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TOPIC: Paid the truck off, now for the next one !

Paid the truck off, now for the next one ! 31 May 2009 15:44 #1

  • calshoer
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Four and a half years ago, after buying/financing my current Toyota truck I decided to put my finances in better order for the future. A dear farrier friend and in California had relayed to me how to get and stay out of debt. AS he had done in years past)
One of his golden rules is that he never buys a vehicle(or anything else for that matter) with credit. Instead he saves and pays cash for a replacement truck every seven or eight years.
I bought this one at a very good interest rate(1% APR) I just paid it off yesterday, a few months ahead of time .NOW...for the next truck probably in four or more years, (hopefully the last one I will ever need) . I will put the same amount as the payments I have been making into a savings account and save for the next truck, as I keep driving and maintaining this one.
I will drive this pone into the ground, maybe replacing a tranny or something as needed ,and thereby pay cash for the next vehicle .It will save me THOUSANDS of dollars over the next decade to do that .

Anyway I am just feeling pretty darn good over this future plan.
I am now basically debt free including my housing, and want to remain that way and save for my retirement. :)
Patty Stiller CNBF,CLS
www.hoofcareonline.com
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RE:Paid the truck off, now for the next one ! 31 May 2009 17:31 #2

  • Jack Evers
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One of his golden rules is that he never buys a vehicle(or anything else for that matter) with credit. Instead he saves and pays cash for a replacement truck every seven or eight years.

This is one of the key things (although probably un-American). As you undoubtedly know, I'm into my seventies and still shoeing a few because I love it, but if the body fails and I can never shoe another horse, I'm still OK because I followed that rule.

Back in the 80's, my now ex wife went to buy a car. We had the money to pay for it, but she came home confused that the salesman had shown her how the interest she would pay on the car was less than the interest the money in the bank would earn, even though the loan was at a higher rate than the savings account. I told her he was comparing apples and oranges. Making a payment vs not making one. That paying for the car and then making the payment to ourselves would result in more money in the bank at the time the car loan would have been paid off. Yep, pay yourself first.
Jack Evers CJF AFA#426

The best things about the good old days -- I wasn't good and I wasn't old.

The older I get, the more horses I shoe, the fewer things that I can absolutely, positively fix.
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RE:Paid the truck off, now for the next one ! 01 Jun 2009 21:44 #3

  • Dogwood Forge
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You may want to be careful paying cash for a new truck. A friend of mine wife is an accountant and she used to do audits for the IRS. She said that one of the big red flags that will raise eye brows at the IRS is if someone pays cash for large purchases such as a new truck or car. That being said, I am all for getting out of debt and paying stuff off. When me and my wife got married we made a pact to never have more than three payments on borrowed money at one time. Another option if you don't want to take the risk of drawing undue attention is to save the money it would take to buy a truck and deposit it monthly in a money market account. You can set one up that is biased on tax exempt government bonds. The interest is not as good as a regular money market but it is better than a savings account at a bank. If you do that the interest you make will be tax free. Once you have saved enough for a truck buy one with the 0% financing that everyone is doing now and pay the payments out of your money market with the tax free interest you earned. You get the interest tax free and then get a tax break by buying a work truck. If it ends up being the last truck you feel like you will buy for work then when it is paid off roll your money market over into a IRA for retirement. You can open a SEP IRA and put up to 42,000 in it in a single year and what ever you put in it you claim as a deduction on you taxes.
Chip Crumbly CJF, AWCF
http://www.georgiafarriers.org/
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RE:Paid the truck off, now for the next one ! 01 Jun 2009 23:03 #4

  • Jim Sweeney
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After not seeing my mentor for about fifteen years he called me on the phone to say he would be down in the states and would come by to visit. He asked me if I still had the S-10 I had when I worked for him. I told him I had around eight different rigs since then. I asked him what he was driving for a shoeing rig, his reply was a somewhat perplexed "same G##D### one". He asked how I made living buying all those rigs. He preached exactly what you are doing Patty. I at least stopped buying new rigs awhile back when I had a client worth close to a billion dollars told me he never bought anything new. I search the internet for exactly what I want find low mileage repo's or lease trade in's. More than a few wise people told me if you retire and are paying interest on anything you are scroood.
Jim Sweeney

"I started with nothing and I still have most of it left". The Logger.
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RE:Paid the truck off, now for the next one ! 02 Jun 2009 04:23 #5

  • westtxshoer
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Good info Chip. My dear daddy told me never to buy anything that costs more than I make in a year. I stick to that.
RJ Little
Merkel, Texas
817-341-9857

"I ain't askin' nobody for nuthin', if I can't get it on my own." - Charlie Daniels
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RE:Paid the truck off, now for the next one ! 03 Jun 2009 02:06 #6

  • calshoer
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You may want to be careful paying cash for a new truck. A friend of mine wife is an accountant and she used to do audits for the IRS. She said that one of the big red flags that will raise eye brows at the IRS is if someone pays cash for large purchases such as a new truck or car.
As long as the money for the next truck comes out of the reported income from my LLC, and the income is also large enough to cover everything else including my salary, there should not be a problem.
What I know gets a lot of people into trouble is when they hide cash and do not report it, then use it to buy something large. In that case, the 'outgo' obviously exceeds the income and unless you printed your own money, it doesn't add up.
............Another option if you don't want to take the risk of drawing undue attention is to save the money it would take to buy a truck and deposit it monthly in a money market account. You can set one up that is biased on tax exempt government bonds. The interest is not as good as a regular money market but it is better than a savings account at a bank. If you do that the interest you make will be tax free. Once you have saved enough for a truck buy one with the 0% financing that everyone is doing now and pay the payments out of your money market with the tax free interest you earned. You get the interest tax free and then get a tax break by buying a work truck. If it ends up being the last truck you feel like you will buy for work then when it is paid off roll your money market over into a IRA for retirement. You can open a SEP IRA and put up to 42,000 in it in a single year and what ever you put in it you claim as a deduction on you taxes.
Thats a good idea! thanks.:) (wow,every farrier needs an acountant spouse...
Patty Stiller CNBF,CLS
www.hoofcareonline.com
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RE:Paid the truck off, now for the next one ! 08 Jun 2009 03:28 #7

  • Dan Puckett
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I buy used trucks, always have, and right now, plan to always do so. I just bought some tires today, and it put me over the $4K mark, including buying it. It has the power and torque of the newer ones (maybe just a hair more torque), plus gets a little better mileage, as it doesnt have all the EPA-mandated emissions junk on it. It has close to 300K on it, and should last at least that long again. I plan to drive this one into the ground (figuratively). I will try my best not to hot-rod this one......

Good job, calshoer, on sitcking with your plan to pay cash for your next truck. I think if more people still did that, we'd be in a lot better financial shape as a country than we are. It also helps that you picked a vehicle that should have some life left in it when it rolls over 250-300Kmi- it'll be worth something to the next owner.

Dan
Dan Puckett, CF
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