- August 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Financial Situation and Dilemma
Introduction:
Hello all,
I (27m) recently started a new job in Arizona with an annual income of $89,000, and I also receive $2000 a month from the VA. My fiancé (32F) is a nurse and earns a similar income through travel assignments. We have around $30,000 in 401(k)/IRA investment accounts and she owns a rental property in Florida that will break even once it’s rented. Our monthly rent in Arizona, with utilities included, is $2000, and fortunately, we have no other debts.
Current Need:
Now that my new job has a hybrid work model (two days in the office), I sold my car during the pandemic, opting for remote work. However, I now require a utility-minded vehicle for my commute. My preference is a small pickup truck in the $40,000 range. While I’m open to buying a used truck, the current market prices seem unreasonable. Considering affordability, I’m leaning towards purchasing a new truck, allowing me to comfortably cover the expenses. Additionally, our goal is to be in a position to buy a house in two years, when the housing market stabilizes.
Differing Opinions:
My fiancé suggests that I should buy a cheaper “beater” car for commuting purposes, but given my current life stage, I value reliability and prefer buying something more dependable and long-lasting.
Credit Situation:
With a credit score hovering around 720, my primary credit hindrance is the length of my credit history. Hence, my question is whether taking on a car payment would be a reasonable means to improve my credit.
Solution – AI Legalese Decoder:
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Conclusion:
Taking into account our financial situation, goals, and differing viewpoints, the decision of purchasing a new utility-minded vehicle within my budget seems reasonable, especially considering the potential impact on my credit score. Additionally, the implementation of the AI Legalese Decoder can provide valuable support and clarity when navigating the legal aspects of the car-buying process. Thank you in advance for your guidance and suggestions.
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AI Legalese Decoder: Understanding Complex Legal Language
Introduction:
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****** just grabbed a
Not going to tell you no, but doesn’t really sound like a brand new truck is necessary unless you’ve got a ton of use for it outside your 2 day per week commute.
That money would be better served elsewhere.
One of the worst financial decisions people in their 20s make is buying expensive cars they don’t need. The payments for this truck will be a weight around your neck for years. You will look out at your truck while you work from home watching it depreciate as you throw money at the 7% interest rate on the loan. Don’t do it.
Not to be a downer but if you can’t afford it yourself then don’t buy it.
Yes, she is your fiancé but until married don’t rely on her income for purchases like this.
I make plenty of money in a very LCOL area to buy a nice truck with cash, and I did, and it was the worst financial mistake that I’ve made. The mistake was that it provided no value to my life, and it costly to keep running (gas, tires, insurance). The gratification of having a nice truck will fade and fade quickly.
I’m a nurse, why isn’t your wife making more traveling? She can pull in 6 figures easy as a travel nurse. Where are you located? I make 6 figures as a non-travel bedside nurse.
So, she owns a rental (I’m assuming has a mortgage on it) and it’s not currently rented? So you have an out of pocket expense on the rental? As well as a $2,000 a month rent for your primary residence?
Your retirement accounts only have $30k in them with a $200k income? Are you maxing out a Roth every year?
You should not get a car note with a 720 credit score to build credit. Use your existing open credit lines to pay off your credit every month in full if that’s what you’re trying to do.
Buy a car for cash. Your wife is right. You don’t need a $40k new truck for commuting twice a week.
The concept of a “beater truck” has slowly morphed from “my granddaddy’s 30 year old pickup truck” to “any car older than 5 years old”.
You can pick up a used 2017 F150 for around $22k. That’s what I would opt for. Why 2017? This is the first year that they have apple carplay – probably the only useful real car feature added in the past 8 years. If you don’t need car play, you can go much older (down to 2010 or so) and get great deals.
A 2011 Ford F150 is not a “beater truck”.
As someone who owns a pick em up truck and uses it daily for homestead farming.
Don’t buy a truck or Body on Frame vehicle unless you need it. Before i had the farm i had a Mazda 3 with a trailer hitch, used a utility trailer to move firewood, trash, construction stuff, bikes, kayaks, you name it.
Go get a new Corolla for half that, if that, dump the rest into an investment and enjoy not having a pick em up truck to live with.
A car payment wouldn’t be as good long term for your credit as a credit card you pay off in full every month if you can do so (no shade here, but a lot of people are not “credit card people”).
Because you are looking at buying a house, your net worth would take a huge hit from the depreciation of a new pickup so I would recommend you find a good used one and go from there. Haggle on a price at a dealership a bit and AFTER a dollar amount is confirmed, pay as much as you can in cash. The APR on a car loan is not worth the increase in your credit.
>I’m not opposed to buying a used truck but the market seems unreasonable. I feel I would be better off buying new, should I be able to afford it.
