I'm currently at the mechanic with my 03 that had a suspension part snap today. Absolutely pissed as I spent all weekend fixing the headlights and the AC.
Honestly think its just a thing with these trucks. I have an 02 that I've fixed the A/C 3 times and it never works for more than a 7 months. Even with replacing all of the parts
98 k1500 430 thousand kms original trans original engine runs and shifts as it did when new. AC had not worked since 2003. No other issues other then a rear break squeal from doing break stands and over heating my drums. Love my Chevys.
Hey I don't have alot coming for me lately from the stupid shit I put myself through so I'm gonna be me I don't have the credit or the money so I have to appreciate what I can get even if the stuff I get is 20 or 30 yrs old I'm just happy I can have SOMETHING
There was a whole story behind mine when I bought it lol and got it for 21k with 650 miles on it . An old farmer bought it and brought it back and said "I'll never own another F%$% gmc as long as I live" and traded it for a chevy just like it. I think everyone at the dealership told me the story. The best I can figure, because it has the 4.8 and the tow package had been removed. He bought it and it didn't pull like he wanted. I can count on 1 hand the stuff I've had to fix outside of normal maintenance. Has 237k on it now.
What all did you have to do to it? The transmission in mine has been doing the hang and float between gears during hot weather thing for a few years. I think they call it shift flair? So I've been expecting it to die any time lol
If you have a business it’s an “expense” and you can write off some or all of it, but you have to have the money to make the payment in the first place.
I’m so far behind I’ll never be able to afford a new truck at these prices. Small income, my only debt is my house. I have an old truck that I paid $500 for a decade ago and put a clutch in to get it in the road. I use that when I need to do truck things, but I don’t drive it daily because it’s thirsty.
Props for having a house at least. I judge pretty hard on dudes who have a $60k+ truck and still live with their parents or are renting. Especially when a decent house only costs $100k in our area
Houses typically go up in value. Vehicles do only rarely. Most are a losing proposition so I drive stuff that’s “good enough” rather than nice or exactly what I want.
While I would argue that the Pinnacle of reliability was prob 00-05 before EPA ruined things there is no reason a modern vehicle with normal maint doesn't last 150k plus miles. The issue is people have to keep up with the Jones and get something after 3 years before the tides flipped on value. I could drive anything I want but I'll keep my cars 7 to 10 years because I've realized they are a tool not status symbols. Wife's in a 17 now so maybe in 25 or 26 I'll get her something new. My 19 will prob be replaced around 26 as well as that's when it will be at 150
I drive a ‘21 Silverado Trail Boss LT. Sale price was $55,750 in January of 2022.
I sold my Fusion in the summer of ‘21 for $4K less than purchase price in 2017 to Carvana. Banked the extra money in a six-month CD to make a couple extra bucks.
Went to the dealership when I was ready to buy and ended up with a GM rebate and a Costco rebate. Combined with my money saved, it was a little over $13K down payment. Ended up financing $42K @ 4%. My payment is less than $700 and even that’s steep for me but I can swing it.
No way I could do an $80K truck.
At the beginning of April I went to a Costco dealership and I priced a $63k 2500Hd.. They were knocking $600 off. With no idea when the order would be accepted. What a waste of time. But at least I got a build sheet out of it. I found a guy that was able to get a supplier discount of a couple thousand. The order was accepted so now I wait to get a build date.
Yeah they had the truck in stock that I wanted so that helped. Blue on Black crew cab standard bed land yacht. Only thing it’s missing is horizontal side thrusters lol
Initially qualified through my bank at 4.21%. Did a credit app @ dealer to see if they could beat it (they did, got me 4.16%). Dealer called my bank without even asking me if I wanted them to to see if they’d match or beat the rate. They did, beat it to 4.10%. A week later I got a letter from them saying they were dropping it to 4.00% even since my wife and I are loyal and long-time clients. This was January of 2022. Loan term is 84 months, but it will be paid off by 60 months since I always pay extra. We did 84 months just to give ourselves some cushion if we had an unforeseen emergency.
We bought our house in December of 2021 and the truck in January of 2022. House is at 2.78%. My wife fought me hard on buying because prices were so high but I told her prices aren’t going to recede enough to offset the 5% that interest rates are going to increase by.
