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View Full Version : Put $$$ in old truck or buy new/newer?


WHIPPLE5.7
09-25-2010, 10:18 AM
I've got my 1997 2500 Chevy with a 5.7 in it and I've asked alot of this truck in the last 6 years. On a daily basis its towing quite a bit of wieght. I had a Cummins Dodge last year and got rid of it for another Chevy 2500 with a big block gas engine. I've looked around at newer trucks and I am amazed at the asking price on used trucks. They have 150,000 miles and still want $15-16K. The body, paint, interior is still pretty good on my 1997 but the 5.7 is getting alittle tired and I considered dumping the truck before the engine goes out. After seeing how newer trucks are I almost think maybe I should buy the performance replacement long block that puts out 450lbs tq. Its $5k for the motor and about $1,300 for a shop to change it out plus I need a custom tune and thats about $300 after the crank relearn but the truck would be pretty badass then. I just don't know if I should put almost $7k into my old truck?

AndyTblc
09-25-2010, 02:08 PM
Get a newer one. by replacing things, you're just polishing a turd.

ProTouch Groundscapes
09-25-2010, 05:46 PM
we just finished up putting in some serious money into three of our trucks gettn em ready for winter.

06 ford 89K:
new abs module
new alternator
new batteries
new tie rod end


02 silverado HD 113K:
new ball joints all over
new brake lines all over
new inner tie rod ends
new steering stabilizer
new abs module
new brakes
new passenger side axle
had a new trans put in in Feb.
new steering shafts
new pitman arm
new idler arm
both front new wheel bearing assemblies

98 chevy c3500 dump 90K:
new tie rods
new pitman arm
new brakes
new radiator
new oil cooler lines
new trans lines
new brake lines


we keep our trucks around for awhile, after they are paid off they just keep making us money so some upkeep expense isnt a big deal. we rotate in a new or slightly used truck every couple years or so to keep from having to replace two or more trucks in a given year.

soon the dump will be replaced by a 550 sized truck. i think i might rebuild the trans on it and take the rusty dump bed off and put a flat deck on it and use it for a fert rig since it has an L pack on it.

CLARK LAWN
09-25-2010, 11:06 PM
is it your daily driver or a work truck? i cant see why people spend 40-50K on brand new trucks for work. i can fix a hell of alot of stuff on my trucks for alot less than that.my three work trucks are currently a 1993 chevy 3500 4x4 dump, a 1994 f250 4x4 pickup with a dump insert and a 1997 F350 4x2 dump. i plow with all three. repairs average about 3500-4000 a year. that wouldnt be a payment on one of them.

WHIPPLE5.7
09-25-2010, 11:47 PM
is it your daily driver or a work truck?


I pretty much use it for work, but its not my only work truck so it gets a break once in awhile. Thats another reason i couldn't by a real new truck is because I'm the kind of guy who ends up with an occasional dent or scratch and that would drive me nuts on a new truck. On the older ones it doesn't bother you as bad.

WH401
09-26-2010, 10:46 AM
So why did you get rid of the Cummins? Where is and what is wrong with using the other Chevy truck that you got when you sold the Cummins?

4 seasons lawn&land
09-26-2010, 12:37 PM
Brand new 1 ton work trucks are 25k....

castlerockmo
09-26-2010, 01:15 PM
Brand new 1 ton work trucks are 25k....

I don't were you been pricing trucks. I was out shopping last month before I bought mine. A 3/4 ton XL long bed reg cab 4x4 with a 6.2 gas engine sticker is 32,000.

If you can get a new one ton for 25 I would like to know were I just bought an 08 reg cab 5.4 for 22,000
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Az Gardener
09-26-2010, 02:26 PM
I think the high mileage on used trucks is a regional thing. I bought a 3/4 ton Dodge with the Cummins with 26-k miles for 28-K out the door and it was 2 years old and has the Laramie package. I heard there is one of the biggest Dodge dealers in the country in Idaho and that's the best place to go for the best price on a new Dodge.

