I have a '93 full-size Bronco, 5.8L, E4OD, leather. It has 127k miles, runs perfect (knock wood), body is near flawless, paint is probably 90%+ condition.
I'm considering dropping about $7k into it, motor, tranny, interior. The wife wants to get something new. I don't want a car payment. I thought I'd throw this out and see what you all have to say.
Ultimately, I'd like to put on a small lift (4" max) and put 33's on and just drive it forever. My biggest concern is gas. When gas is $4/gallon, I'll probably wish I'd gotten rid of it.
How about neither? That's what I'd do. No way I'd spend $7k on a vehicle that's worth 4k now and runs perfectly. It's not like you could ever sell it to anybody.
I run 32 11.5 goodrich a/t s all over the mountains and just travelled a trail deer hunting that had 2 to 3 ft berms about every 100 feet and i never once rubbed a tire or high centered. no lift at all. old john
My Bronco has 190,000 miles and I've asked myself the same question. So far, we're keeping the Bronco 'cause it is so rugged for our requirements. I can put it in Granny and just plow through. So, it just depends on your real requirements. I don't need a motor or interior. I did rebuild the tranny at 173,000 miles. Cost about $1800. There are no more Bronco's. You can always sell it if necessary. I would only put $ into necessary maintenance and keep it.
The main reason I'm considering putting the money into the Bronco is because new cars and trucks are too expensive for me. I can either spend $25k-$30k (or more) on a new vehicle, or spend roughly $7k on mine and have a nearly new vehicle. My Bronco may be only worth $4k-$6k, however, the instant you drive a new car off the lot, you've lost more than that in depreciation.
I would keep it also, but part of that is just because I like the trucks better than cars. If there's nothing wrong with it then don't bother changing it. Invest the 7K instead. If you are going to replace the engine and you don't haul a trailer or something, then you could put a newer and smaller engine in it and improve the gas mileage some. It still wouldn't compete with a commuter car, though. As far as getting a replacement vehicle goes ... you can get a good used truck (or car) for 7K; you don't have to buy new.
Except in extreme cases, it almost never pays to buy a new or even newer vehicle. The real reason people buy a new or newer vehicle is because they don't like the one they have. How much you could sell it for is of no importance unless you are going to sell it. How much you have to shell out is of real and immediate importance because it affects your standard of living.
You would likely spend as much on payments on a new vehicle in the first year as you would on fixing up your old truck. If you like it and you would be happy with your Bronco with a new engine and tranny, etc in it then you should go that way. Having said that, this only applies if you are planning to keep it for a few more years. It only pays if you are going to keep it instead of spending money for a newer truck.
$7k is actually quite a bit of money to be putting into it though. Seems like I could get a fully rebuilt smallblock installed for a little over $2000 Canadian and a tranny would be less than that, installed. If the exterior is satifactory, do you really want to put $3-4K into cosmetics?
In any case, you already own the Bronco and presumably owe nothing on it. Make it a five year plan. The first year of payments would cover the money you want to put into the Bronco. The next four years of payments can go into the bank.
If the wife still wants a new truck, tell her get busy and make the moola for it. Why should you have to suck up $30K? It's your truck!
When you can afford a new truck, you won't even be asking yourself this question.
Sorry, for the long post. I just went through all of this yesterday with a young couple who wanted to sink themselves into debt for new car!
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