Lease new vs buy old?

Why don't people understand that a pre-emission truck is more reliable and breaks down less? The maintenance cost is KNOWN. DPF, DEF and VVA trucks are where the unkown lies.

You can tell by looking if the truck needs brakes, tires, paint, radiator and you factor that into the purchase price. The only real unkown is head gasket, A/C, turbo or rear end but you can even check them out before hand to a certain extent.

$25K for a pre-emission truck + $10-$15K the first year for tires, radiator, CAC and maybe a head gasket. Probably do the brakes in the second year of ownership. Budget $10K/yr for the next couple of years after that but you won't need it all. Inframe a couple years after that. That's still cheaper than a new $150,000 POS that will leave you stranded. Resale you say? Doesn't exist for those trucks. Fuel mileage? BS....I can show you a '08 ISX aero truck that can't do better than an '86 3406b long hood.

 

I am glad I don't borrow money where you do. I have never come close to paying that kind of interest.

 

First, I obviously wasn't being literal.

Second, you might want to add up all those payments, add that total to the cost of having to insure against loss rather than self insure and then add the loss of capital gains and interest on all that extra money your spending that wasn't working for you (interest on interest compounding). If you do you will find I'm not that far off. Not to mention the proven negative affect on health stress can cause and any losses incured by that. Most people just don't get sound financial planning. If someone had NOT been borrowing to buy things they could not afford for the last 10-20 years that person would not have a need to borrow to buy what they need today. It's lack of patience and a mindset created by creative manipulative advertising by financial institutions and vehicle manufacturers.

Perhaps we could discuss how evil the 1% who have all our money is. LOL Maybe we could do it while using a credit card at Walmart. LMAO

 

Allow me to elaborate.

Two men:
John starts an IRA at age 21, adds $2000 a year until he's 65 and earns 10%/year.
Mike waits until he's 26 because he financed a truck but eventually does the same with the same amazing return.

How much more does John have at retirement than Mike? (without complicating this further and discussing the tax implications)

Total difference in contributions is $10,000 The cost of interest on that loan

John $1,568,338 at age 65
Mike $965,475 at age 65


So what was the actual cost of that truck? At age 65 that truck cost him about $600,000.00 just because he couldn't wait and save his money for a few years.

THE COST OF BORROWING AGAINST FUTURE EARNINGS GOES ALOT FURTHER THAN THE COST OF INTEREST.

PLEASE don't post stupid comments about things you haven't considered and truly don't understand.

Hmmmm maybe I could have done without that iced coffee

 

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Tell that to wife who won't give up on wanting a swimming pool.

 

What???

 

ON THE MONEY YOU SPENT ON INTEREST INSTEADF OF INVESTING IT.

 

Perhaps I could have stated that more clearly. paying someone interest so they can get richer investing YOUR money makes no financial sense.

 

NOTE TO SELF:

1.Never discuss money in public, it scares people.
2.Act stupid, more people will like you.