You didn't mention your trucks mileage and my experience has been Chevy's especially that vintage were crap. I have had all kinds of trucks over the past 30 years and I'm not a homer for any one. I currently have a dodge w/ Cummins, a Ford with a gas 350, A Fuso and a UD. I used to be a buy new guy until I found a lending source that will let me shop for used and finance them . My last purchase was a Fuso Diesel with a 14' dump bed with 28-K miles for $21-K out the door.

I would look outside your region and save yourself 1,000's on a good newer used vehicle. Don't forget to calculate you fuel saving when making the decision. I heard the new ford diesels are getting ridiculous mileage.

Turf Commando
09-26-2010, 03:21 PM
Have more money into my old trucks, then I can re sale them for now ...
Sometimes, it's better to outfit yourself with newer ride then try to stop the enevitable ...

4 seasons lawn&land
09-26-2010, 09:17 PM
I don't were you been pricing trucks. I was out shopping last month before I bought mine. A 3/4 ton XL long bed reg cab 4x4 with a 6.2 gas engine sticker is 32,000.

If you can get a new one ton for 25 I would like to know were I just bought an 08 reg cab 5.4 for 22,000
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who pays sticker?

WHIPPLE5.7
09-26-2010, 09:30 PM
I've thaught about it pretty hard and think I'll go with a newer low miles truck. I have brand new tires on this one that should last about 30K or so and if the motor holds out that long I guess I just let it go for whatever I get. I have personally put almost 100,000 on it and I got it used. Too bad Chevy killed the 8.1L. I've considered the Toyota Tundra but price is kind of killer on new ones.

castlerockmo
09-26-2010, 09:37 PM
who pays sticker?

What I am saying is that truck stickers for 32,000 that's the cheapest your going find (on a sticker) and they are not going to come off 7,000 on a truck. A one ton c&c ext cab with a diesel is 47,000 no way they would come off 22,000. So your not even going to find a 5.4 xlt f-150 for 25
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mowerbrad
09-27-2010, 01:18 PM
What I am saying is that truck stickers for 32,000 that's the cheapest your going find (on a sticker) and they are not going to come off 7,000 on a truck. A one ton c&c ext cab with a diesel is 47,000 no way they would come off 22,000. So your not even going to find a 5.4 xlt f-150 for 25
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You are pricing out a truck with 4-wheel drive. If you don't get a 4-wheel drive truck the prices can actually be very fair, usually the 4x4 trucks (at least GM) up the price by about $3000.

I just priced out a 2011 Chevy 3500HD, single rear wheel, regular cab, long box, 2-wheel drive with the work truck package. The truck's sticker price is $27,800. Now, Chevy is offering a $5000 cash allowance on 3500HD's which would make the price $22,800+tax/fees/licensing.

castlerockmo
09-27-2010, 01:59 PM
You are pricing out a truck with 4-wheel drive. If you don't get a 4-wheel drive truck the prices can actually be very fair, usually the 4x4 trucks (at least GM) up the price by about $3000.

I just priced out a 2011 Chevy 3500HD, single rear wheel, regular cab, long box, 2-wheel drive with the work truck package. The truck's sticker price is $27,800. Now, Chevy is offering a $5000 cash allowance on 3500HD's which would make the price $22,800+tax/fees/licensing.

Don't most in the biz want a 4 wheel drive? Maybe not, I guess my prices were based soley on fords and a few dodges. But ford at the time (last few months) I was looking were only giving rebates on the 2010. Now you could have got a great deal on a 10. I think they were taking 5-7 grand off.
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mowerbrad
09-27-2010, 02:31 PM
Don't most in the biz want a 4 wheel drive? Maybe not, I guess my prices were based soley on fords and a few dodges. But ford at the time (last few months) I was looking were only giving rebates on the 2010. Now you could have got a great deal on a 10. I think they were taking 5-7 grand off.
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For me, I'd only go with a 4x4. But for some people, who may just use the truck for towing, 4x4 isn't necessary especially in states that may not get snow.

