Buying A New 08

norm69 · July 7, 2008

My first post...here it goes.

Ordered a 2008 SLE2 Ext 4WD, with some goodies on it. Have a buyer for my 2003 and the new one is due in August. Looks like I am good to go. Well I get to thinking, not having a monthly is real nice since the 03 is paid off and gas is a bit pricey (at least here in NY). Also if the economy takes a real nose dive and companies really start laying off, will I be next? Also not sure if the rebates will still be as good as now, dealer indicated they "should" get better with the 09's on the way. Basically I am getting cold feet on this. Truck is $34,084, supposedly $400 below invoice per dealer. Mine is selling for $14,000 and I have $2000 to put down. Payment with the rebates and 16k, plus taxes and fees would be $284 for 60 months (5.09%). Good deal?? Should I throw care to the wind and do it? or bail on it?? Thanks.

see attached for build summary

2008_GMC_SLE2_3SB_buildSummary.pdf

AllBlkdOut07 · July 7, 2008

I might rather put the 14K in the bank since the economy is so sketchy, put down much less and make $500 payments per month, but that's just me.

dsmazz · July 7, 2008

If it were I, right now? I'd bail on it. The economy is extremly bad right now. 62,000 jobs lost in June alone. Energy costs are hitting all time highs with no end in sight. The bubble is about to burst. It's going to bet a lot worse before it gets better. I'd say, if your current truck is paid off, that's where you want to be right now.

rvsahs · July 7, 2008

Don't know the nature of your occupation and whether it is susceptible to layoffs, downsizing, and the like. If it is, maybe you should rethink the purchase decision. Why do you need a new rig in the first place? Also you are at the tail-end of the 2008 model year, so depreciation is a concern. $285 will buy quite a bit of gas in your '03. Maybe you could invest the downpayment $$ while you wait for something that comes along at a later date.

If you really want to go thro with the order, think about a shorter loan term, say 36 or 48 months if it is still within your budget. Lower % rates are probable, truck will be paid off quicker, and being "upside down" is of less concern. Just my 2 cents on the matter.

jrrod2004 · July 7, 2008

I would say $28,000-$32,000 out the door, but everyone else has valid points, do you really want the new one or can you wait to see what may happen. I would wait only because of the price and the current level of inventory that you may be able to find since these trucks are not moving as they once did