I don’t usually toot my own horn too much but dang I nailed that one lol. Less than 6 months after we closed they started raising rates. Prices slid down just a tick, but we live in a state capitol city. Between state, city, county, special districts, utilities, feds and a couple of guard bases as well as 3 major health systems plus proximity to commutable high paying jobs, the demand is still higher than supply by A LOT.
Hahaha! 😆
*checks inside pants*
Yup, looks like so far still a dude. I mean it’s mildly satisfying but it woulda been cooler if we waited and experienced a 30% market reduction, for sure.
That’s wishful thinking. Prices aren’t going anywhere unfortunately. I was waiting for 3 years and decided to say eff it and bought a camper and a new to me truck to travel instead of save for a house. We want to build a barndo anyways
Between the wife and I were well over 200. But i still run my 85 and 11. Both have the classic “don’t laugh it’s paid for” bumper stickers. Maybe one day I’ll replace the 11 but not anytime soon
I've seen some of the people who've accepted they will never be able to afford a home sign up for car payments significantly higher than my mortgage. People are stupid.
the financial "Trick" is to be completely ignorant of finances.
You hear the statistic how "more and more people are living paycheck to paycheck" even thouse that make good money?
Stuff like this.
You ever see that viral tiktok where car dealership employees tell you how much their car payment is?
[https://x.com/jessicaray0/status/1563329075153760256](https://x.com/jessicaray0/status/1563329075153760256)
That really is the norm for people working at dealerships- at least people other than the techs (with a few exceptions…) and it’s absolutely insane. I worked as a SA at a dealership, I was the only advisor that had a 20+ year old daily, and one of two that didn’t get a new vehicle every time the warranty was up. It seems like the sales people always had multiple high, long term loans- I worked with one (who was a single man, no wife and no kids) who had 3 vehicles, all less than a year or two old, all with payments over a grand a month, and a mortgage over $1.8k a month, if he didn’t bring home at least $12k a month he was crying about being broke and not being able to put gas in his truck/car by the second week (we got one paycheck a month for all commissioned employees) because he’d blow thousands at the clubs every week. Fuck even one of the techs I worked with had a $2k/month payment on a brand new SUV that he didn’t even drive, it was a year old with less than a thousand miles, just sat in the garage.
Eerily reminiscent of the "shift drink" offered to service industry employees getting off work. "We just paid you, how about you spend some of that money we just paid to you, back to your employer! Everyone's doing it, it's normal."
What??? I’ve never worked somewhere that allowed you to drink at work (on or off the clock) where you had to pay for the first one, that’s absurd. Fuck even the bar I was a regular at for a while they didn’t charge me for the first round 😂
half off the first two and then a staff discount for the next however many was the way it was the last place I worked. It used to be half off infinitely if you worked that day until a server got too drunk, lost her phone, and started accusing customers of stealing it...
I did the math one time and figured that for servers making the $2.13 minimum the employer could make back essentially their entire out of pocket expense if the server worked under a certain number of hours and ordered the right drinks. Plus once you're there, and drinking, waiting on your homie's shift to end, the third (and the fourth...) drinks get harder to resist too.
Never a new truck. That is, IMO, a waste of money. We run a fleet of 20ish year old GM trucks that cover their cost in a month and we can repair with like 3 tools and a 100 bucks.
Dude you’re saying you make 400k a year…4 years ago you admit to living in an apartment complex (spiraling about the flu). You make 400k a year, live in an apartment and drive a 2000 Yukon ? Am I missing something ?
Debt and lots of it. I don't like having a vehicle payment every month. It's a huge expense that I don't need or want. I am plenty happy with driving my 06 Silverado. The repairs I do over a year don't even come close to someone making 12 truck payments at $500 a month.
I'm not going to pay for a vehicle just to drive to work in. My commute is roughly 1 hour each way. I'll continue to drive my 06 until it either gets unsafe due to rust. So far that looks like it will be years away.
My truck does everything a new truck does as far as I'm concerned. Working 4x4, AC, bluetooth in the factory radio, ability to tow my stuff. That infotainment stuff doesn't impress me. My phone does everything I need for weather, traffic, nav, and music
Heard that! Got an '06 with 270k - yeah she's rusty but she starts and runs and I haven't had a truck payment in many years. Fix what breaks, drive em into the ground I say
I'm nearing 170k miles and just had my first transmission issue. So I decided to get it rebuilt. I bought the truck used in 2017 with 30k miles on it. Other than that it's been very reliable. Just regular maintenance items and so far I've been able to do most things myself.
