My very first car was a black 2015 Hyundai Genesis.

-Moonshine wrote

002 wrote

-Moonshine wrote

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Oozy wrote

-Moonshine wrote

Oozy wrote Can someone tell me why so many people outside of the US have baby 4 cylinder cars? Is there something about emissions, space, etc... that makes it harder to get big boy cars and trucks?

-Moonshine wrote 2012 GMC Sierra. Got it brand new off the lot. I was 16 years old. Still paying for it too. LoL

Why are you laughing about it? That was a pretty dumb decision to make. You were thousands of dollars in debt before you even turned 18.

In debt my ass.
How was it a dumb decision? The truck makes me money, so I don't think it is dumb. I needed a dependable truck for me and my dads business.
Actually as soon as I pay it off, I'm going to trade it in on a diesel before the truck goes to far down in value. And to be more dependable and safer pulling heavy equipment.

How are you not in debt if you are still paying for it? You owe some one or company money for the truck, that is called debt.

Now that I know you are using the truck to make money, that makes the decision a little less dumb, but still pretty dumb. You should never put yourself into debt unless you have to. The only exception that I could think of is something like a house where most people do not have the upfront money to outright buy a house. And if you do have to go into debt, you should minimize the amount of debt.

Lets assume that you bought the lowest tier regularcab GMC Sierra with a V6 brand new of off the show room floor. A brand new Sierra cost roughly $29000 USD if speced the way I have stated. You probably have to pay interest on whatever loan you got. Because of your age your insurance is going to be pretty high and since you have a brand new truck it will be higher. If your a male then your insurance will be even higher.

Kelly Blue Book list a 2012 GMC Sierra 1500 Regular Cab with the same specs as earlier at $13,774 if you by from a dealer. So you have pretty much lost over half of what you put in the truck. And that is assuming you go the lowest spec truck.

It seems like the business is working out for you and that is great. But what if the business did not work out? Then you instantly have lost a good bit of money.

The wiser thing to do would have been to get an older truck. Like 10 years older. According to KBB a similar spec 2008 Sierra from a dealer would cost $10391. You are not in debt as much, insurance is cheaper, the truck will not depreciate as much, and if something happens to the business, you are not out as much. KBB states that the truck would have around 110,000 miles on it. As long as you take good care of it and do regular maintenance, the truck should last you another 100,000 miles if not more. You could own that truck for 4 or 5 years, then sell if for another 10 year old truck (a 2012-2013 truck not another 2008 truck). You would lose the least amount of money and you would save more with things like insurance.

The best thing to do would be to save up money to outright buy a truck and not have a loan, but I understand why you got a loan.

And just because you buy a brand new truck, that does not mean that it will be dependable.

The sticker price was $36,440. After the down payment and discount I got it down to $29,???.
The interest on the truck was 0%. And the reason why it was no interest was because on paper my dad bought it. We new if I tried it (if I could) I wouldn't get the loan with 0% interest.

The insurance isn't all that bad. It is listed under the business insurance. Which was cheaper then having it under my own personal car insurance.

The truck is actually worth $23,000 to $26,000. Thats why I want to get rid of it before it goes under $20,000 and get somthing that can suite my needs a little better. Which I wasn't planning on trading on a newer truck but just a low mile diesel about the same year range. I don't care about all the new trucks with these new electronics.

Well the business has been doing good for 20+ years so I hope it doesn't go under but if it did then it still wouldn't scare me. I can find work. Plus I have a couple other cars to daily if I have too.

I understand stand where your coming from but if the truck didn't make money then I wouldn't have gotten it. A good thing about new vehicles is that you know how its been treated. If I bought a used truck and a couple months of owning it that the trans decides to go out, then I have to fork out money for a trans and I'm losing money because I'm a truck short.

The truck has definitely payed for it self then some. The only reason why i haven't payed it off earlier is because I do like my toys and also to help my dads credit score out.

Total price includes down payment....