You should read this back to yourself and hopefully it’ll make absolutely no sense to you, like it does for me. Yes, used car prices went a little crazy the last 3 years, but they’ve come down a lot and more reasonable now. But even if you “overpay” for a used truck that’s $25k and $22k Kelly Blue Blook, you’re spending $15k less than the new car.
And you don’t have to be so binary about either 1) a beater or 2) brand new car. There are plenty of reliable trucks/cars that are 5-7 years old with less than 80k miles. And do you really need a truck or just want one? Trucks have become overpriced in general compared to sedans I think because of marketing and the higher demand for them, by people who don’t really use them for work.
The most direct answer is yes, you could afford this. You qualify for good financing and have sufficient income. The question you should be asking is, do you need this? You should be clear eyed that this is a luxury purchase – one that will require you to allocate a meaningful portion of your income. Finding a vehicle that is cheap to purchase but also cheap to maintain is usually the best bet, unless vehicles are a real passion. I’d recommend getting a used Toyota sedan and putting the difference into an investment account.
Keep your eyes on the prize. The goal is to purchase a house, which is a valuable asset over time. The truck/car will only depreciate in value. And if you’re really using it just for work, and maybe the occasional boat tow, you’re better off getting something practical. Hit up a friend with a truck, when you want to use the boat…. having said that, if you do end up buying a truck, put as much down as you can, to get the best rates. Going in with nothing down, will only give you an interest rate, and car payment that will delay your goals of getting a house.
So you make $202k joint and you have no debt. $40k vehicle seems reasonable.
That said that is your joint income and it does not siund like your fiancee is on board with this so I think only fair to look at just your income.
You alone sound like you make 113k a year. 40k vehicle is okay for that if you get good financing but its not great.
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Should be maxing out ira as well. Should really have more in 401k for your income as well. I would be buying a 25k truck instead of a 40k truck in your position.
$40k vehicle is a lot to have sitting most of the time. $10k vehicle seems much more appropriate
>At this point in my life I’d like something reliable
Honda Civics exist. You don’t need a truck. Definitely not a $40k truck.
You can afford a 40k pick up new. The most reliable is the Tacoma. I have a Colorado for similar reasons, I enjoy having the utility resource on hand at all times. When it comes to towing a boat, a small pick up isn’t ideal unless the boat is smaller.
Things to consider:
Will you be having kids? You’ll want a full cab at that point. It will increase the price and the space for a car seat in any small pickup even with the crew cab is limited especially when considering a passenger in the front seat.
Is it just for the boat? Maybe rent a truck for that purpose and save the money.
Are you in your best position as far as saving for the house? The housing market can’t be predicted much better than the stock market. At the current rate the rate on your loan will make your purchase quite a bit more expensive even if it drops a few percent. The monthly cost for the lease or finance will be relatively high. Gas on a midsize pickup isn’t a detrimental cost but certainly more than a full size sedan.
To sum it up, financial decisions, from my experience should be weighed as follows. Is it the right AND right now choice? Does the cost of the benefits interfere too greatly with more significant financial goals? And most importantly, is this purchase more of a “look what I got” or “look why I got”.
My response is from my own personal lessons learned and I hope it can assist you in making your decision. Best of luck with your goals, your already on the right track if your asking this question.
Just to be clear, unless you’re a contractor or towing a camper every weekend you do not need a new truck.
Most people in trucks don’t need them.
Dude. Get the truck. Enjoy it. I purchased my used tacoma and only put on 5k miles a year. Sure, I could have got a gas sipper car, but I wanted the truck. Makes me happy when I drive. Bought a cb radio just because. Life’s too short to not enjoy it while living, and it’s a beautiful day to be alive.
Why do you need a truck? Do you work as a handyman, a farmer or in construction? No? Then you don’t need a truck. Get a nice, sporty car instead.
If you are going for reliable do not buy used. But a new vehicle from a reputable brand like Toyota. You will have a brand new warranty, 1 owner vehicle. The used car market is ridiculous right now. Spend the couple grand more and get new. Take out a loan with the lowest possible term you can afford, and go out for the full term; don’t pay it off early. This will help your credit the most. The newer the vehicle the lower the rate. You may need a down payment especially if you have never had a vehicle loan before or at least a loan with that high a dollar amount so keep that in mind.
I’ve always bought new. Yes you pay more but it’s not in the shop all the time, you know the vehicles history, and you’ve got a warranty. Speaking as someone who was in the automobile service industry for many years, and am now in the consumer lending side of things at a financial. Its not a mistake depending on what your values are, what you’re using the vehicle for, and how long you are planning to keep the vehicle.