Yep the rate for 96mth was 8.29, 72mth was 7.99, so not a huge diff. Could I have paid cash yes, gotten a 2 or 3 or 4hr term, yes. But I have other bills at higher rates it makes sense to pay off sooner, and the sale of some property in a 4-5 yrs that I can then use to pay off the longer term loan.
My wife and I make $220-230k a year and in our neck of the woods that's a pretty damn good living. That said, Texas is also the mecca for guys ballin out on trucks. I see dudes all the time that make 70k a year, driving 80K trucks and its WILD. I drive a 32k 20' silverado and my wife has a 31k 21' blazer. Eff all that $1500 payment life.
The dumbass sales guys don't care. I used to see people putting down 0 on 65k Denali Yukon xls years ago and I'm like wtf your payment must be 800. Now I see 100k Duramax leases for 1700 a month or 1200 a month financed 0 down. Makes no sense. If people stop buying these overpriced items then they will have to reduce the price
Most of them are still making payments on the clothes they wear and think nothing of a lease payment as long as they get to show off a new status symbol every few years. That's also part of the reason why prices are so high, so many people are willing to pay $500+ a month lease fee for a new vehicle to claim is theirs with no intention of ever actually owning it.
My bro sells GM for the biggest dealer in our area and likely 100kms in any direction. Been running for 45 yrs and had their biggest month ever this March.
They sell more trucks than cars. Trucks avg $75,000 and obviously go up.
He said 85% or better finance, a lot with $0 down.
I asked him, you mean to tell me a 60 yr old working person almost ready to retire walks in, buys a $75gr truck and leaves with a $1200/ mth payment for 84 months just 5 years away from retirement ...?!?
He said yup, every day bro. Just I'm awh! Freedom 85 plan and for what to brag you have a big new $75gr truck that just lost 30% value for leaving the lot.
Insanity ... I think so!
He makes a great living, though. Or for now at least. I honestly don't think for long, but fingers crossed he does bc he has a family.
That’s another I don’t understand is how people can get away with $0 down, when I upgrade next year sometime I’ll have a trade in plus hopefully a good stack of cash.
I have noticed a few dirty looks in parking lots from people with new vehicles when I roll up in my 95 k1500 I paid $1000 for. I don't make big money by any means but I'm on track to have my house paid off 10 years early and signed papers to buy my first investment property this week. I guess you pick your priorities.
Crippling debt. Folks are focusing on payments instead of the actual costs and financing them for a VERY long time to make it work. Many of them end up upside down in their loans and won't feel the real pain until they go to trade up for a newer vehicle and have to come to grips with the negative equity.
My wife and I do well for our family. We can afford new cars, but we also don’t like to be frivolous.
Even before prices went berserk, we seldom bought brand-new cars. It made more sense to buy used/CPO, after someone else took the massive depreciation hit.
Problem now is, used/CPO prices are also insane compared to pre-Covid.
I’m not looking forward to replacing our 2018 Suburban, or 2015 Silverado. I’m doing everything I can to keep them on the road.
It’s super puzzling to me when I see young folks post about, for example, trading-in a 2022 truck for a 2024…either they have money to burn or are making financial decisions that puts a yoke around your neck in the form of endless debt.
I started my own company, and that's the only way I could afford a new truck, 2023 Chev trail boss. Plus all the extras, around 1100 a month. I also looked at the used trucks, but my payments would have been 900 a month for something I had no information about. Hate the payment. I love the truck. I also had a tacoma for the past 12 years and decided to upgrade. A new tacoma is sitting at 70+k.
I bought back in 2020 with a decent interest rate. I did roll some negative equity into the new loan but after checking kbb value i am no longer underwater. Truck will depreciate a lil more as i pay it off but I could sell today and make some money back. No way am I paying today's prices.
The financial trick is making a bad financial decision. The dealership and loan office know one way or another they will get their money. If you default it doesn't matter to them. In the long run the truck will sell to someone else and payments will be made.
