[mattmatt86]

I'm leaning more and more towards just keeping the Truck and keeping the current payments. Starting to save for a wedding and house have heightened my awareness of my debt and spending habits. I've already done numerous things to cut down on expenses, dropped my gym membership and started working out at home, lowered my phone bill, combined a couple bank accounts to get rid of monthly fees, we are cooking dinner at home more etc. I might still consider the Refi if it ends up being necessary for qualification reasons but the more I thought about getting ride of my car the more unknown variables there were. I also didn't take into account the added costs of maintenance on two vehicles, insurance on two vehicles, and registration.

While I would certainly do things differently if i could go back and buy my truck all over again, hindsight is 20/20. I need to make smarter decisions moving forward.

 

[chillindrdude]

not to brag, but i was surprised that my tacoma has held up in value surprisingly well. it's approaching 100k miles and a 2006. blue book value is well over twice what i have left remaining on loan.

 

[mattmatt86]

not to brag, but i was surprised that my tacoma has held up in value surprisingly well. it's approaching 100k miles and a 2006. blue book value is well over twice what i have left remaining on loan.

I was set on getting a used Tacoma when I bought the ridgeline, the only one they had at the dealership I was working with was owned by a smoker. Used ridgeline's are getting over KBB in my area, but not quite enough to make up the amount I'm upside down.

 

[profro]

Nothing. They cost more to put fuel in, they cost more to maintain, they are more difficult to find good mechanics for (unless you can do your own work)......the torque however is pretty damned awesome.

Not my experience. My 2000 Powerstroke has 287k and I have changed the oil every 5000miles and all I have done is replace the water pump twice, replace a few oil orings in the HPOP, and replace a few orings in the fuel bowl assembly. Show me any other engine that has less than $200 in maintenance in 14 years and 287k miles.

Matt, don't listen to these doomsdayers. Buying a used car is really smart. Car payments are the devil's work. If you do you home work you can find all kinds of cars that are really cheap and last forever. Pretty much every Honda and Toyota with some exceptions. Hell, my Matrix is an example. Its a 2004 and bluebook is around $5500 and its been a great little car for my wife and now me as a commuter. Its a timing chain engine that has really good marks for reliability. I would not hesitate to buy another if needed and that is just one example.

 

[Toshi]

He's suggesting buying a Land Cruiser, though. They hold their value absurdly well, which is good in the long-run but not good for a used car buyer. They get crap gas mileage, which is relevant given what he puts on it. Plus, he's upside down and paying too much on his current loan.

The answer, as echoed by many, is to refinance the Ridgeline, pay off credit card debt, and move on.

 

[profro]

Can't argue the fuel economy, that's why I drive my Matrix. But he mentioned that he got his fuel paid for by his company. My buddy just bought a 1997 Land Cruiser with 143k miles on it for $4300. If Matt sold the Ridgeline and paid off his loan, my guess is that he would still have a lot of gas money after spending $4300 on a +10 year old Land Cruiser or Matrix, or Tacoma, T100, or Accord, or Camry...

In my mind getting out of the loan as quickly as possible and paying the penalty is better. I will never finance a car again.

 

[Toshi]

I think he said he gets reimbursed a fixed rate per mile, in which case the more MPGs the better, as long as whatever he's in doesn't get stuck at the work site.

Yup, post #14

 

[kickstand]

Not my experience. My 2000 Powerstroke has 287k and I have changed the oil every 5000miles and all I have done is replace the water pump twice, replace a few oil orings in the HPOP, and replace a few orings in the fuel bowl assembly. Show me any other engine that has less than $200 in maintenance in 14 years and 287k miles.

at $75 dollars an oil change every 5,000 miles you're spending an extra $50 compared to a gas motor. You're currently (and have been for the last 5+ years) paying anywhere from $.50-1.50 more per gallon of fuel.

My superduty averaged about 16-18 mpg normal driving, and occasionaly up around 20-21 on a long highway trip.


My superduty turned into a giant turd at 225k miles.

my 01 Silverado or was it a 2000? Had 185k miles on it when I sold it and I replaced exactly 1 o2 sensor.

Diesels are not bad, but in general they are not what people make them out to be. I've owned both, unless I was planning to tow 10K every day I'll stick with gas.

your mileage may vary.

