Need some financial advice

[mtbazz]

Some bad financial decisions from my past are catching up to me and I need some good advice.

I have a leased vehicle (2011 4runner) and the lease is about to expire next month. It was my intention to buy this vehicle once the lease was up, but that probably is not going to happen. Took some major hits to my cash reserves this year, and my credit is also currently in the crapper. I do have have about 100k in equity in my house I may be able to tap into, though with bad credit that is unlikely.

I have a reserve vehicle that is completely paid off...1998 dodge ram 2500 with 100k miles on it.

Now, I am actually pretty tired of making car payments, but my commute is also about 32 miles one way, so I do need a reliable vehicle.

Really not sure what I should do...I could probably sell a bunch of crap i (including the dodge) and come up with enough cash to get me a downpayment of around 5k which might (or might not) get me a car loan.

Or I could just say so long to the 4runner and drive the dodge for a year or so until I am back on my feet financially.

Looking for some good advice, not looking to get beat up here. I know i made mistakes...

 

[wantaknow]

hey bro that used truck has alot of life left in it get a complete tune up use full synthict sp?oil and a oil additive like zmax ,stuff is awsome on the next oil change use oil addiive motorkote get it at the flying j truck stop,then have all wheel bearings replaced,top off rear end lube ,and get new break shoes /pads run only the highest of gas octains ,yes it cost more but your milage will go up too,oh get that coolant flushed and see if the radiator has build up in it ,best to get a newone and get it from a body shop it will be cheaper ,no more full coverage insurance ,no more payments ,,bad things happen to good people ,this will help you in the long run ,while driving the truck save up some cash and buy another used gas getter for your drive to work ,good luck bro ,

 

[ThePizzaMan]

Use your truck.....no brainer. But like the other poster said....baby that thing...take it to a reputable mechanic...and have a serious tune-up....and anything else it may need.


TpM

 

[Walt Jabsco]

just back and forth to work you are doing 15k a year in mileage.
if you are serious about what is the right decision.
do not sink another dollar into that 98 truck. it is already 15 years old.

take the 98 to a place like car max and trade it in. swallow your pride and buy a couple year old economy car for no more than $10k and less than 50k miles (preferably 25k or less miles). something that gets 22 plus to the gallon.

make a payment to their finance company with their insane interest rate. you aren't financing very much so the payments will be low. make the steady monthly car payment that should be in the 150.00 range (if you stretch it out to 7 year loan it will be even smaller. make sure the finance company they use doesn't penalize for early payoffs) this will rebuild your credit.
after a couple of years you can trade in the economy car for something more exciting and get a better rate this time because you have made all the payments on time.

 

[wantaknow]

my son has 325000 miles on a chevy truck ,you can get alot of life out of that truck highway miles are the best ,nomore than what they will give you on a trade in if i were going to get rid of the truck i would sell it out right on cl ,car marts interest rates suck the hind tit ,use what you have until you are forced to do somthing different ,just put back each week what you would pay at car mart ,best way out of debt payoff the smallest bill first then take that payment and apply to the next smallest bill and so on ,good luck ,and best wishes

 

[Max Headroom]

cars from the last 10+ years have a MUCH reduced lifespan than cars from the 90's.

i've owned several late '90s toyotas and they all easily lasted 180K miles or even 250K miles. (before i sold them)

newer toyotas? not so much.
fuck planned obsolescence.

 

[Stoner4Life]

you can find a low/mid mileage Buick LeSabre or Park Ave for 5-6K, the 3.8 liter or 3800 engine and tranny are damn near bullet proof. the car gets 30+ mpg highway & 22 city, I average 25mpg combined; comfy ride and my supercharged Park Av friggin' flies if I need it to.

other GM cars w/the 3800 series engine: Pontiac Trans Am, Grand Prix, Bonneville, Olds Toronado & Chevy Camaro. Buick also put it in 1995-1999 Rivieras, I had a '95 Riviera that I sold to a mechanic friend, he said it's faster than his wife's Corvette. That engine likely went in more models I'm not aware of.

ask any qualified mechanic about the 3.8 liter engine & they'll tell you how dependable it is. drive an affordable car & your insurance won't peck away @ you, better gas mileage means you're saving CASH every time you fill up, that means money left in your pocket today. and no bank note which means someone's not charging you interest on your car loan even whilst you sleep.


I bought a Buick Park Av w/80K on it (CarFax verified) for 5K last year. Leather heated seats, heads up display on windshield, awesome air level ride, nice sound system, electric sunroof, separate climate control for passenger. basically it's outfitted like a Cadillac.

if you're working 5 days a week that's 16,000 miles per year, your Dodge will get you X mpg, a Buick will get you Y mpg; do the math yourself & realize big fuel savings every week, less money stress.......

best of luck getting through your crunch.

 

[twistedthreads]

run only the highest of gas octains ,yes it cost more but your milage will go up too

sorry but this is bad advice.. if you know how octane works you would not tell people this.. did you know that the higher the octane the harder it is for your engine to burn. that's how it stops Predetination knock..

here's a little something to help explain it better..

http://www.nicoclub.com/archives/gasoline-octane-myths.html

 

[supermanlives]

that dodge is good for 200 k if taken care of no problem. you can buy a cold air intake,new coil ,wires and get a new computer chip. you can increase your fuel milage. try lucas fuel and oil additives I swear by that stuff. works for me

 

[Eighths-n-Aces]

what does it cost to insure the dodge vs. the toyota ? that could make up the difference in gas money on it's own.

leasing was never meant to do the driver of the vehicle any favors even if they can afford to buy when the lease is up

drive the dodge

 

[devilgoob]

Higher octane is easier to burn for higher compression engines.

Lower octane is easier to run on low compression.

If you put low octane fuel into a higher compression, it would predetonate.

If you put high octane fuel in a low compression cylinder - it won't burn.

Since it's a diesel, we know it has high compression, therefore using diesel fuel.

Diesel fuel is of higher molecular weight, and burns at way higher compression ratios, therefore not predetonating.

 

[MrDanky]

1998 dodge ram 2500.... no wonder why you are broke! that sum'bitch prob sucks you dry!I bet you are always at the gas station!

most self made millionaires buy used vehicles with high re-sale value... drive it for a year, and sell for what you paid for it.... give or take a couple bucks....then repeat

thats my advice.

vehicles will always be liabilities...

buy assets that generate you money so you can cover your liabilities...

 

[OrganicOzarks]

Walk.

 

[gekolite]

ok, lets say your pickup gets 14mpg the cost at 3.50 a gallon is $4000 a year for gas, if you drive 16000 miles a year,,,,if you trade it in for a economy car that gets 25mpg it will cost you $2240 for the same mileage. you will probably save a few hundred on insurance for the economy car also. So that is about $1800 a year savings just for gas. The savings from gas would probably make your financed car payment, and at the same time restore you credit to a measurable level ,,, good luck

 

[longearedfriend]

I am going through financial restraints myself also

good luck