Tacoma or BUST/ Break the bank?

I have a personal conflict about buying a new truck right now. My Nissan Sentra has 160,000 miles on it and I am waiting for it to die. Chances are it will take me to 250-300,000 miles though. Except I am getting pumped about a new vehicle and a pickup truck to boot.

I can afford the truck right now after paying mortgage, bills, etc. without having to put down a down payment on a Double Cab Sport Long Bed. However I wouldn't be able to save as much, of course.

Does anyone know a good rule of thumb or reasoning for savings vs. buying a new truck. When does the truck cost too much?

If I go by my wife she thinks I deserve what I want and she knows I won't break the bank selfishly. So let's keep responses to concrete objective numbers. % cost of mortgage/car payment/savings etc.

 

I say make sure you have 3-6 months or more of your take home pay in your savings account before buying a new truck.

 

shouldn't this be in the 2nd gen section

 

I've heard several opinions on this but ultimately it depends on what your comfort level is. You have a house that you're responsible for including all repairs. Would buying the truck drain your savings to the point where you'd be screwed if say your water heater crapped the bed (if you even have one obviously). I try to put away 25% each month to keep building my savings. I also adjust my retirement contributions so that keeps growing also. Your age and family planning plays into this also, are you getting ready to retire or are you young, just starting out and expect your income to increase over the next 5 years? Your old Nissan is high mileage, is it costing you a lot in repairs? If so, that would offset what you'd be paying on a new truck that's got a clean bill of health and a warranty. I'm not a financial planner, just throwing out some things I considered before purchasing my Tacoma.

 

All valid points. I'm busting because I am impatient, cause if I was patient I would be happy about having to wait a year or two to buy. Too bad it holds its resale value so well cause I would but used, but used is just as pricy in the mileage range.
Thanks for the tips. I'll consider them frequently.