 

[profro]

Even at 14 years I am still not through recouping my investment on my diesel. It remains how much more I can squeeze out of it. Very few gas motors are in the same league. However in this case, there is a lot of irony in replacing a 4.5 1FZ with a 5.9B. The 1FZ is regarded as one of the most robust engines ever made, gas or diesel. There are a lot of reports of them getting over 400k with no bottom end work. I too don't get the fascination in replacing the 1Fz with a diesel. Now, a Toyota diesel is a whole nuther matter.

Your Superduty turned into a giant turd? Let me guess, you have it chipped and use a K&N filter?

Oh, and nice comparison using your gas engine with 100,000 less miles.

 

[kickstand]

Even at 14 years I am still not through recouping my investment on my diesel. It remains how much more I can squeeze out of it. Very few gas motors are in the same league. However in this case, there is a lot of irony in replacing a 4.5 1FZ with a 5.9B. The 1FZ is regarded as one of the most robust engines ever made, gas or diesel. There are a lot of reports of them getting over 400k with no bottom end work. I too don't get the fascination in replacing the 1Fz with a diesel. Now, a Toyota diesel is a whole nuther matter.

Your Superduty turned into a giant turd? Let me guess, you have it chipped and use a K&N filter?

Oh, and nice comparison using your gas engine with 100,000 less miles.

That's mostly my point, if you are not towing 10k frequently, or planning to keep the truck for 1,000,000 miles it makes more financial sense 9 times out of 10 to buy a gas motor'd vehicle.

I have all the confidence in the world my silverado would have continued to run flawlessly, sure it had less miles than the truck you have, but it still cost less to operate and probably would have in the next 100k miles It wasn't using a drop of oil. It was a good truck. I know of plenty of high mileage gas motors in 2000 and newer trucks. The argument that diesels are just going to last so much longer doesn't hold water with me. Maybe 30 years ago.

No, my superduty was not chipped, nor did it have a K&N. But the oil pan rusted out, the GEM Module went on the fritz, turbo was ready for a rebuild, the o-rings in the fuel bowl you mentioned needed replacing, one of the oil lines was leaking badly, the fuel lines were rusting out, the door locks stopped working, the alternator **** the bed, starter, etc. etc. etc......(I won't count all the front end parts, u joints, multiple frozen right rear calipers, or the front driveshaft because all trucks need that stuff, but it was damn pricey to buy parts for an F350, compared to most half tons that now have the same payload and towing ratings of 15 year old trucks) Now, part of the rusting I'll surely blame on the salt used on our roads, but I've never had any other vehicles of the same age have as many problems.

I'm not saying diesels are bad, I like them, I think they are cool. But financially speaking they cost more to own and operate for MOST of the people who have them, they take a VERY long time to actually pay themselves off.

 

[bizutch]

.
I'm not saying diesels are bad, I like them, I think they are cool. But financially speaking they cost more to own and operate for MOST of the people who have them, they take a VERY long time to actually pay themselves off.

Doug's Ford F250, Josh's Ford F250 and now Clealans Dodge 2500 have paid themselves off in countless ways if you consider the good karma and fellowship those things have garnered over the years. Don't know that I would even still be able to ride DH (pre-knee surgery) if not for those rigs and the sacrifices of their owners.

God bless the Windrock diesels!!!

 

[kickstand]

Doug's Ford F250, Josh's Ford F250 and now Clealans Dodge 2500 have paid themselves off in countless ways if you consider the good karma and fellowship those things have garnered over the years. Don't know that I would even still be able to ride DH (pre-knee surgery) if not for those rigs and the sacrifices of their owners.

God bless the Windrock diesels!!!

I'm not arguing that, I am just saying that for your average joe a diesel swap isn't going to pay itself off, neither is a diesel purchase.

I am speaking from experience as someone who tows almost every weekend and has since 2000. If I towed daily I would own a diesel. If I towed more weight than I do now on weekends I would consider another diesel.

Even in the mountains towing a trailer with bikes on it a half ton could get the job done, but a diesel is by far the superior tool for the job, that is not anything to argue.

 

[boogenman]

I'm not ready further into this than the first page, the slew of opinions and stupidity is making my brain hurt.
I have been car payment free since 2008 and I don't think I'm ever going back. I might take a loan out for a pick up truck but I hope to pay cash.
You will not be able to refinance your current truck for a better rate than what you currently have, the truck is worth less than what owe and the lender just won't take that risk. If the miles were a lot lower it would be a different story.
Find a vehicle that you like that will also be easy for you to repair and you're good to go.
If you have any other questions let me know. I've been selling new and used cars for over 7 years.