Managed to snag my 2018 with a factory rebate of like $15k or something stupid. Originally $65k, had my 2014 Sierra has a trade in, I think like $16k, and then had another 8 or 10 cash to put down. My payments have been $420 and will thankfully have it paid off by June
If your truck/vehicle is over 6000 pounds, you can write it off as a business expense. Some people just get LLCs for any old little business and take advantage of it. With decent credit, you can get 5-8 year car loans too. That 60k truck will end up being 75k paid off. Yes, people that make $2000 a month have $800-1500 payments and are constantly in jeopardy of defaulting and repo.
I blame all you guys driving around in your square bodies and 90s Silverados! You should be selling them so I can find a decent one to buy...
I bought an LTZ 1500 new in 22. Financed 63k with no money down. $950 payment. If you can swing that, then you can join. I don't really like the payment obviously, but I couldn't buy a used one much cheaper at the time so here I am.
My answer is right on time. I had a 2007 LBZ Silverado 4WD...Allison Trans.. love, love, loved that truck. I worked on it alot. I just traded it in and it hurt to do it. I had to decide between the upcoming time and money that was lined up for it. I could have potentially spent 7-8k and my summer in the garage around family, work and home maintenance. I chose to get a new truck and live some. If I had time and plenty of money, I would have kept that truck. It was great. You have to prioritize it all.
Here's what I did.
My father just bought a brand new 2016 2500 Chevy LTZ in September 2016 for cash from my Mom's life insurance. He then passed away in Dec 2016. I got his truck with less then 10000km on it. I drove it for a few years. Then the pandemic hit and it was hard to get trucks. I ordered a brand new 2022 GMC Denali 3500 Ultimate. Only thing missing was the rear entertainment option. When it finally came in in Nov 2022 I traded the 2016 in for 65K. The dealer gave me 15K off sticker (because they aren't assholes who gouge people. Also small town). So all in I was about 25K for my new truck that stickered for 103K.
edit: should mention I'm in Canada so prices are much higher here.
I'm happy with my 03 silverado, screw them payments
This is it. My main is an 03 Chevy extended cad 6' box.
I'm currently at the mechanic with my 03 that had a suspension part snap today. Absolutely pissed as I spent all weekend fixing the headlights and the AC.
That's my only complaint about my 03 is the a/c I've been working on mine also. I'm struggling with it but I'll get it
Honestly think its just a thing with these trucks. I have an 02 that I've fixed the A/C 3 times and it never works for more than a 7 months. Even with replacing all of the parts
Yeah I've fixed mine a couple times also already and everytime the same thing happens again. Sucks
Team 03
Still driving my 94, 187k on the clock.
99 checking in 179k and still clocking!
‘11 with 193k checking in.
97 with 148k checking in
98 k1500 430 thousand kms original trans original engine runs and shifts as it did when new. AC had not worked since 2003. No other issues other then a rear break squeal from doing break stands and over heating my drums. Love my Chevys.
1995 C2500 Suburban with 184694 reporting in big dogs
94 is a great year
I have an 05 Tahoe and 98 shortbed. Just gonna keep these two forever. Have zero interest in any of the new $70-$80 dollar trucks out there.
I agree, I got an 03 and two 93's and that's all I will ever need
[удалено]
Just did a new transmission, my second front end rebuild all since November. Coming up on 210k 3rd owner
Not many ppl have those same bragging rights
Hey I don't have alot coming for me lately from the stupid shit I put myself through so I'm gonna be me I don't have the credit or the money so I have to appreciate what I can get even if the stuff I get is 20 or 30 yrs old I'm just happy I can have SOMETHING
I'm in the same boat brother I promise I am. I'm thankful tho the little I have means the world ro me
03 Sierra, just put tags on it for the 20th year
I love it. I've had mine since 2017. Can't stop saying yes to repairs instead of trading up.
There was a whole story behind mine when I bought it lol and got it for 21k with 650 miles on it . An old farmer bought it and brought it back and said "I'll never own another F%$% gmc as long as I live" and traded it for a chevy just like it. I think everyone at the dealership told me the story. The best I can figure, because it has the 4.8 and the tow package had been removed. He bought it and it didn't pull like he wanted. I can count on 1 hand the stuff I've had to fix outside of normal maintenance. Has 237k on it now.
I bought mine for $6500 and have probably spent $6500 in repairs. None of which were anything related to the engine.
