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This is a sore topic for me. Never in my life did I think I'd be able to get a brand-new vehicle. I'm in a position now where it's actually possible.
A new job that doubled my salary, the house is paid off in July, my son will start kindergarten (No more daycare$$$), and a few months after that I'll have everything else paid off.
My 2011 FX2 is great and I'll always have a truck from here on out. I thought since I'll have no other financial responsibility I'd look into a brand new forever truck.
I've always bought used and I patiently waited for all the options I wanted because I know I'll keep the vehicle for a very long time. Because of this, I like the upgraded options.
Since this would be my forever truck I have alot of wants.
3.5L, Leather, dual climate, decent stock sound, maybe adaptive cruise, and a warranty because I'm tired of working on my own truck all the time. Looking at my wants puts me at a Lariat or platinum. I've never had a car payment more than $300 and wow would a new truck blow that out of the water.
I looked at slightly used, like 2020 or 2021 but they are still more than I can stomach.
Unfortunately, after looking around at the prices it looks like I'll be keeping my FX2 for now and hoping the prices get better. I'll just tuck that money away for something else for now.

 

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Just a note, be careful paying off your house depending on your interest rate. A mortgage is BY FAR the cheapest money you can ever borrow.

I don't understand. maybe you can PM me and explain what you mean.

 

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This, at 2.625% I have a very hard time with the idea of paying anything extra into mine.

But if paying 13 payments a year (1 extra payment) reduces a 30 year mortgage by YEARS, that's a huge reduction in the overall acquisition cost of the home. So a fairly moderate "overpayment" is kinda clever.

Well, I guess I just don't understand the big deal about paying off my mortgage..... I'm paying 4x's my mortgage every month because I don't want debt. After I pay it off I'll start saving for 20% down on my forever home. It'll probably take 2-4 years to save that. When that happens I plan on renting my current house out for income. Rent - expenses = 3/4 of the mortgage on my next house.
That's my plan at least.

 

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I would encourage the younger folks here to read about the "power of compounding" it's an eye opener.

Who is the author? I'm interested in reading but it looks like there are a bunch of them with similar titles.