Anyway, let's do some very simple math here as I also bought my truck for my "business". I spent $5k on the truck. Let's go with your scenario of the tranny blows. Ok, so now I have a $3k expense but I'm now out a truck because I can rent one for roughly $50/day. Say it takes 10 days, so now I'm out $3500. $8500 is a far cry from $30k, not to mention that if nothing goes wrong on that used truck, your truck actually made you money.

I love the idea of "well the truck makes me money". No matter how I break it down, unless I cut my hourly rate that I personally take, the truck does not make me money. The truck has its running costs, repair costs, etc. All it can do is allow me to make money. The difference is, on a $30k truck I have to find a lot more work to turn a profit over the truck rather than if I had the $5k truck.

And just to touch on the insurance, if you get in a wreck and it has business insurance but it's your personal vehicle and you don't own the business (I.E. your name isn't on those tax forms), you're kind of screwed.

Yea I messed up wording the down payment part.

Yes, I have to find more work to turn a profit on a $30k truck. BUT spreading that $30k over the 6 year loan it makes it alot easier. Yea I probably could have just spent $10k on a truck. But at the time I wasn't worried about $5k a year going to a new truck, just as long as I didn't have to pay interest.



Business licence has my name on it. (Owner)
I file the taxes so yes it has my name on it.

All in all either way I went, I would have been good. But I'm glad of the way I went. And truly that's all that matters. But I do see where ya are coming from And I appreciate it

Being your 16 at the time you would of needed a co-signer to get financed

2nd of all it's not debt when your making the payments also it establishes credit as long as your paying the payment and no late payments

Pretty awesome that you made this accomplishment at such a young age And setting goals for the next one. And Honestly best thing you can do plus your proud driver every time you purchase a new vehicle. Gives you a good feeling about yourself yet friends get jellous

Keep up the good work

02 Mini Cooper, still have it. Looking to get something else in a couple of months.

Still don't drive yet doing lessons atm think I'm looking into getting 1.2L Ford Fiesta ST once I pass n such

Rodent_Modz wrote

-Moonshine wrote

002 wrote

-Moonshine wrote

Click to View Content

Oozy wrote

-Moonshine wrote

Oozy wrote Can someone tell me why so many people outside of the US have baby 4 cylinder cars? Is there something about emissions, space, etc... that makes it harder to get big boy cars and trucks?

-Moonshine wrote 2012 GMC Sierra. Got it brand new off the lot. I was 16 years old. Still paying for it too. LoL

Why are you laughing about it? That was a pretty dumb decision to make. You were thousands of dollars in debt before you even turned 18.

In debt my ass.
How was it a dumb decision? The truck makes me money, so I don't think it is dumb. I needed a dependable truck for me and my dads business.
Actually as soon as I pay it off, I'm going to trade it in on a diesel before the truck goes to far down in value. And to be more dependable and safer pulling heavy equipment.

How are you not in debt if you are still paying for it? You owe some one or company money for the truck, that is called debt.

Now that I know you are using the truck to make money, that makes the decision a little less dumb, but still pretty dumb. You should never put yourself into debt unless you have to. The only exception that I could think of is something like a house where most people do not have the upfront money to outright buy a house. And if you do have to go into debt, you should minimize the amount of debt.

Lets assume that you bought the lowest tier regularcab GMC Sierra with a V6 brand new of off the show room floor. A brand new Sierra cost roughly $29000 USD if speced the way I have stated. You probably have to pay interest on whatever loan you got. Because of your age your insurance is going to be pretty high and since you have a brand new truck it will be higher. If your a male then your insurance will be even higher.

Kelly Blue Book list a 2012 GMC Sierra 1500 Regular Cab with the same specs as earlier at $13,774 if you by from a dealer. So you have pretty much lost over half of what you put in the truck. And that is assuming you go the lowest spec truck.

It seems like the business is working out for you and that is great. But what if the business did not work out? Then you instantly have lost a good bit of money.

