2nd tow vehical

oldjeep

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Re: 2nd tow vehical

But back to the OP - a lot more detail is needed to really determine what would actually save him money.
 

bruceb58

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Re: 2nd tow vehical

The best way to save money...never buy a new truck and pay cash so you don't have a car payment.
 

agallant80

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Re: 2nd tow vehical

To clear things up. I used the boat allot this summer. Its 3 miles to the lake from where I keep the boat. I went on 6 out of town trips with the boat this summer at about 300 miles round trip each time.

Here are some facts
Truck payment 760
Fuel (excluding the miles I towed this year) is 640 average per month
I do alot of 600 mile round trip drives to DC (about every 4-8 weeks)

It appears to me that having a big diesel pickup at $760/month to do mostly trips out of town not towing the boat does not make sense. I think I would be better off getting a car for about $550/month using about $200/month in fuel on average and buying a suburban as a tow vehical (you are right about the tahoe and short wheel base)
 

oldjeep

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Re: 2nd tow vehical

Just for curiosity sake. What kind of car/terms are you paying $550 a month for? That is Mercedes money
 

jkust

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Re: 2nd tow vehical

The best way to save money...never buy a new truck and pay cash so you don't have a car payment.

Was the OP's truck purchased new? While I agree with you, I literally don't know a single other person anywhere that actually does this. I keep my car purchases at about 20k and below so you don't notice the cash being gone. There's surprisingly little choice if you want something with low miles and is relatively new and in nice shape truck/suv wise. Problem here with even a 4 year old truck/car is they are already starting to rust. An old suburban/Tahoe/Yukon is a rusty mess in the early to mid 2000's or is rusting under the door seems, hood seem etc.
 

agallant80

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Re: 2nd tow vehical

Was the OP's truck purchased new? While I agree with you, I literally don't know a single other person anywhere that actually does this. I keep my car purchases at about 20k and below so you don't notice the cash being gone. There's surprisingly little choice if you want something with low miles and is relatively new and in nice shape truck/suv wise. Problem here with even a 4 year old truck/car is they are already starting to rust. An old suburban/Tahoe/Yukon is a rusty mess in the early to mid 2000's or is rusting under the door seems, hood seem etc.

We don't have salty roads in NC. To see a 20 year old car with rust is pretty rare down here.
 

jbetzelb

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Re: 2nd tow vehical

I looked at this with my diesel. The best answer for me was to sell the 2008 6.4 diesel F250 and buy a very nice brand new 2011 F150 loaded Lariat. The f150 pulls great and gets 18 to 20 MPG on the open road with no load. You know what a diesel cost to maintain. I am $600 a month ahead. I can pull my boat anywhere there is a road and I am still driving a very nice truck. Do the math, fuel filters on a modern diesel every 15 to 30 K miles are $100 plus, oil changes are close to $100, fuel is a buck a gallon more, insurance is more. Go buy a nice new half ton gasser and enjoy your $600 a month in savings.
 

H20Rat

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Re: 2nd tow vehical

Was the OP's truck purchased new? While I agree with you, I literally don't know a single other person anywhere that actually does this.

I do it, or come very close... I have a saving account set up that I put 'car payments' in to, which does nothing but sit there and collect interest. When I'm ready to buy a new car, I've paid for it in advance, and have the money ready to go. Meanwhile, instead of doing car payments on the new car, I continue putting into that account.

It really isn't a matter of having cash on hand, its just pre-paying for your car and keeping the interest, vs paying after the purchase and paying someone else. And you don't have to be well off to do it, you just need to keep your current car for 2x as long as your current loan term. (ie, you have a 3 year loan, at the end of 3 years just pay 3 more years into the savings account. Your next vehicle will be paid for!)

(important part bolded! If you go through cars quicker than 2x your loan payment term, you are going to cost yourself money!)
 
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oldjeep

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Re: 2nd tow vehical

I do it, or come very close... I have a saving account set up that I put 'car payments' in to, which does nothing but sit there and collect interest. When I'm ready to buy a new car, I've paid for it in advance, and have the money ready to go. Meanwhile, instead of doing car payments on the new car, I continue putting into that account.

It really isn't a matter of having cash on hand, its just pre-paying for your car and keeping the interest, vs paying after the purchase and paying someone else. And you don't have to be well off to do it, you just need to keep your current car for 2x as long as your current loan term. (ie, you have a 3 year loan, at the end of 3 years just pay 3 more years into the savings account. Your next vehicle will be paid for!)

(important part bolded! If you go through cars quicker than 2x your loan payment term, you are going to cost yourself money!)

