Keep or Trade? – One year later…

This is a decent point as well. I bought my Tacoma because my T-100 was getting 'long in the tooth', and I 'needed' newer technology. My T-100 had a steering box, not rack and pinion. It had a speedometer cable, not speed sensors. It had those damned torsion bars, not coil over struts. It didn't have a locking rear differential or ACT up front. It DID have a manual transfer case which I liked, but it really was old technology.
Other than some fancy electric goodies, I don't see the advantage of owning a 3rd gen right now unless your frame is rusted, or brake lines are starting to blow out from rust, etc.
Just my two cents.
I'll be 58 next month and don't like the thought of buying a new truck in ten years, but if my health holds up, I'll keep working on the one I have.

 

I agree. I never buy new and always pay cash. Haven’t had a car payment in 30 yrs.

 

Lots of good comments. The theme of most comments are pragmatic and from an economic perspective. Growing up, my dad always replaced his vehicle as it approached 100K miles. I did similar as I became an adult: '79 Pinto>'84 Camero->'87 MR2->'93 Camry->'09 Tacoma. So replacing my truck by now is something programmed in my head. I guess there are two main differences now. #1 My '09 Tacoma is much higher quality than most of my previous vehicles (especially the Pinto and Camero). #2. In 2009, our kids were not in college yet. Now, in 2023, we are still paying off two college loans, our mortgage, and a home equity LOC. Our joint income is good and we have ample retirement savings (at least until last year's stock market, haha), but I am 61 (62 in May) and I would like to retire this year. So, yeah, the practical thing to do is to fix my rack and pinion, ignore the mileage and paint, quit whining, and just and stand down.

 

...and let the kids pay off their own student loans.
Again, my two cents but we've told our kids since they were little that I was not going to work until I'm 70 so they could start off at zero, instead of in debt from college like I did.
We helped them but they (in my opinion) need to have some skin in the game.

 

Well, the kids are paying part and we are paying part. My wife came up with this. The killer was that the older son went to a $50K/yr. school. That was the stake in the coffin for me. (happily my daughter got in-state tuition at USC and younger son went to the Air Force Academy=free).

 

. This pains me. Having all this debt in retirement. Ouch!!!

 

It was more than an academic exercise while getting my business degree....financial planning early in my career and fiscal discipline, enabled me to retire at 57 debt free and comfortable. Short of being dealt a "bad hand", sometime during your career, if you live beyond your means (most Americans) and don't don't have a plan (not just a 410K) you will be not be as comfortable tomorrow as you are (I hope) today - FWIW

 

Yeah, the debt payments will be part of the monthly expenses until they are gone (or until I am gone haha). The pain should ease up a bit when I start drawing social security

 

Looking again at the list you mentioned, only one of them isn't something that I'd consider routine maintainence (rack). I'm in the keep it camp.

 

Good for you! I'm actually in pretty good shape thanks to salary and savings. It's just the doggone loans that are nagging me. I can retire and still pay them off but it doesn't mean that I have to like them. A cheaper college for one of our kids and we wouldn't be having this conversation. My bad.

 

I started saving for my kid the day she was born - If she had changed her mind about college, I would have retired a year earlier - LOL
Ps - her choice was: in state university (I.U.) paid for by me, savings, or out of state (her choice) paid for by her savings and loans paid by her - she went to i.U.
Ps - her after school job during her Sr. year in H.S. was to apply for scholarships...
she received literally thousands of dollars in small scholarships from writing essays - Elks, Moose, VFW, Am. Legion, etc etc

 

It amazes me how many of those go unclaimed. I remember pre-Internet going to the Boston Library and researching them. I got a scholarship for having been an altar boy in the Catholic Church, for example

 

Op, guessing you kept your rig?
I'm in a similar situation with my 02 with 260k on the dash. I'd like the comforts of a newer rig, but these interest rates are outrageous. I could get a decent amount for my truck now private party but in another year or two I'm guessing it won't be worth much. I like the advice everyone has given, seems like most feel saving the $ is a better way to go. Just wonder if it's worth selling and putting that$ towards something newer while it still runs well. Cheers

 

you know I purchased my wife her very first car in 2020. she wanted a subaru ascent. i was able to justify that newer car for a couple of reasons, 1st being that I've done all the maintenance on every car we have owned since 2010. and that the outback we owned my brother in law offered me 12k, and I think I owed like 3k on then traded in my f150 and put like 10k down against it. because i knew the timing kit on that F150 was due, needed tires, brakes and I didn't want to do those maintance items, so momma got her new mommy bus, and I drove my 90 Toyota back and forth for a year or so. before buy my Tacoma for cash.

now not saying there is a right or wrong answer. but for a couple grand id fix my truck and keep driving it. or fix the truck, sell the truck while the prices are still high. and buy with a huge chunk down.