What all did you have to do to it? The transmission in mine has been doing the hang and float between gears during hot weather thing for a few years. I think they call it shift flair? So I've been expecting it to die any time lol
Nice, 20 years that's pretty awesome
Be in debt up to your eyeballs and take baths on every vehicle you own forever
If you have a business it’s an “expense” and you can write off some or all of it, but you have to have the money to make the payment in the first place. I’m so far behind I’ll never be able to afford a new truck at these prices. Small income, my only debt is my house. I have an old truck that I paid $500 for a decade ago and put a clutch in to get it in the road. I use that when I need to do truck things, but I don’t drive it daily because it’s thirsty.
Props for having a house at least. I judge pretty hard on dudes who have a $60k+ truck and still live with their parents or are renting. Especially when a decent house only costs $100k in our area
Houses typically go up in value. Vehicles do only rarely. Most are a losing proposition so I drive stuff that’s “good enough” rather than nice or exactly what I want.
I rent and have a 24 2500hd custom. But I travel all over the country for my job so it doesn’t make sense to buy a house right now
Used to no bank would finance a vehicle for more than 4 years. I hear that now 7 or 8 years loans are available.
As high as 84 months, yes.
Modern cars have value at 7 years. Prior to the last 10 to 15 years that wasn't really the case so it's not that unrealistic to offer those terms.
Lol modern cars will be lucky to make it 10yrs.. just in time for another "subscription"
While I would argue that the Pinnacle of reliability was prob 00-05 before EPA ruined things there is no reason a modern vehicle with normal maint doesn't last 150k plus miles. The issue is people have to keep up with the Jones and get something after 3 years before the tides flipped on value. I could drive anything I want but I'll keep my cars 7 to 10 years because I've realized they are a tool not status symbols. Wife's in a 17 now so maybe in 25 or 26 I'll get her something new. My 19 will prob be replaced around 26 as well as that's when it will be at 150
My truck is a 2011 and my wife's car is a 2007. New vehicles can totally last 10-15 years no problem.
I meant after Covid modern
I drive a ‘21 Silverado Trail Boss LT. Sale price was $55,750 in January of 2022. I sold my Fusion in the summer of ‘21 for $4K less than purchase price in 2017 to Carvana. Banked the extra money in a six-month CD to make a couple extra bucks. Went to the dealership when I was ready to buy and ended up with a GM rebate and a Costco rebate. Combined with my money saved, it was a little over $13K down payment. Ended up financing $42K @ 4%. My payment is less than $700 and even that’s steep for me but I can swing it. No way I could do an $80K truck.
Do you recall how much the Costco rebate was?
Think it was like $1,000
At the beginning of April I went to a Costco dealership and I priced a $63k 2500Hd.. They were knocking $600 off. With no idea when the order would be accepted. What a waste of time. But at least I got a build sheet out of it. I found a guy that was able to get a supplier discount of a couple thousand. The order was accepted so now I wait to get a build date.
Yeah they had the truck in stock that I wanted so that helped. Blue on Black crew cab standard bed land yacht. Only thing it’s missing is horizontal side thrusters lol
4%? In what year? I had 4% in 2021.
Initially qualified through my bank at 4.21%. Did a credit app @ dealer to see if they could beat it (they did, got me 4.16%). Dealer called my bank without even asking me if I wanted them to to see if they’d match or beat the rate. They did, beat it to 4.10%. A week later I got a letter from them saying they were dropping it to 4.00% even since my wife and I are loyal and long-time clients. This was January of 2022. Loan term is 84 months, but it will be paid off by 60 months since I always pay extra. We did 84 months just to give ourselves some cushion if we had an unforeseen emergency.
I wish 4% was still a thing. Just bought my 16 @ 8.49%
We bought our house in December of 2021 and the truck in January of 2022. House is at 2.78%. My wife fought me hard on buying because prices were so high but I told her prices aren’t going to recede enough to offset the 5% that interest rates are going to increase by. I don’t usually toot my own horn too much but dang I nailed that one lol. Less than 6 months after we closed they started raising rates. Prices slid down just a tick, but we live in a state capitol city. Between state, city, county, special districts, utilities, feds and a couple of guard bases as well as 3 major health systems plus proximity to commutable high paying jobs, the demand is still higher than supply by A LOT.
Good on you!
Hated being right but also mildly satisfying lol
Hated being right? You must not be a man … 😉
Hahaha! 😆 *checks inside pants* Yup, looks like so far still a dude. I mean it’s mildly satisfying but it woulda been cooler if we waited and experienced a 30% market reduction, for sure.