93Chevy
09-27-2010, 03:59 PM
I'm an older truck kinda guy myself. My 95 K2500 was great for a year and half after I bought it, but his summer, man, it really let me down. I've dropped $2500 in repairs to the dang thing since April. If I had known in April that I was going to be spending this much, I'd have looked for a newer truck, but now that I have the money dumped into it, I might as well keep it and try to keep it on the road.

I'm not really sure if this helped or not, but that's just my situation.

WHIPPLE5.7
09-27-2010, 07:41 PM
Atleast insurance is cheap on old trucks. Here if your truck is 11 years old or older you can do permanant plates and have to register ever again and i have done this on the truck in question already.

mowerbrad
09-27-2010, 09:31 PM
I was actually in a very similar situation not too long ago. For the past 6-8 months I'd been looking for a newer truck than what I had (something that would be more functional for me). My old truck, a 1998 GMC 2500, was breaking down quite regularly and kept costing me more and more in repairs. I could either continue to put thousands of dollars into my old truck and drive it until it completely crapped out or I could sell it while it still had some value and get a newer truck.

I finally found a 2007 chevy 2500HD I liked and bought it. It is newer and I like to take good care of my stuff, so the new truck gets babied. Even though I use it as a work truck part of the week, I don't treat it like one. With my old truck, I didn't particularly care if got a small scrat or something as it was a 12 year old truck. But with my new truck, I would die if it got a scratch on it...it gets waxed regularly, washed regularly, vacuumed out regularly and just all around taken good care of.

I have been very happy that I went with a new truck instead of keeping my old truck. I couldn't justify keeping a truck if it was going to keep costing me $4000+/- a year to maintain.

Drew Gemma
09-27-2010, 10:07 PM
It is all about your needs! If you buy new you have to make the payment every month. If you go with used you fix it every month.

We have
2000 Isuzu NQR
1997 chevy 2500 hd 350 4x4
2000 chevy 1ton 454 4x4
2005 chevy 4x4 6l gas in 3 weeks

Isuzu we make payment on evrything else paid for. If it needs it we fix it I have a local guy who manages the fleet for a reasonable price. We paint, rust treat, polish and scrub constently. But I am not shelling out 600 a month per truck plus maint and repairs. New ones suck just as much as old ones. Instead we probably spend 200 a month per truck in up keep on the old ones. that includes up fit equipment maintenace (plows, spreaders, dump inserts).

For us we have twice the trucks which mostly are only used to plow. Rest of the year 2 trucks running each day and always a spare or two if needed. Because old trucks don't run everyday you need more than one.

I think at least you should have a new truck and a paid for one as a back up.

mowerbrad
09-27-2010, 10:52 PM
I don't see why so many people act like financing a new truck is the only way to buy one. What happened to paying with cash? I'm pretty dutch, so maybe that's why I like to only pay with cash.

I don't know your situation entirely, but financing would not be my first choice. When I bought my new truck, I could have gone with a 2010 model and financed the purchase or I could have done what I did and go with one that was a couple years old and that was in my budget.

I have never financed any purchase of mine and don't really plan to. The only thing I will take out a loan for is maybe my first house....but I'm working on changing that.

Evan528
09-28-2010, 08:44 AM
I don't see why so many people act like financing a new truck is the only way to buy one. What happened to paying with cash? I'm pretty dutch, so maybe that's why I like to only pay with cash.

I don't know your situation entirely, but financing would not be my first choice. When I bought my new truck, I could have gone with a 2010 model and financed the purchase or I could have done what I did and go with one that was a couple years old and that was in my budget.

I have never financed any purchase of mine and don't really plan to. The only thing I will take out a loan for is maybe my first house....but I'm working on changing that.

Once you own a house you might find that you wont always have an extra 25-$30,000 sitting around to buy a new truck with.

WHIPPLE5.7
09-28-2010, 09:55 AM
I don't see why so many people act like financing a new truck is the only way to buy one. What happened to paying with cash? I'm pretty dutch, so maybe that's why I like to only pay with cash.

I don't know your situation entirely, but financing would not be my first choice. When I bought my new truck, I could have gone with a 2010 model and financed the purchase or I could have done what I did and go with one that was a couple years old and that was in my budget.