I suppose, but if you have decent credit there is no interest or nearly no interest on a new car loan anyways.
 

tpenfield

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Re: 2nd tow vehical

(Vehicle) . . .

As you are experiencing using the tow vehicle as the daily driver can get expensive. The big problem is that you wear out the tow vehicle unnecessarily and then pay big bucks to replace it. It does all depend on how much you drive, but it seems like you drive a fair amount.

I would keep the tow vehicle and make it only as such, and use extra money to buy a daily driver of low cost. You could save several hundred $$$ a month and then save even more in the future once the vehicles are paid off. Then buy a new boat instead of keep replacing tow vehicles.
 
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Silvertip

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Re: 2nd tow vehical

A late 90's Tahoe is not going to tow the boat in your signature unless you pull it VERY short distances. How much does your boat/trailer weigh?

It's rarely worth buying a new vehicle just to chase gas mileage.

Got to disagree with that Bruce. Years ago I towed a 19 Foot Century I/O with a 2.8L S-Blazer and was never in anyones way. My neighbor had that vintage Suburban and towed his big Crestliner with it and the vehicle didn't know it was back there. I also towed a 24 foot travel trailer with a GMC van powered by the lowly 305 2bbl with no issues. One does not need a dually diesel to tow some of this stuff. If you have deep pockets by all means go for it. If one lives in or near the mountains than perhaps there is more reason to go to a bigger vehicle.
 

oldjeep

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Re: 2nd tow vehical

Got to disagree with that Bruce. Years ago I towed a 19 Foot Century I/O with a 2.8L S-Blazer and was never in anyones way. My neighbor had that vintage Suburban and towed his big Crestliner with it and the vehicle didn't know it was back there. I also towed a 24 foot travel trailer with a GMC van powered by the lowly 305 2bbl with no issues. One does not need a dually diesel to tow some of this stuff. If you have deep pockets by all means go for it. If one lives in or near the mountains than perhaps there is more reason to go to a bigger vehicle.

Just for a point of ref - Bayliner says 8,068 lbs on trailer for his boat. (2013 255). That weight might be pushing it for a Tahoe once you toss in fuel and normal boating junk.

http://media.channelblade.com/boat_graphics/electronic_brochure/company62993/323878_f.pdf
 

lrak

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Re: 2nd tow vehical

When I got my truck in '08, I kept my '94 Corolla. Still commute in it. It gets 30+ mpg, carries liability insurance only, never gets washed, gets the cheapest fluids I can find, and is full of "lifetime warranty" Autozone parts from a decade ago. When it breaks I drive the truck to work/grocery store/whatever till I get a chance to fix it myself on the cheap.
 
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smokeonthewater

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Re: 2nd tow vehical

Was the OP's truck purchased new? While I agree with you, I literally don't know a single other person anywhere that actually does this. I keep my car purchases at about 20k and below so you don't notice the cash being gone. There's surprisingly little choice if you want something with low miles and is relatively new and in nice shape truck/suv wise. Problem here with even a 4 year old truck/car is they are already starting to rust. An old suburban/Tahoe/Yukon is a rusty mess in the early to mid 2000's or is rusting under the door seems, hood seem etc.
I've never bought any new vehicle in my life and have not borrowed to buy one since I was 19 yrs old.... Always cash

the nicest car I've ever owned is my 2001 BMW 330ci convertible... black red w leather interior in beautiful condition... This past spring, I paid $6500 cash for it with 110,000 miles.... I wouldn't trade it for a brand new dodge chevy or ford unless I could sell it to buy my old beemer back

My 99 f350 has 330,000 miles and I bought it with 289,000 for $8,500 cash and I traded my old s-10 for my jeep and $2000

Now you know someone who does that.
 

bruceb58

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Re: 2nd tow vehical

Got to disagree with that Bruce. Years ago I towed a 19 Foot Century I/O with a 2.8L S-Blazer and was never in anyones way. My neighbor had that vintage Suburban and towed his big Crestliner with it and the vehicle didn't know it was back there. I also towed a 24 foot travel trailer with a GMC van powered by the lowly 305 2bbl with no issues. One does not need a dually diesel to tow some of this stuff. If you have deep pockets by all means go for it. If one lives in or near the mountains than perhaps there is more reason to go to a bigger vehicle.
My brother has a partner on a 26' Formula that is way lighter than the OP's boat. He tows it with a 2004 Tahoe which is a way better vehicle than a late 90's version. He won't tow very far with it because it is so squirly because of the short wheelbase. Suburban would be fine.
 
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bruceb58

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Re: 2nd tow vehical

My suggestion is to buy a early 2000s Pick up for less than $10K and a used commuter car for $20K cash.
 
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