Should I sell, or let the boy drive my truck?

$700 month in car payments. Lots of issues going on here.

1) How much of his income goes towards retirement?
2) How big is his emergency fund?
3) Is he on track with saving for a home?
4) Does he have a spouse/kids to prepare for?
5) Is his career in a growth industry?
6) How much remains after budget and savings for luxuries such as premium transportation?

 

What is this “might” of which thou speaks?

 

I think of the early 2000s Audi TT when I hear Audi

 

I made plenty of mistakes in my 20’s that took me until my mid 30’s to pay off. A new truck every two years rolling negative equity, no emergency fund so everything went on credit, eating in restaurants all the time, buying guns and tools all the time, and a poor job market when I graduated college shortly after 9/11. I found myself $115K in debt, plus the wife’s $70K in student loans from law school. We paid off my $115K in 5 years (I sold my first home and made $43K in profit to jumpstart repayment), her loans were 1.8% so we took another 5 to pay those off while saving for a house. I didn’t start seriously saving for retirement beyond collecting the company match until I was 35. I’m playing catch-up now so hopefully I can retire around 65.

I don’t want to pass the buck, my mistakes were my own, but in trying to help me my dad facilitated me getting into more trouble than I could’ve by myself. He let me float my debt on his low interest credit card balance transfers and loaned me $15K assisting me with making minimum payments while I kept spending. I would’ve tapped out much sooner, around $40K on my own. It would’ve been more painful, but I would’ve learned my lesson sooner.

My advise to a younger me: don’t be an idiot. Save 15% of your income for retirement starting with your first job. Live within your means with nothing beyond a mortgage and car loan, don’t put anything else on credit.

My advise to a dad: let your kids learn the hard way sooner rather than later, it will correct their bad habits before more damage is done.

 

50000 Monthly
8400 700 Car
10800 900 Rent
3600 300 Food
3000 250 Utilities
7500 625 Retirement
10200 850 Taxes
3600 300 Health insurance
3000 250
Gas/Clothes/repairs/entertainment
50100
-100

 

Target the car and possibly utilities to make up the delta. Cell phone, Netflix, gym membership, etc. could all be syphoning off cash. Or in this market look at finding a better paying job.

 

no one can predict the future

for 6 months a thorough ‘ storage ‘ job ( fog the cylinders.........change oil/filters .....frame on jack stands )

in a 20x20 storage truck hits the road just as U left it

why put the onus on the son

no less the market is heading to hybrid & full electric................do U really wont 1

the market on elevated prices might take a year or more to correct ( chips ....covid....panic buyin )

i have a perfectly goooood preCovid SR i could get what i paid for it...........mabe moyre

what do i leave the lot with.................. a skate board ?!??!?!?!?!?

dealer makes $$$$ both transactions

toooooo high $$$$$ used = toooo high $$$$ New !!!

 

Even with my conservative estimates without knowledge of the actual cost of living, this feels upside down from the start for ops son. Unlike your experience, my Dad was very diligent on teaching money matters early and often. Most things were “we can’t afford that” and that ended the ask. Served me well throughout the [too frequent] rainy days.

 

I wish I got those lessons as a kid. I'm trying to teach my kid this.

 

I wish I had learned "If you don't have the cash to pay for it, then you can't afford it." But at least I learned it in my late 30s. Now I don't borrow money period.

 

Overkill for six month storage. Park it in the garage with fuel stabilizer and the tires pumped up to 50 PSI and it will be fine. My folks are snowbirds, their 2007 Solera has sat in the garage 8 months a year since new. Same thing for their 2000 Ford Expedition for the past 5 years. If it were parked outside I’d be concerned about rodent damage.

 

1) IDK, but he's got $15K in savings
2) see #1
3) Nope. Something to mention to him.
4) Nope.
5) Kinda. Does light IT (application support).
6) He was putting aside a good bit when paying me rent. Now, he's seeing how much I was covering. Thing is, he could have a place of his own if he lived in the kind of place most of us lived in at 21. If he wants a premium apartment, he needs to ditch the expensive car, or get a roommate.

Thing is, I think that he needed to see how expensive it is to have a nice expensive sports car, and then to realize how much dad was helping even while he was paying rent living at home etc.

He doesn't spend a lot on dumb crap, well a bit too much on hooch, but he's only 21, so that's kinda a given.

 

Just from reading this thread, I believe he'll be very successful in life and I believe you're the best one to make this decision on your truck.

 

I came from a poor family that were just surviving so my parents where not there to help us in any shape or form. We the kids learned not to buy unless you can pay for it with some exceptions of course.
So most of mine and other teens of our era ( 66- 80 ) did not have cars and toys that most of this generation have especially the Millennials who lived in their parents basements and spending all their money on toys etc etc not paying or helping parents now that is bad parenting.
I have friends like that and their excuse is we never had anything growing up so trying to make their life a little better but they are not.

 

I think the OP got a lot more than he bargained for on this thread

 

Maybe the OP already made his decision and he his gone.

 

Government handouts stopped last week… prices across the country on cars will certainly come down greatly over the next 6 months. Sell it, and come back and buy a brand new one close to what you sold it for. People who think the inventory won’t come back are only fooling themselves. Supply will overwhelm demand soon enough, and the -4K below MSRP prices will be back .

also, gas prices will continue to rise which causes trucks in general to become less in demand.

 

https://youtu.be/AKM3pyktIXw