In 2009 we purchased a one-owner, 45,000 mile, 1999 Ford F150 for $6,995 from a GMC-Buick dealer who had taken it in on trade. It set on their back lot for a few months and was listed at $10,995 – KBB retail was $10,000. After three weeks of negotiating we purchased it with $6,995 in cash and drove it for 13 1/2 years. Because they were a GMC dealer, none of their customers wanted a Ford. There’s another lesson there.

I just sold it for $1,000, because it needed about $2,000 in repairs, and we cannot own a vehicle longer than our previous record of 14 years with a Chevy Blazer my wife dearly loved until it’s engine failed.

The moral of the story is, besides two sets of tires and brakes, three batteries, an alternator and 2 air conditioning recharges, it cost us about $500 per year to own. The average monthly payment for a new half-ton pickup truck is currently $600 per month for 72 months – you do the math.

Taking your time to purchase the right vehicle at the right price with cash is smart, very smart. Purchasing a brand new car or truck with debt (a loan) is dumb, very dumb. Don’t be dumb, be smart.

P.S. That truck was driven daily about 8-10 miles to work, made 1 trip from Indiana to South Carolina and back, 1 trip to Northwest Michigan and back, and lots of 200 mile round trips throughout Indiana and Ohio, and helped countless friends and family move beds, dressers, appliances, et.. The new owner spent another $2000 in engine repairs and is giving it to his tech-school bound grandson where it will see service for at least another 4 years. Once again purchased with cash. Now, what to do with this extra $1,000 since I now drive a company-owned vehicle to and from work? Hmmm… I’m thinking a relaxing week at a cabin on a lake in the woods sounds very nice. See ya!