be pretty damn awesome because that's like 80-100k a year type money lol. You'd be a high roller if you pulled in that kinda chinge here.

per couple ea has to pull 100k here....

[Tomato]

Remember the old saying...Your last vehicle will cost as much as your first house.  I am probably older than most of you, but I almost hit that with the new Denali DRW MSRP.

 

If you think trucks are bad, take a look at boats nowadays. I had a nice bow rider that we used the heck out of 20-years ago. Paid $21K for it brand new. Same model today is well over $60K. But that's nothing...The new wakeboard boats that were $60-$70 20-years ago now push $200K!!!  Insane.

[kenny_r]

Remember the old saying...Your last vehicle will cost as much as your first house.  I am probably older than most of you, but I almost hit that with the new Denali DRW MSRP.
 
If you think trucks are bad, take a look at boats nowadays. I had a nice bow rider that we used the heck out of 20-years ago. Paid $21K for it brand new. Same model today is well over $60K. But that's nothing...The new wakeboard boats that were $60-$70 20-years ago now push $200K!!!  Insane.

Let’s not even go there with boats [emoji849][emoji15]

[48548]

I am saving for a new truck right now.... my 12 I paid 63k new for a 2500 denali hd. That was otd with a 10 year 120k warranty and tags/tax in az which is a rip off. Got 1.75 interest on it put down 20k. Paid it off in 3.5 years. Truck is 8.5 years old now and it has 25800 on the odo. No kids and wifes jeep is paid for. Only debt is the house.... i have close to 53k in my vehicle fund... might look at a new denali hd when they offer adaptive cruise and 500hp and 1k torque. Or thinking electric hummer would work for me as well..

 

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[ROOK Lucky 13]

The other thing is, I’m 41 years old. Took me this long to put down on a new pickup.

Save. Build equity in your home. Be smart, don’t piss money away on booze and women. Well, at least the women part!


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