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Fuel for Thought

Pay now or Pay later

By Greg Huggins
Posted Feb 28th 2021 8:12AM

Most of us have had it over the years at one time or another, new truck fever. You see those shiny new trucks rolling by and then you get an inkling of a thought… nah. Then others pass you by and you think - why not? I’ll look into the new models. Then reality comes back and you think - too expensive. You park between two shiny new machines and figure - well, while I’m parked here with nothing else to do, I’ll look into the available options. Again... Nah, I like my old truck, but I really do like that model with fancy do-dads. Now as you ride along in your old truck, the music from the radio becomes just background din as your thoughts wander to which options you want in that new truck. Slowly, every little “flaw” or maintenance item in your current truck becomes unacceptable to you and now you MUST have a new rig. You scour the internet and visit dealerships. By now you have every detail worked out from the gear ratios to the floor mats. It’s official - you have new truck fever and apparently there is only one cure, you now need a new truck. However, this fever will not be abated without a very big pill. That big pill is a dose of reality when you see the final cost of this shining, technological wonder that is to be your new truck. Now you also have the realization that this unusually large price tag is just for cash customers. Now you have to add the cost of borrowing that much money to get you in the truck that you have now convinced yourself that you deserve, nay must have. How could you possibly continue to drive your current old truck after spec’ing this machine of your dreams? Maybe you go back to the spec sheets and bargain with yourself. Do I really need this option or do I just want it? After a little debating, you end up with a truck spec'd to your needs rather than your wants, the price is lower than before and looks more attractive. But now you remember, with the help of your salesman, that while you have a gorgeous new truck spec’d with all the latest technology, you may want to consider extended warranties to cover your investment. Well, crap, now with the extended warranties, you’re back to the price you were before. Yet, the fever persists and you are bound and determined to make it work. As the fever continues unabated, you look into financing options. 5% here, 6% there, 15% at that one place (what are they thinking, you wonder). Now, totally committed, you apply to the various finance companies. Son of a … Down payments?!? How did I forget about the down payment? 10% down here, 20% down there (do these people realize how much these trucks cost and the burden of 20% down?) and … wait … I can get 0% down over there? But it is that place with 15% interest. 

Does this sound familiar?

Where your story goes from here is completely up to you. 

Trucks are expensive. How you choose to pay for that new truck can be the difference between success and failure. 

See you down the road (in whatever you drive),