I know I know, I just scored a great deal on some tires for my truck, and now I’m thinking about selling it?? Well, it’s true. I recently started Grad School, and with my aggressive approach to finish my MBA degree in just over a year (while working full time), I’ll be driving an extra 120-180 miles per week! With a gas guzzling truck, this will increase my fuel bill by about $200 a month. While I do love my truck and it pains me to think about selling it, I think thousands of dollars in fuel savings per year could persuade me.
The Benefits to Owning My Truck
Before I jump into the calculations for the fuel savings, I want to tell you why I love my truck. Here are my 1997 GMC Pickup passions in bullet point form:
- It’s a solid running vehicle with very few problems – I’ve only spent $175 in repairs for the entire last year
- I fit in it – I’m 6’8″ and don’t fit too comfortably in most cars. This truck is perfect for my size
- It can transport almost anything – Between the truck bed and the hitch, I never have to worry about getting something from Point A to Point B
- Winter is coming – I’m much more comfortable driving a 4×4 truck in the snow than a car
The Car That Got Me Thinking In the First Place
You might be wondering what prompted these thoughts all of the sudden? Last weekend, my brother and I went on a little golf trip up north. To save on gas, we borrowed his son’s (my nephew’s) car for the trip. We new it got pretty decent gas mileage, but after driving a few hundred miles, we realized that it got between 34 and 38 miles per gallon! That’s more than double what I could get with my truck!
Here’s the other kicker. My nephew wants to sell his car. For less than $3,000, I could purchase his ride and save $2,160 per year! This car would pay for itself in about a year and a half. Aside from the amazing gas mileage, here are the other pros and cons to purchasing this car:
- It’s a solid car that will probably last another 100,000 miles
- Save $2,160 per year (I couldn’t help it, I had to list it again)
- I don’t fit that great in it – I’d have to tilt the seat way back to avoid hitting the sunroof with my hair
- It’s not a “Professional Looking Car” – I’d be one of the few people at work that doesn’t drive a new(ish) car – but then again, I’m already an oddball with my 15 year old truck
- It might be hard to sell – The Kelley Blue Book value is lower than what they sell for, plus this is a stick which is often harder to sell
What Do You Think?
So what do you think I should do? Should I put the truck up for sale? Should I buy my nephew’s car? Should I look for a different car that I fit in better? Or, should I just hold onto the truck through the winter? Let me know what you think! I’d love to hear your opinions!! 🙂
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.