4th Nov 2019, 19:49

Just another update: After some quandary and after briefly considering getting a new truck, I instead did a minor restoration job on the truck. Doing a compression check on all cylinders showed it's still in spec. So after that I did the following:

All-new belts, hoses, wires, plugs, distributor, water pump, new coolant, air filter, changed transmission grease and a few other things.

I sent the truck to a body shop where they removed a few small dents, replaced the dry-rotted rubber window seals and repainted the whole truck.

Ordered new decals and chrome badges, a new chrome grille, new chrome bumper, new brakes, new shocks, new ball joints, new bushings, replaced brake fluid.

Rented a steam cleaning machine and cleaned the carpet, replaced the floor mats, cleaned all the vinyl and plastics.

Installed high performance stainless headers, new cold air intake system, new muffler.

Thus it now drives and looks like new. The miles have had hardly much of an effect on the overall engine or drivetrain and so I expect to keep right on driving it some 24 years after buying it new off the dealer lot.

5th Nov 2019, 15:15

So in 5-6 years if you bought a new one, resale is over 60%. Or buy a leftover and save a bit more. Pay cash, no loan. Looks really pretty cheap to own per year and have a fresh new truck. No miles on the engine, new tires, new brakes etc Keep it longer and save further. Just have to front 30 grand or less and the true cost to own looks pretty attractive when you sell. That’s option 2 and you moved up more than 20 model years to boot.

5th Nov 2019, 17:26

Ok, let's say $3,000 for a paint job (and for quality that's pretty low these days), and another $1,000 - $1,500 (doing that work yourself) for all the other miscellaneous body and mechanical parts. Was it worth sinking close to $5,000 or more into a compact truck that is worth maybe $2,500 tops?

Reading your previous posts I can understand the truck has sentimental value and that's your prerogative. God forbid the motor locks up or you are involved in an accident that may seem minor to you but not your insurance company.

5th Nov 2019, 22:41

Very conservative on full paint job indeed. Do it right with many hours of removing trim - you could buy at least 2 of these. I’d rather not have a vehicle painted at all. Prep is everything. Lastly, what about having a long new vehicle warranty on a zero mile truck and drivetrain. Engine goes, trans goes, suspension etc. The mileage on the former one alone is plenty of justification to say no. I am sentimental to a point. Then begin a new memory. My grandmother left me an inheritance (cash) to buy a shiny new vehicle. Every time I drive I think of her. The only way this would make sense is finding an $8k one with super low miles, kept in a garage, step up used to used. My opinion is you should have sold and bought new. Keep it 10 years. Smart move. Break down combined with decent quality restoring the truck. Too common and it's too cheap to buy a better one.

5th Nov 2019, 22:43

The paint job was $1400 with a 3 year warranty. Parts are cheap for these trucks. So all told, probably around $2,500 total for all the work done. This is the first "overhaul" the truck has had in 24 years.

So let's do some math. I did look at new trucks this year. And what did I find? I found that all told pretty much any truck these days is going to set you back at least $30,000 unless you get a total stripper. In fact most of the new Rangers and Colorados I saw at dealer lots were pushing $40k.

Thus let's do some more math. My current truck was a little under $12k new. Over the years it's of course had lots of oil changes and of course things like new plugs, wires, air filters and stuff like that. So generically speaking let's say around $300 a year in maintenance costs. That equals around $800 a year over time.

Now throw in the costs of a new truck: Let's put that number in the middle of what I found: $35,000 plus the same annual maintenance costs (I would do the work myself as always). That number equals around $1,758 over the same 24 year period.

But let's back up the train a bit. Most people don't keep their vehicles nearly as long as I do. So assume I do like most Americans and only keep a vehicle for a little under 12 years. The costs I mentioned above would more than double to close to $4,000 a year. Now spread that out over time and there you go:

Over time my truck has cost me $19,200.

If I did like most Americans and bought a new truck every 12 years at the average cost of a new truck. That works out to around $96,000 over time. So thus over time my truck has cost me hardly anything.

Let me say that I could absolutely go out and buy a new truck if I wanted. I make a upper level income and that brings me to the next point. These trucks will run forever in many cases and I know some people with over 500,000 miles on theirs. But, let's assume the engine detonates, throws a rod or has a catastrophic failure. Worse case scenario - engine replacement. Used engines or even re-manufactured engines can easily be bought and renting a cherry picker would make it a weekend project to pull the damaged engine and install a new one. We're probably talking about $1500-$2000 max. That is STILL dramatically cheaper than buying a new truck, and since I can easily afford to pay for such a potential outcome, who cares?