If I sell my truck tomorrow, I’ll be heading to dealership to get a new truck. Dealership near me has a new truck for 25% off and no interest. First time I’ll ever consider a $60k truck.
Otherwise, I completely agree. I had a 20 year old diesel that was ideal.
I’m by no means an expert mechanic but I can do a lot of things myself which has undoubtedly saved me a ton of money in preventative maintenance and other aspects.
Like all other “jobs” in my life I will do this until my daughter is old enough to do it for me. My American dream. Just have to survive until she can use tools and not just doll brushes.
Essentially, a 12 month operational cost draw (interest free loan). Collateral is equity. Once I’m paid off, they get a portion of my initial equity back and I keep a smaller %. If business is profitable, they can buy me out.
I’m not trying to take them out, but I would like to make some money and cover my risk if they default (initial higher % allows me to liquify and retain portion of loan)
Nothing stops a 5 speed Forester with snows
I love the free loans, but a $35k truck loan with 0% interest will still cost more than a $15k loan at sub 5% interest. I just can’t do it.
The perfect scenario is to find a used truck with just a few thousand miles. It’s still “new” but comes with a used price.
I’ve always bought new, kept them for three years. That said they are run through the business and here in the UK you get taxed on the benefit in kind based upon the cost new so if you drive a brand new X5 or a five year old X5 you get taxed the same.
Supposed it depends on needs. I’m moving towards this opinion, based on my scenario:
My current truck is a Tacoma, I bought one year ago new. I put 39,000 miles on it and am selling it tomorrow 
(Pending CL flakes). 36,000 of those were for work, which, at GSA rates ($0.57/mile) is roughly $20,000 a year in reimbursement. I could pay off a $60k truck in 3 years and have little to no maintenace .
Technically you’re reducing your taxable income, right? It’s not even money. Spend $60k and it reduces your income by $60k, but that only saves you what you would pay in taxes.
If your income is $150k then you would pay $37,662 in federal taxes. Reduce that to $90k and you owe $19,860. Your $60k expense “saved” you $17,802 in taxes. $19860 + $60k = $79860 for taxes and the truck)
Spending $20k on a vehicle would reduce your taxes to $32,392. You’d save $5,270 in taxes. ($32392 + $20k = $52392 for taxes and the truck).
Both options get you a new truck but buying the shiny, new one still cost more money. Your mileage rate doesn’t change.
Just sayin.
The reimbursement comes monthly, not at the end of the year when filing taxes. It’s a direct reimbursement from my employer.
Don’t think I will ever buy a brand new vehicle. The value drops insanely once you take it off the lot.
I know some people like to know they are the only ass the seat has seen, but that price difference ain’t worth it to me.
Brick - in the UK from my vantage point (construction / civil engineering) things look “good” for the medium term and beyond. However in the short term - terrible.
Typically construction has been first into a recession, last out. But this time it looks the opposite.
We were last in. And most clients are still able to carry on funding work and the consumer market is still good.
For example - much civil engineering on the private sector is driven by residential developments. In 2008 these dryed up as home buyers dried up. From what I can see these sites while currently mothballed are itching to reopen. Most would BE open if they could get materials. As its possible to have at least some work in going at a reasonable distance.
Government departments are also looking to spend heavily. Which will help. Our highways department, new national railways and other departments seem to have been told to keep spending.
The concern over here will be several larger civil engineering firms have expressed cash flow issues over that last 5 years. With one going under. This whole business might be a nail in the coffin to one of them. Maybe two.
Even if they do go under- it’s not the end of the world. Since 2015 when the UKs biggest civil firms told everyone it was cash strapped there has been a reorganisation around cash flow. The idea certain organisations could not go bust was dropped. People are much less exposed to it these days.
The issue is the mean time. Generally 25-50% of site management staff are self employed. However to make it tax efficient we all work the system a bit. The issue being is now, none of is get government help due to the way we are set up.
I can see a real issue here if things done get going again quickly.
I have yet to ever own a car and I am just keeping my eye out for a 1980’s/early 90’s Buick LeSabre that’s not in horrible condition. I love that car so much, so even though it probably would’ve had like 5 owners, I’m cool with it.
Well, that’s awesome.
I have some bad news for you - even the old people who bought those new and drove it once a week have passed away or sold them by now. Your best bet is to look at police auctions, but it’s not going to be in great shape.
Me, my buddy who owned the car, and a girl I was seen totaled one of those around a tree once.
Hell of a car. Actually took the tree out by the roots!
They’re freaking boats. My buddy had one, gifted by his grandparents.
I feel like there’s actually a decent amount of them left, I just can’t get to them or afford them. If I look on Craigslist I can usually find a few 4-5 hours away, I’ve just never been able to get to them or felt like I needed one at the time.
I do agree though that many are trashed at this point. All the ones for sale in MY area, haha.
My grandfather had a gold '74 LeSabre. The thing needed new shocks badly and all the vinyl and plastic off-gassed so badly I would get car sick every time I sat in it. I was looking for pics just now and a wave of nausea hit me just thinking about it.
He also pumped the brakes to stop.
Bang! This feels surreal.
I do industrial construction, so the Government considers us “Essential”
However…We just found out that two of the 5 refineries here are going to be mothballed.
damn.
We’re now past 30 million claims. The projected 47 million might happen.