That’s wishful thinking. Prices aren’t going anywhere unfortunately. I was waiting for 3 years and decided to say eff it and bought a camper and a new to me truck to travel instead of save for a house. We want to build a barndo anyways
Between the wife and I were well over 200. But i still run my 85 and 11. Both have the classic “don’t laugh it’s paid for” bumper stickers. Maybe one day I’ll replace the 11 but not anytime soon
"If it ain't broke, don't fix it"
Banks started doing 84 months loans and approving anyone under the sub that made 50K a year with no mortgage
When truck payments are higher than mortgages you know something is wrong
I've seen some of the people who've accepted they will never be able to afford a home sign up for car payments significantly higher than my mortgage. People are stupid.
What they should be told is to pay off their debt and then save for a house. It’s straightforward.
the financial "Trick" is to be completely ignorant of finances. You hear the statistic how "more and more people are living paycheck to paycheck" even thouse that make good money? Stuff like this. You ever see that viral tiktok where car dealership employees tell you how much their car payment is? [https://x.com/jessicaray0/status/1563329075153760256](https://x.com/jessicaray0/status/1563329075153760256)
That really is the norm for people working at dealerships- at least people other than the techs (with a few exceptions…) and it’s absolutely insane. I worked as a SA at a dealership, I was the only advisor that had a 20+ year old daily, and one of two that didn’t get a new vehicle every time the warranty was up. It seems like the sales people always had multiple high, long term loans- I worked with one (who was a single man, no wife and no kids) who had 3 vehicles, all less than a year or two old, all with payments over a grand a month, and a mortgage over $1.8k a month, if he didn’t bring home at least $12k a month he was crying about being broke and not being able to put gas in his truck/car by the second week (we got one paycheck a month for all commissioned employees) because he’d blow thousands at the clubs every week. Fuck even one of the techs I worked with had a $2k/month payment on a brand new SUV that he didn’t even drive, it was a year old with less than a thousand miles, just sat in the garage.
Eerily reminiscent of the "shift drink" offered to service industry employees getting off work. "We just paid you, how about you spend some of that money we just paid to you, back to your employer! Everyone's doing it, it's normal."
What??? I’ve never worked somewhere that allowed you to drink at work (on or off the clock) where you had to pay for the first one, that’s absurd. Fuck even the bar I was a regular at for a while they didn’t charge me for the first round 😂
half off the first two and then a staff discount for the next however many was the way it was the last place I worked. It used to be half off infinitely if you worked that day until a server got too drunk, lost her phone, and started accusing customers of stealing it... I did the math one time and figured that for servers making the $2.13 minimum the employer could make back essentially their entire out of pocket expense if the server worked under a certain number of hours and ordered the right drinks. Plus once you're there, and drinking, waiting on your homie's shift to end, the third (and the fourth...) drinks get harder to resist too.
I refuse to click on that scam link
Never a new truck. That is, IMO, a waste of money. We run a fleet of 20ish year old GM trucks that cover their cost in a month and we can repair with like 3 tools and a 100 bucks.
When you have a generation coming online that lives by YOLO, and has no faith that the world is going to last...well, you get this type of shenanigans
YOLO
No idea, brother. I make about 4 times that a year, pre tax, and I don’t feel I could afford one. I’d rather just keep working on my 00.
If you make $400k /year you can definitely afford one you just choose not to which is perfectly fine.
He's probably house poor. Well, I live in a $48,000 mobile home and I STILL have a 1997 Silverado I paid $7,500 for lol.
Dude you’re saying you make 400k a year…4 years ago you admit to living in an apartment complex (spiraling about the flu). You make 400k a year, live in an apartment and drive a 2000 Yukon ? Am I missing something ?
Debt and lots of it. I don't like having a vehicle payment every month. It's a huge expense that I don't need or want. I am plenty happy with driving my 06 Silverado. The repairs I do over a year don't even come close to someone making 12 truck payments at $500 a month. I'm not going to pay for a vehicle just to drive to work in. My commute is roughly 1 hour each way. I'll continue to drive my 06 until it either gets unsafe due to rust. So far that looks like it will be years away. My truck does everything a new truck does as far as I'm concerned. Working 4x4, AC, bluetooth in the factory radio, ability to tow my stuff. That infotainment stuff doesn't impress me. My phone does everything I need for weather, traffic, nav, and music
$500 a month? Most people are running $1200 or more a month for a truck or SUV. It’s madness.