I recently purchased a new vehicle over a used model for the same concerns you have. However, if you are looking for a ‘small’ pickup in the $40K range, you might as well buy a full size at the same price, which will hold its value better. Though, if you can, it is probably best to wait until marriage to purchase it.
Why do you receive 2000 a month from the VA
You don’t need a brand new truck just shop around and find a decent used one within your budget. But gotta say this a truck is the way to go, way more handy for everything. My wife and I had a 2008 ford escape that the transmission went as soon as the warranty ran out I replaced it and wanted to trade it in to lease a new ride. Wife wanted a mini van but I said there is no way I’ll sign off on that I wanted a truck. So rare case I actually won one against my wife and we got one. Way easier to put an old washer and dryer in the back to dispose of then grab the new one’s with a truck than a mini van. That was just the beginning………..
Don’t buy anything, don’t get anything nothing big. Didn’t u hear what I said? What’s the matter with u. I don’t care who’s name is on it, don’t buy it. Lol
Lease a Tacoma, depending on the trim you can get a 4×4 SR Tacoma for ~$400 a month with basically nothing down, maybe $1500-2000 or so. Dealers are trying to clear out the last of the 2023’s since a new body style is coming in a couple months too so you might end up getting a good deal on one too.
Leases also build credit faster than financing because the term is shorter, so it shows you paying off a “car loan” in a shorter period of time. Tacoma’s hold their value insanely well too so you’re likely gonna have equity in it when your lease ends.
If you don’t wanna do that, buy a decent used one from marketplace/craigslist. If you do that make sure you research the vehicle thoroughly for common problems and get a mechanic to inspect it before finalizing a purchase. An older but well-kept Ranger, Tacoma, Tundra, Silverado, or F150 would serve you well.
If the reason for buying a new truck is to improve your credit, do not buy a new truck. If the reason is a mix between improving credit and wanting a reliable vehicle, do not buy a new truck.
If the reason is you want a new truck, no one is going to tell you no.
You can easily find a 10 to 15-year-old truck that’s actually more reliable than a lot of new ones today. You can guess what brand people here are likely to recommend.
FYI: mortgage lenders will investigate your DTI. Having a car payment makes your DTI look worse.
Use this info how you will.
Wife and I are worth 2.5 million and we would never buy a new car. We will buy a rental house or farmland or something else that will appreciate, but new cars are a terrible investment. Even worse if you don’t have a way to write it off.
You’re bringing in over 200k a year combined, you can splurge for the King Ranch diesel deluxe xlt with extra led light bars and still be wealthy.
get a reliable car you’ll regret it if you don’t. people commenting don’t understand that burden and probably live in a more walkable area
I’d say spend a week low balling used trucks that have been on the market either a day or two or a long time.
How much will you put down ? Can you pay it off in 3 yr? Buy one large enough to pull- at lest a 3/4 ton. None of that half ton stuff. Do it right the first time.
Doesn’t sound like a must have. I would get a cheaper one (check with friends or relatives), take the $ difference and save it for retirement.
Its a tough decision now.
Back in 2021 it was almost a no-brainer to buy new (if you were looking at any year after 2015) since used prices were super high and rates were 50% of what they are now. The market it still super inflated but rates are extremely high.
Yeah, find yourself a situation if you can where there is a decent mid 2010’s smaller truck that has the towing capacity you need when you need it and hopefully you can have it looked at by a 3rd party mechanic so you know if its worth it or not. Plenty of great slightly older trucks that will be more than reliable for you just waiting to be found
2-3 used Toyota truck is what you need.
I have a 2016 mazda 3 and haul around a 5×10 trailer. Quite a bit cheaper than a truck and ive found the combo to have more utility as well. The mazda was $15k and gets 30mpg. The trailer was $2k new. I love that i can roll go karts, fridges, and other items onto the trailer with ease and when i dont need to haul i have a nice simple cheap vehicle to get around with. I havent found myself wishing i had a truck and i own a 100 acre ranch.
A car is just about the most expensive way you could improve your credit. Won’t improve length of credit. And if you don’t have it paid off in two years then it’ll hurt how much you qualify for a home. And insurance + gas are going to hurt.
I’d argue to save up for the house, save up for the wedding (if applicable, whenever that is). Once you’re settled in with your finances after all that, reconsider.
> We also would like to be in a position to purchase a house in two years. Should the market somewhat normalize.
Not your question, but don’t time the market. If interest rates are high, there’s no guarantee they will go down. If they do, you can refinance. House prices might not go down to a “normalized” level. Make decisions based on if they make sense when you’re making them, protect yourself against downside scenarios, but don’t make decisions based on the hope that the situation might get better