Paying off your truck?

It's a no-brainer. To say your way is the only or best way is flat wrong. There are lots of companies that manage debt just fine make millions in the process and prove that yes it can be done successfully. I have a track record and know what I can do out here with any truck paid off or not good economy or bad. For me to lose everything all cash in is just as big of a possibility as me having to sell a truck I owe $80,000 on, taking a loss, then getting a job and paying off my screwup. Not everyone goes down bankrupt and in flames. It's called an "exit strategy" and if you don't have one for your future endeavor you better be thinking about and coming up with one. Lest you end up one of the ones we all carry water for (wrong of me to assume that right?) Not responsible people who use debt as a tool. Disagree with it all you want. From my point of view I know what I can handle and don't see one as any more risky than the other. Six years ago that kind of thing scared me to death the risk. There is a difference between what I am talking about and someone already in debt up the Yazoo financing equipment and starting a new venture. A huge difference. The world is not so clear cut out here. I'm done with this one. Good luck.

 

please tell me where I ever said "my " way was the only or best way. In fact, pray tell, when did it become "mine"?

Making millions and having debt is an oxymoron sir. Because they owe money. And if they owe money to someone their "profits " aren't profits. It's expenses. Thus have they really made profits? No. They just paid their bills and if they were smart they would pay off the debt with these so called "profits".

I never said anything about your "track record" shoot I didn't even bring your business up. So a defense of your business for no reason is pointless.

I mentioned when I'm done working for a living. The path has long been laid out.

So, those who have no debt whatsoever if they wanted to lease a truck from a carrier that would be fine because they aren't burdened with debt out their ears? I mean if you and others can finance trucks and not listen to advice why should these who are interested in getting their own truck listen to your or others advice when you say debt is OK for yourself and others but when it comes to leasing it's somehow not right. I mean they aren't surrounded by debt they can get a truck. Their situation is different. They are the exception. Just like you.

This is great for them. Hope they see you guys pushing debt because you can't tell them nothing. Not a thing.

 

This is a dangerous position. Push debt, make it look great, useful even. But when they say they are getting a truck from this or that place. Everyone is up in arms. "Trying to help them, not make a foolish choice." You say don't do it, but... you did it.... rightly they ask why you can do it and they cant? Or shouldn't. You say what? It's too risky? Well why is it risky? They will take you for everything you own, you say. Pssh not me they say. You ask how so? They say they are different. They have a plan. It can't ever fail. You say I'm telling you its a bad idea. They don't listen. Cause its full of hypocrisy. And because of it they do it thinking they have it together and some make it. Most fail. And it's sad to see. And then you come along and say I told you so. Like you didn't do it. And was fortunate. I rather be against all debt than have someone follow the path of being in debt and yet telling others how their plan on getting a truck is misguided.

 

Im glad you folks cleared the 100% tax write off answer before I had to. I get 50 cpm depreciation as a tax write off. Thats on the truck and for the personal vehicle(If I drive it to pick something up for the truck). In my opinion this works out better in the long run. I have the title to both my truck and trailer free and clear and I still get to claim the depreciation.

As to the original question. Heck yeah pay that bad boy off!!!! I dont think I would buy a "New" truck though. "New" trucks and the payments that go with them are for O/O's who have steady "cash cow" customers. I would suggest a good starter truck around 5 or 6 years old. I bought my first one in 2010 for $25k. It was a 2005 Freightliner Century. I paid it off 2.5 years later. Now I paid off a 2007 freightliner Coronado with all the bells and whistles. I paid $57k for it. Life is much easier when you them titles. I'm home every night and every weekend.

Good luck and Happy Hunting