Can I afford a Raptor?

[gotSVT]

If you can pay cash for it, then yes.

 

[Madcowranch]

I know I'm in the minority here and I don't mean to step on any toes but I would not buy a Raptor if you have to go into debt to do it.

Without knowing anything about your financial situation, I would encourage you to invest the major portion of your salary in something that's fairly recession-proof such as land (but don't put all your eggs in one basket). Leave some of it in fairly liquid assets where you can get to it if needed. Try hard to avoid this "have it now" mentality that's endemic to our society today where you spend everything you make. If you make sacrifices now, you may be able to have some financial freedom later in life and you'll also prepare yourself for some hard times.

Then, hopefully, at some point you won't be looking at the Raptor as a monthly payment that you're wondering if you can make if you lose your job.

I know I am an extreme example but the only debt I ever had was my college student loans and a small business loan I got when I was 22 that my Dad cosigned for. But I had to live like a pauper through most of my twenties.

Good luck in whatever you decide,

 

[blockdoc]

But I had to live like a pauper through most of my twenties.

Live like no one else today, so you can live like no one else tomorrow.

It's sound advice.

Prov 22:7 - "... the borrower is servant to the lender."

 

[Fozzy]

Not to burst your bubble, but I have worked in the oil industry for more than half my life. It is very unstable and the work load depends on the price of a barrel of oil. Rather your in upper management or just a roughneck it is feast or famine. I have buddies in North Dakota right now that are making $200K a year driving water truck if they would work year round. But they don't stay consistent and the big money never is as big as it seems.

I will agree with you on the Raptor being a perfect truck to get to the rigs and back. I look back when I was in the field and I would total a brand new truck in 40K miles or so. The roads were so bad. The Raptor would love them.

 

[Wilson]

one thing you have going for you is you know how to live poor so keep up the poorness for a few years putting away every bit of the extra money your making and you will have enough saved up in one year but save and pay cash for the truck. or you could get a lone and pay double for the truck in the 5 years it takes to pay for it. that is if you don't get hurt or sick and lose you job.

 

[Boo_gee]

Wow. All of you gave great me some great advice. I appreciate this greatly. My position thankfully is pretty recession proof so I'm not worried about losing this job at all.

I'll use that spreadsheet you posted and hash out my finances. I've survived my entire life on no more than $2500 a month. So, this job is like a dream come true.

Wait... When I buy my Raptor, THAT will be a dream come
Come true

- thanks agains fellas. This is a pretty damn good forum

 

[Deinonychus]

Wow. All of you gave great me some great advice. I appreciate this greatly. My position thankfully is pretty recession proof so I'm not worried about losing this job at all.

I'll use that spreadsheet you posted and hash out my finances. I've survived my entire life on no more than $2500 a month. So, this job is like a dream come true.

Wait... When I buy my Raptor, THAT will be a dream come
Come true

- thanks agains fellas. This is a pretty damn good forum

Well good.

What color are you getting?

 

[BIGt0007]

Dude just go buy one!
life is too short!
If this 2012 mayan calendar stuff is true we only have until December anyway!

 

[cbs001]

I agree if your finances will not be stressed to thin to pull the trigger and buy one. Look at how many people lost their retirement funds from the recession. I say live today if you have the ability.

My interest rate for my purchase was 2.05% so made sense for me not to pay cash for the truck (I get 2.5 % from my money market alone). I paid $43,194 for my truck, total cost to me for financing the truck is $2,288 for total out the door of $45,482 (lux, moonroof, trailer package). Gas is running me about $100 a week, $80 dollars every 5K miles for oil change (synth) and tire rotation, and $1,150 a year for insurance.

My question is can you write off the truck as a business expense?

 

[Tasty Rod]

Hi everybody.

I've never had a job that paid well until last week. I got hired at an oil company and will now make 120k a year.

The roads to are bad and i drive a 7hr commute to the camps. I stay for 10 days then drive 7hrs home and relax for 4 days.

I just want to know if my annual salary allows me to now own and drive a raptor even with all the bad gas mileage. I'm very new to money so am I totally worrying for no reason?

How much will a raptor cost me every year Total (finance, insurance and gas)?

Lol I bet your an MWD right?