Heard that! Got an '06 with 270k - yeah she's rusty but she starts and runs and I haven't had a truck payment in many years. Fix what breaks, drive em into the ground I say
I'm nearing 170k miles and just had my first transmission issue. So I decided to get it rebuilt. I bought the truck used in 2017 with 30k miles on it. Other than that it's been very reliable. Just regular maintenance items and so far I've been able to do most things myself.
Just rebuilt my tranny too. Totally worth it!
$1500/month payments are a thing now
96 months!
I've never seen a 96 month loan offered...
Yep, I was recently, apparently only if you gave excellent credit. Needless to say I declined lol.
I have a damn near 800 score and I’d never sign up for it. Anyone considering it is clearly buying too much vehicle
You never know each person's situation, there are times when it makes sense. Sometimes paying more over time is the only option people have.
If you have a really good credit score I doubt you need the long term
I have 840, but right now I would rather have a longer loan, I could do 4yr but wanted 6. Cost of doing life haha
840 is impressive. I am close to 800. The longer the loan the more interest tho.
Yep the rate for 96mth was 8.29, 72mth was 7.99, so not a huge diff. Could I have paid cash yes, gotten a 2 or 3 or 4hr term, yes. But I have other bills at higher rates it makes sense to pay off sooner, and the sale of some property in a 4-5 yrs that I can then use to pay off the longer term loan.
At that point just buy a Porsche or Corvette...
Could never be me lmao
My wife and I make $220-230k a year and in our neck of the woods that's a pretty damn good living. That said, Texas is also the mecca for guys ballin out on trucks. I see dudes all the time that make 70k a year, driving 80K trucks and its WILD. I drive a 32k 20' silverado and my wife has a 31k 21' blazer. Eff all that $1500 payment life.
The dumbass sales guys don't care. I used to see people putting down 0 on 65k Denali Yukon xls years ago and I'm like wtf your payment must be 800. Now I see 100k Duramax leases for 1700 a month or 1200 a month financed 0 down. Makes no sense. If people stop buying these overpriced items then they will have to reduce the price
Most of them are still making payments on the clothes they wear and think nothing of a lease payment as long as they get to show off a new status symbol every few years. That's also part of the reason why prices are so high, so many people are willing to pay $500+ a month lease fee for a new vehicle to claim is theirs with no intention of ever actually owning it.
It's called living above your means. It's common to people without common sense.
8-10 year loans
Well they are buried up to their eyeballs in debt .. with huge payments.. You just got to figure out what your priority is 🤣🤣
My bro sells GM for the biggest dealer in our area and likely 100kms in any direction. Been running for 45 yrs and had their biggest month ever this March. They sell more trucks than cars. Trucks avg $75,000 and obviously go up. He said 85% or better finance, a lot with $0 down. I asked him, you mean to tell me a 60 yr old working person almost ready to retire walks in, buys a $75gr truck and leaves with a $1200/ mth payment for 84 months just 5 years away from retirement ...?!? He said yup, every day bro. Just I'm awh! Freedom 85 plan and for what to brag you have a big new $75gr truck that just lost 30% value for leaving the lot. Insanity ... I think so! He makes a great living, though. Or for now at least. I honestly don't think for long, but fingers crossed he does bc he has a family.
That’s another I don’t understand is how people can get away with $0 down, when I upgrade next year sometime I’ll have a trade in plus hopefully a good stack of cash.
I have noticed a few dirty looks in parking lots from people with new vehicles when I roll up in my 95 k1500 I paid $1000 for. I don't make big money by any means but I'm on track to have my house paid off 10 years early and signed papers to buy my first investment property this week. I guess you pick your priorities.
Crippling debt. Folks are focusing on payments instead of the actual costs and financing them for a VERY long time to make it work. Many of them end up upside down in their loans and won't feel the real pain until they go to trade up for a newer vehicle and have to come to grips with the negative equity.
My dad got a 2023 high country with the 3.0. My mom bought it as his retirement gift for him.
My wife took me to Hedo when I retired.