 

[boogenman]

FYI I have a 2004 corolla with 124k on clock, had it a little over 2 years and I've put about $250 into it since I got it other than tires and oil changes. The other car is a 2000 BMW 323i with 142k, had that one tear and have put $300 into it other than tires, oil change cycle is once a year.

 

[boogenman]

3, my personal favorite, re evaluate how much you are paying on the truck compared to what you are stashing in savings. Why not slow down on the saving, and absolutely attack the car payment? IE Why not bump up what you are paying to 600 or better and get it paid of early, eliminating the payment all together, and reducing the overall cost as well?

Best advice given after reading most of the other nonsense in here

 

[profro]

God bless the Windrock diesels!!!

I cannot even begin to calculate the number of runs I (my truck) have made up Windrock. I know the last Fall Fest I ran, it was on and running shuttles for almost 12 straight hours as I was the only truck there that weekend.

 

[mattmatt86]

FYI I have a 2004 corolla with 124k on clock, had it a little over 2 years and I've put about $250 into it since I got it other than tires and oil changes. The other car is a 2000 BMW 323i with 142k, had that one tear and have put $300 into it other than tires, oil change cycle is once a year.

The ridgeline has been incredibly reliable. I bought it with 50k and I'm at 132k now and all I've had to do other than oil change is new rear brakes. I'm just about 3-4k away from needing new tires but I'll have nearly 90k on them so I'm pretty happy. I have also been averaging 20-21 mpgs which is better than the 17-18 most ridgelines get. So I'm at least thankful I don't have a 400 dollar car payment on a POS. I just wish I could go back in time and hit myself over the head before buying this truck. I think I'm going to focus more on the CC debt seeing as they have the higher interest rates and I'll aggressively tackle the truck payments after that.

 

[B Gordon]

Just what makes a diesel more attractive anyway? Power and mileage? I drive a Subaru and I like it...and oh yeah, payment free since '08...

power and TQ, plus decent fuel economy.

 

[Beef Supreme]

The ridgeline has been incredibly reliable. I bought it with 50k and I'm at 132k now and all I've had to do other than oil change is new rear brakes. I'm just about 3-4k away from needing new tires but I'll have nearly 90k on them so I'm pretty happy. I have also been averaging 20-21 mpgs which is better than the 17-18 most ridgelines get. So I'm at least thankful I don't have a 400 dollar car payment on a POS. I just wish I could go back in time and hit myself over the head before buying this truck. I think I'm going to focus more on the CC debt seeing as they have the higher interest rates and I'll aggressively tackle the truck payments after that.

Wow. A Ridemonkey advice thread that ends with a common sense course of action. Can we get this man's title changed to The Anti-Sandwich?

 

[kickstand]

Wow. A Ridemonkey advice thread that ends with a common sense course of action. Can we get this man's title changed to The Anti-Sandwich?

rep must be spread

 

[bizutch]

FYI, I am a member of the State Employees Credit Union. I was not when I bought my Xterra used. Got nailed with a 15% rate, but wasn't worried b/c I knew I would refi at the credit union the next week. I am considered a member of the "LGFCU-Local Government Federal Credit Union". If they refinance a used vehicle is at a maximum of 4.25%, but my 2005 only had 40 miles, so they dumped it down to 3.5%.

What you need to consider (I also do vehicle loans at work) is that you aren't going to make a bigger dent in the principle with a lower interest rate. You're going to reset the clock on the interest and it would cost you MORE in the long run, even if the "payment" is lower. Vehicle loans and mortgages are front loaded with interest. After year two, you're paying way more in principle, than interest.

And kickstand, I wasn't debating you. I was making sure Doug knew his contribution to DH far exceeded any MPG rating.

 

[kickstand]

And kickstand, I wasn't debating you. I was making sure Doug knew his contribution to DH far exceeded any MPG rating.

It's all good, now go get an outdoor wood burner and fix up your heat pump

 

[profro]

And kickstand, I wasn't debating you. I was making sure Doug knew his contribution to DH far exceeded any MPG rating.

Oh, don't worry, I have no trouble justifying my purchases. That happens long before I pull out the cash.

 

[jdcamb]

Oh, don't worry, I have no trouble justifying my purchases. That happens long before I pull out the cash.

The Force is strong with this one....