The wiser thing to do would have been to get an older truck. Like 10 years older. According to KBB a similar spec 2008 Sierra from a dealer would cost $10391. You are not in debt as much, insurance is cheaper, the truck will not depreciate as much, and if something happens to the business, you are not out as much. KBB states that the truck would have around 110,000 miles on it. As long as you take good care of it and do regular maintenance, the truck should last you another 100,000 miles if not more. You could own that truck for 4 or 5 years, then sell if for another 10 year old truck (a 2012-2013 truck not another 2008 truck). You would lose the least amount of money and you would save more with things like insurance.

The best thing to do would be to save up money to outright buy a truck and not have a loan, but I understand why you got a loan.

And just because you buy a brand new truck, that does not mean that it will be dependable.

The sticker price was $36,440. After the down payment and discount I got it down to $29,???.
The interest on the truck was 0%. And the reason why it was no interest was because on paper my dad bought it. We new if I tried it (if I could) I wouldn't get the loan with 0% interest.

The insurance isn't all that bad. It is listed under the business insurance. Which was cheaper then having it under my own personal car insurance.

The truck is actually worth $23,000 to $26,000. Thats why I want to get rid of it before it goes under $20,000 and get somthing that can suite my needs a little better. Which I wasn't planning on trading on a newer truck but just a low mile diesel about the same year range. I don't care about all the new trucks with these new electronics.

Well the business has been doing good for 20+ years so I hope it doesn't go under but if it did then it still wouldn't scare me. I can find work. Plus I have a couple other cars to daily if I have too.

I understand stand where your coming from but if the truck didn't make money then I wouldn't have gotten it. A good thing about new vehicles is that you know how its been treated. If I bought a used truck and a couple months of owning it that the trans decides to go out, then I have to fork out money for a trans and I'm losing money because I'm a truck short.

The truck has definitely payed for it self then some. The only reason why i haven't payed it off earlier is because I do like my toys and also to help my dads credit score out.

Total price includes down payment....


Anyway, let's do some very simple math here as I also bought my truck for my "business". I spent $5k on the truck. Let's go with your scenario of the tranny blows. Ok, so now I have a $3k expense but I'm now out a truck because I can rent one for roughly $50/day. Say it takes 10 days, so now I'm out $3500. $8500 is a far cry from $30k, not to mention that if nothing goes wrong on that used truck, your truck actually made you money.

I love the idea of "well the truck makes me money". No matter how I break it down, unless I cut my hourly rate that I personally take, the truck does not make me money. The truck has its running costs, repair costs, etc. All it can do is allow me to make money. The difference is, on a $30k truck I have to find a lot more work to turn a profit over the truck rather than if I had the $5k truck.

And just to touch on the insurance, if you get in a wreck and it has business insurance but it's your personal vehicle and you don't own the business (I.E. your name isn't on those tax forms), you're kind of screwed.

Yea I messed up wording the down payment part.

Yes, I have to find more work to turn a profit on a $30k truck. BUT spreading that $30k over the 6 year loan it makes it alot easier. Yea I probably could have just spent $10k on a truck. But at the time I wasn't worried about $5k a year going to a new truck, just as long as I didn't have to pay interest.



Business licence has my name on it. (Owner)
I file the taxes so yes it has my name on it.

All in all either way I went, I would have been good. But I'm glad of the way I went. And truly that's all that matters. But I do see where ya are coming from And I appreciate it

Being your 16 at the time you would of needed a co-signer to get financed

2nd of all it's not debt when your making the payments also it establishes credit as long as your paying the payment and no late payments

Pretty awesome that you made this accomplishment at such a young age And setting goals for the next one. And Honestly best thing you can do plus your proud driver every time you purchase a new vehicle. Gives you a good feeling about yourself yet friends get jellous

Keep up the good work

Any time that you owe money to anyone for anything, it is a debt. Even though a car payment is a month by month basis and you might have the current month paid for, as long as there is still a balance remaining on the vehicle you are in debt.

1.2 Corsa C 05