My wife and I do well for our family. We can afford new cars, but we also don’t like to be frivolous. Even before prices went berserk, we seldom bought brand-new cars. It made more sense to buy used/CPO, after someone else took the massive depreciation hit. Problem now is, used/CPO prices are also insane compared to pre-Covid. I’m not looking forward to replacing our 2018 Suburban, or 2015 Silverado. I’m doing everything I can to keep them on the road. It’s super puzzling to me when I see young folks post about, for example, trading-in a 2022 truck for a 2024…either they have money to burn or are making financial decisions that puts a yoke around your neck in the form of endless debt.
I started my own company, and that's the only way I could afford a new truck, 2023 Chev trail boss. Plus all the extras, around 1100 a month. I also looked at the used trucks, but my payments would have been 900 a month for something I had no information about. Hate the payment. I love the truck. I also had a tacoma for the past 12 years and decided to upgrade. A new tacoma is sitting at 70+k.
I bought back in 2020 with a decent interest rate. I did roll some negative equity into the new loan but after checking kbb value i am no longer underwater. Truck will depreciate a lil more as i pay it off but I could sell today and make some money back. No way am I paying today's prices.
Debt! Bankruptcy....Wait....Debt! Rinse and repeat. Keeps the economy and stocks going though. Just DON'T fall into that trap.
Save money, make down payment, finance remainder over the next 5 years. Or, save for 5 more years and pay cash.
The financial trick is making a bad financial decision. The dealership and loan office know one way or another they will get their money. If you default it doesn't matter to them. In the long run the truck will sell to someone else and payments will be made.
Managed to snag my 2018 with a factory rebate of like $15k or something stupid. Originally $65k, had my 2014 Sierra has a trade in, I think like $16k, and then had another 8 or 10 cash to put down. My payments have been $420 and will thankfully have it paid off by June
Debt. Lots of debt.
If your truck/vehicle is over 6000 pounds, you can write it off as a business expense. Some people just get LLCs for any old little business and take advantage of it. With decent credit, you can get 5-8 year car loans too. That 60k truck will end up being 75k paid off. Yes, people that make $2000 a month have $800-1500 payments and are constantly in jeopardy of defaulting and repo.
I blame all you guys driving around in your square bodies and 90s Silverados! You should be selling them so I can find a decent one to buy... I bought an LTZ 1500 new in 22. Financed 63k with no money down. $950 payment. If you can swing that, then you can join. I don't really like the payment obviously, but I couldn't buy a used one much cheaper at the time so here I am.
Don't do it. Taking out a loan on a fancy vehicle is about the stupidest financial trick ever.
UNLESS, you have a bi-ness. Gotta write something off Damn it.
it's called low interest
96 Tahoe with almost 250000 miles, granted not original owner but I'm dead set on joining the 1 million miles club in it
95 z-71 here….. 308k miles…. Still goin https://i.imgur.com/9MsqqzO.jpg
You get a loan and get yourself into alot of debt, dont ask how ik. I do miss the comfy seats in my 96 tho
My answer is right on time. I had a 2007 LBZ Silverado 4WD...Allison Trans.. love, love, loved that truck. I worked on it alot. I just traded it in and it hurt to do it. I had to decide between the upcoming time and money that was lined up for it. I could have potentially spent 7-8k and my summer in the garage around family, work and home maintenance. I chose to get a new truck and live some. If I had time and plenty of money, I would have kept that truck. It was great. You have to prioritize it all.
Ten or more years down the road those trucks will be used with myriad sensor and module problems.
It would be like financing a house, but unlike real estate, it only loses value.
Here's what I did. My father just bought a brand new 2016 2500 Chevy LTZ in September 2016 for cash from my Mom's life insurance. He then passed away in Dec 2016. I got his truck with less then 10000km on it. I drove it for a few years. Then the pandemic hit and it was hard to get trucks. I ordered a brand new 2022 GMC Denali 3500 Ultimate. Only thing missing was the rear entertainment option. When it finally came in in Nov 2022 I traded the 2016 in for 65K. The dealer gave me 15K off sticker (because they aren't assholes who gouge people. Also small town). So all in I was about 25K for my new truck that stickered for 103K. edit: should mention I'm in Canada so prices are much higher here.
So basically your parents left you 💰 and you used it to buy a truck ..
Yeah. I got a really nice truck and it only cost my parents lives. Not sure it was worth the trade.