Hey guys, question. Seems as If I have had a lot of them recent;y, however, I am just trying to make lots of good changes and get the gears moving in my life.
Here's the essentials:
I own a Car, that I brought brand new. Took the Hit on the impending depreciation (tears of sadness), ordered it from the factory, and have absolutely loved the crap out of it ever since(tears of joy). Its a 2014 Ford Fiesta ST. Lovely little turbo hatch, has definitely got me in trouble a couple of times. Paid 25k out the door with the extended 86k mile warranty on it that will outlive the life of my loan. I now owe 15-16k on it, and it is worth about 17.5 dealership trade in. It would be considered a certified preowned, considering the warranty is still effective. So extra $$$. In my most recent quest to be financially responsible, I am pushing HARD to be debt free (minus car and hopefully house later this year), preferably by the end of this year. I have about $2100 on my tool account at work, $6100 in CC debt, and I have 44 payments left on the car. With everything I have in place, debt free will happen within my goal time. However, with my car, I pay about $200 a month in insurance for the little turboed beast and $405 a month for the car note. If I refinance, it drops my payment to $353 for the next 48 months. an approximate savings of $700 over the life of the loan. Not quite what I am looking for. I really honestly need a truck, considering my hobbies and day to day needs aside from commuting and running errands within the 20 mile radius I run within 90% of the time. So fuel economy is not necessarily an issue.
So that is out of the way... here is the rest, in lengthy bullet points:
==I don't NEED my car.
==Im looking to buy a truck with the intent of having lower car note, insurance, and more utility.
==I recently came across a coworker who is selling his early 2000 model LOADED 4x4 F250 Powerstroke with 300k miles on it for 5k.
==He's an outstanding mechanic and an absolute perfectionist. The truck was his wife's daily driver. I am confident of the trucks condition, at least for now.
==If I buy the truck and sell my car and only get enough to pay off the amount owed (i should get higher) I would get a signature loan for 6k and pay the truck off in half the time with a $200 less payment.
==Which equals more money to go towards other debts, buying a house, paying off the truck faster.
Any thoughts guys? Dave Ramsey types? Experiences with 7.3l Powerstrokes? Financial thoughts? I'm trying to gather all the info and make sure I am making not only a smart choice by downsizing my transportation, but also going about paying off debt the right way and in the most efficient way possible.
Here's the essentials:
I own a Car, that I brought brand new. Took the Hit on the impending depreciation (tears of sadness), ordered it from the factory, and have absolutely loved the crap out of it ever since(tears of joy). Its a 2014 Ford Fiesta ST. Lovely little turbo hatch, has definitely got me in trouble a couple of times. Paid 25k out the door with the extended 86k mile warranty on it that will outlive the life of my loan. I now owe 15-16k on it, and it is worth about 17.5 dealership trade in. It would be considered a certified preowned, considering the warranty is still effective. So extra $$$. In my most recent quest to be financially responsible, I am pushing HARD to be debt free (minus car and hopefully house later this year), preferably by the end of this year. I have about $2100 on my tool account at work, $6100 in CC debt, and I have 44 payments left on the car. With everything I have in place, debt free will happen within my goal time. However, with my car, I pay about $200 a month in insurance for the little turboed beast and $405 a month for the car note. If I refinance, it drops my payment to $353 for the next 48 months. an approximate savings of $700 over the life of the loan. Not quite what I am looking for. I really honestly need a truck, considering my hobbies and day to day needs aside from commuting and running errands within the 20 mile radius I run within 90% of the time. So fuel economy is not necessarily an issue.
So that is out of the way... here is the rest, in lengthy bullet points:
==I don't NEED my car.
==Im looking to buy a truck with the intent of having lower car note, insurance, and more utility.
==I recently came across a coworker who is selling his early 2000 model LOADED 4x4 F250 Powerstroke with 300k miles on it for 5k.
==He's an outstanding mechanic and an absolute perfectionist. The truck was his wife's daily driver. I am confident of the trucks condition, at least for now.
==If I buy the truck and sell my car and only get enough to pay off the amount owed (i should get higher) I would get a signature loan for 6k and pay the truck off in half the time with a $200 less payment.
==Which equals more money to go towards other debts, buying a house, paying off the truck faster.
Any thoughts guys? Dave Ramsey types? Experiences with 7.3l Powerstrokes? Financial thoughts? I'm trying to gather all the info and make sure I am making not only a smart choice by downsizing my transportation, but also going about paying off debt the right way and in the most efficient way possible.