I have never financed any purchase of mine and don't really plan to. The only thing I will take out a loan for is maybe my first house....but I'm working on changing that.

I typically have more extra money than anyone I know but not that much. To just have $25K or more in cash is not too likely these days. I can swing all the repairs on my truck without borrowing but I guess I'm a few years off from having a lump sum like that. Also I think if I did save up $25-30K I would cherish it and not waste it on a truck. I'd probably pay $10K for a truck and save the rest. Payment plans make it easier to spend more.

93Chevy
09-28-2010, 11:10 AM
If, well, when, I have money like that, I'll invest it so it it grows for me. You can only do so much with that much cash "around the house"

Lovingreen
10-04-2010, 12:09 PM
Has anyone taken and actually broken down the costs of new vs old?

Common sense says old, but if you pay for a newer one cash and keep it for 10+ years, then you might come ahead with the newer.

It all comes down to cost per mile to operate. Depreciation is typically the largest expense, followed by fuel, then all the others such as insurance, interest expense if you financed it, taxes and tags, and maintenance and repairs. In our business all we can really do is to try to minimize the first....depreciation.

Its a balancing act because in one year with an older truck it might cost more than a new truck per mile due to alot of repairs, but the next few years could be much, much cheaper. So with an older truck you would need to put aside cash to repair or replace. I try to pay myself a car payment..into savings.

right now I have a $1400 dollar 3/4 ton that sits and waits for the $5000 dollar 3/4 ton to break which happens from time to time. Eventually, I'll upgrade, but I am thinking that if I spend a little on preventive maintenance between the two, I'll be able to purchase a much nicer truck cash in a couple of years.

I have to admit I am quite the car guy, and its hard to keep off the lots, but its an expensive vise. I used to be addicted and I still look with envy sometimes, but I got tired of being poor after all the payments and am trying to find a better way.

As far as when to pull the plug, I won't spend more than the truck is worth on any single repair. So in the event of a catastrophic failure...The old is sold for scrap or parts and the backup comes into service, and the search for the next older, high mileage, but well maintained 3/4 ton commences.

Az Gardener
10-04-2010, 04:39 PM
I used to be a strictly new truck guy because the numbers do pan out in favor of the new vehicle assuming you drive it until the vehicles life has been used up. Then someone on here pointed out if you buy new/used 1-2 years old and re sell before it gets too old and useless you can do very well and the cost per mile is much lower.

I have 2 cab over diesel dump trucks that I have had for two years I bought both used but both have less than 45-K miles on them, even after two years. So I could probably sell both and get within 90% of what I paid for them. I could probably drive them both for 5 years and have less than 100-k miles and still get a good price for them. So the cost per mile goes way down using this method.

It just distracts from our core business having to deal with buying and selling vehicles.

Lovingreen
10-05-2010, 07:43 AM
Good Point AZ....Vehicles are necessary and a large cost of our operation, but constantly buying, selling, and repairing vehicles consumes an incredible amount of time. I think that is a good argument for buying newer and keeping for a long time as our time is our most valuable asset.

punt66
10-05-2010, 07:48 AM
New is the only way in my book. Its a write off and the rates are so low that i cant see spending my money on it when i can use the banks.

Az Gardener
10-05-2010, 07:29 PM
I financed both of mine through a credit union. Interest is not as good as new rates but saving 10-K or more on the purchase price easily covers a slightly higher interest rate.

So my UD that was a 45-k truck new I got for 30 out the door with 6-K miles on it at 7% interest.

My Fuso had 24-K miles and was another 35-38-K new and I got it for 20-K out the door again 7% interest.

I didn't put anything down on either of these vehicles because I paid below blue book. I think this is the way to go but things change so if anyone knows a better deal my ears are open.

JNGLawncare
10-05-2010, 09:57 PM
Well if you go new or newer when the warranty goes your still paying for repairs and your payment. Just keep your truck going. Divide the cost of the engine replacementover the year and it's still probably cheaper than a new truck.