Cheaper to buy new truck or fix it?

I have an '06 Freightliner with 1,160,000 miles on it.

I've replaced the differential, the transmission, the radiator, starter (2x), altenator (2x), cac, ac compressor (2x), ac condensor (2x), power steering pump, egr (2x), turbo, exhaust manifold, one injector, one air tank, injector sleeves, fan clutch, and the computer... The truck has been on the hook twice (once for the differential, and the other for the computer). Total tow bill for both times was less than $1000 total. Then the basics like tires, brakes, slack adjusters, air bags, etc.

Knock on wood, but I still run all six original brake chambers (no leaks, all work).

And I've still calculated it to be cheaper than buying a new truck. Including downtime. I've had it since it was 2 years old (was driven hard by the previous owner, though, 400k+ miles on it when I bought it used).

But, I set aside roughly 30cpm for repairs and have no truck payment. Without the payment, I can be more leisurely with getting repairs done while home because I'm not staring a huge monthly payment in the face.

 

I am from the school of keep till there is nothing left .
I can do allot or fixing for the 1800 to 2800 a month truck payment .

Just because it is new and you have a warranty does mean that the repair is free .
You still have a truck payment rolling up every month and not everything is covered by the warranty .
If it is in the shop for two weeks waiting on parts well that's your problem not theirs .

For the cost of one years truck payment I can rebuild my motor and be good for another million miles.
For the cost of the second years payment I can rebuild the transmission and rears and have the truck painted.

While you are struggling to come up with the third years payment I am working 8 months out of the year and enjoying life.

I have had my truck for 10 years and I will keep it until I am shown that it will pay if I go out and buy a new truck .
I see them new shiny trucks pulling the same thing I do and they don't make a penny more than me to do it .

The way I see it I can work for me or I can work for the bank .
My banker is rich enough I think I will just keep the money for myself and my family.

 

Now i know this isnt how you meant it but its how my brain taakes things in, when i want something.

I should buy a truck that i like, say an older 379 flat top 48" sleeper. And pay it off and start fixing it up.

 

When you buy a new truck, you're more likely than not going to also have a new truck payment, so whether you are driving it or not...even when it is in the shop...the bank still wants their money every single month. If a repair is NOT covered under warranty, it'll REALLY set you back.

That older truck is probably paid off. Some months, you might have an expensive repair that is the equivalent of 2 or 3 months of payments on that new truck....but then for the next 6 months, you've just got the same basic maintenance issues you'd have with ANY truck....oil changes, chassis lube, tires, brakes, etc. So, in the end you are typically spending LESS money repairing that old truck than you would be if you were paying for a new truck.

Until the repair bills regularly exceed the amount of a new truck payment, I really don't see any reason to trade the truck in...and even then, that would have to persist for quite a while before I'd give up and make the trade. Eventually, you'll have everything that is worn out repaired and you'll be good to go for a while again...

 

I looked at buying a new trk. 2 years ago.
I do heavy haul work, so it was going to cost me close to 180k for it.
Well I'm still driving my ol 99.
Glad I am as I had a bad deal happen last May and lost my contract with carrier I was at..
Still had trl. payments of over 5k every month. So that and new trk. payments would have put me down the tubes so to speak.
I will keep my ol 99, getting the rears rebuilt after a million miles on the them A hard million seeing the weight I was pulling most of the times..
But to each their own.

 

If you know a good shop with good rates, an older truck might well be cheaper than new. The real cost of an old truck is the unplanned breakdown that causes you to miss a pickup or delivery.

This costs you your reputation and you cannot put a price on that IMO.

 

just cause a truck is new does not mean it will be trouble free. I drive a 2013 and have already had issues with it with less than 15k miles on it. let alone the price tag on a new truck vrs used will pay for a ton of repairs

 

I have no arguement with either of those points.

 

I have a friend that bought a 2012 PB with the new paccar motor. Down in shop 19 times in 6 mo! While all along I kept rolling along in my 03 with no problems and no pmts, and no load failures. Its like sitting down at a poker table, you just never!! Know!!