Posted by SUPRDUD on Thursday, February 19, 2004 at 2:13AM :
In Reply to: An OT question-Repost posted by Jon in Mississippi on Wednesday, February 18, 2004 at 1:05AM :
Jon, I think you have stated that you are a younger guy than some of us. I am 38 and here is some advice to ponder:
Spend as little as you can on something reliable and roadworthy. There are a bunch of $2,000 to $3,000 good old trucks around.
Take some of your windfall and save it for later. Save up for an emergency or repairs. Save up for college or more job training. Invest some in a mutual fund. Spend some on charity, your family or your honey.
Don't forget about taxes, insurance, tires, repairs (they ALL need fixing sooner or later), and crashes.
I don't mean to be a fun-killer but you will be happy and relaxed with a cheap truck and a pile of money in the bank. Maybe just tweak the ride you have and keep all the cash.
A year ago I bought a 90 D250 with a Cummins and auto, 180,000 miles, sharp looking and for $3,650. Is it as nice as a new one? No, but it's paid for and owning it is a blast.
If you know any bankers they can tell you that alot of people that drive new cars and trucks are broke. They are putting the majority of their money in an asset that goes down in value faster than all others.
The best advice I have listened to as a young farmer with a variable income is to pay down your debts fast when you have a good year. I know some that have a good year and spend it all and borrrow more. When the bad year comes they are screwed.
I will end the sermon but think about it and don't rush into anything.
Now if you have come into $30,000 then I may say go buy that sharp $10,000 truck.
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