Should I pay off my Truck

Discussion in 'Ask An Owner Operator' started by Truckermaybe, May 12, 2021.

  1. Midwest Trucker

    Midwest Trucker Road Train Member

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    Good advice from Rideandrepair

    If I may ask... how old are you? How much time you have left on this earth can make a difference.
     
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  3. buddyd157

    buddyd157 Road Train Member

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    personally what i'd have done with that money, is buy a nice small to mid-sized home, with a bit of land. that'll always appreciate in value, over ANY motor vehicle that DEVALUATES once you drive it off the lot.

    if say for instance, you can find and buy a nice home for around $125-k in your particular area, then do that, and then maybe bank the rest as a starter for your retirement, and do not touch that.

    if you pay cash for the equipment, you will NOT recoup all that you spent, as it devalued. you're gonna lose money.

    and NO, DO NOT get into a lease/purchase deal either....that could bleed you dry.

    invest for the long term.
     
    Last edited: May 12, 2021
  4. MM71

    MM71 Medium Load Member

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    Buy property. Rent the property out. Property will appreciate, income will allow you to buy more property, rinse, repeat. Stay a company driver for a good private fleet. Keep money rolling in until you can retire with your rental property income.
     
  5. Rubber duck kw

    Rubber duck kw Road Train Member

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    It's a horrible time to be buying in right now, prices are ridiculously high for trucks and trailers and we're looking at the highest rates some people have ever seen, I see them falling pretty horribly in the next 6 months to a year. I'd be putting it all away somewhere safe, land or something, probably not the stock market right now either.
     
  6. Just passing by

    Just passing by Road Train Member

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    Sorry. Short attention span
     
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  7. uncleal13

    uncleal13 Road Train Member

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    Put it all in a good s&p 500 index etf, forget about it for 20 years. Retire a millionaire
     
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  8. buddyd157

    buddyd157 Road Train Member

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    but will there really be millionaires in 20 years...or more street beggars?
     
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  9. AModelCat

    AModelCat Road Train Member

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    The last thing I'd do if $180k appeared is buy a truck. I'd buy some toys like a boat, bike etc. May as well enjoy it.
     
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  10. Rubber duck kw

    Rubber duck kw Road Train Member

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    Been there done that, wish I had spent the money on Petebilt gliders instead, I'd be a millionaire today.
     
  11. skallagrime

    skallagrime Road Train Member

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    Im just saying brand new 180k wont even get you a whole truck and trailer if you arent getting the cheapest available models of things
     
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