I might have to sell...

[mcgaskins]

Good points guys! I think the hard point that I have been trying not to think about is that I might have to let it go and drive only the crappy little car with good mileage for this first year until I can get my book of business built up enough. Then do what Bloomer said and go out and another one...maybe a 200 series!

No offense but how do you figure if you sell a 100 series now for $15-18k you'll be able to afford a $35k+ stock 200 series in a year? If your time horizon is that short that you'll be flush with cash by then, then I'd just keep the 100. Unless you make a dramatic change in what you drive meaning 35+ mpg, trying to save money on a Tacoma or 4runner getting 20 mpg at best won't save you much money. Also consider if you sell your truck right now, you may be able to pick up another LC in the future, but most likely you'll have to start the build from scratch. That has pros and cons, but most of the time you're looking at a huge chunk of cash to build it like you want it.

 

[aaronrules]

I have no disillusions about getting a 200 series. The plan is to get rid of the LX and get something that is cheaper and gets significantly better gas mileage. Something that I won't want to kill myself for driving...like a Prius. Then later down the road I am going to start looking at either another 100, 200, or Taco.

 

[FJ62INTX]

I am 1099'd also, but my clients pay for gas to and from the job, so I can drive a guzzler 100 series or a 62 like I had earlier. During the days I don't get reimbursed for gas, I just try to minimize my driving.

It costs a lot to outfit one of these rigs nicely. You likely won't recoup much of your money and none of your sweat equity in selling it unless to a mud member.

I am not bashing the tacomas, but they ain't no Landcruiser. They are great trucks, but you get a less capable rig when stock. Think about the money you will want to spend on it just to make it fun.

I vote to use $3,000 to buy an old Japanese Toyota with a timing chain and daily drive it. Leasing a new hybrid/ fully electric vehicle might be a good option also.



I know this goes against the Landcruiser idea, but I really loved my 2004 Subaru Forester xt auto and 2005 Outback XT WAGON 5spd.

The Forester XT with a tiny lift and some decent tires can be a fun mild off-road vehicle, and figure about 24-26mpg.

You can find some nice cars in the $7-$12K range with 80k-110K miles on them. My 2004 had 230,000 on the original engine, auto tranny, Diffs, etc. I was tuned with a bigger turbo making 285 to the wheels on a Mustang dyno with 200,000 miles on it!

 

[mattjm321]

OP asked for advice. Here's mine: You can't afford a modern Land Cruiser. Get a vehicle that better fits your income bracket. Or earn more income. Taking a break from mud for a while will help as you build your book of business. Good luck with your new job. Looks like you have a nice family that depends on you based on your profile picture. Put them first instead of your LC addiction!

 

[ENGINE er]

A sales job is great and being a 1099 has its perks as well. Talk to your CPA about it now so you can track your expenses properly. You even get to write off part of your home office!

It sounds to me like the truck has to go. It's frankly an easy decision, and now that you are going to be paid on commission it will force you to look at money differently since you wont have the steady pay check. it was the best thing that ever happened to me. When I got my first sales job I sold my 2007 touareg that had a payment on and not long after paid cash for my cruiser so I wouldn't be faced with that same dilemma again. Live and learn!

Sorry we won't see you again this year and congrats on the new position, sales is tough but very rewarding!

 

[ElHefe]

Get a Subaru. You won't kill yourself (or want to) for driving it. Wife loves our '14 Outback and I love driving it too.

 

[patrickfinley]

Your first priority is to stay afloat and remain as debt free as possible.

- A Taco or 4Runner won't save you much money at all in the long run.

- Is a beater the best thing to represent yourself as a salesperson? Will clients potentially see you pulling up in a 91 Civic? Sales people need a little bit of flash to show that they are good at what they do.

- I think you might need to sell the 100, part ways for a short term and get something fuel efficient and not a beater. Perhaps a lease to hold you over until the commissions start rolling in. You'd be surprised what $2000 down and $199 a month will get you.

You have to swallow your pride on this one. You'll hate getting in that car most days of the week, but at the pump you'll realize your making the right financial choice for your family.

 

[stonepa]

Used early Prius. Cheap and bulletproof. And when things get better it will be easy to sell.

 

[e9999]

if most of your driving is highway, an older Diesel car like a Golf or something like it?

 

[aaronrules]

It's for sale. Actually looking at something around the same price I have left on mine (less than 15k). I can drive something that doesn't suck too bad for that and still get good mileage. Who wants to buy it!?


...via IH8MUD app

 

[snobdds]

Your first priority is to stay afloat and remain as debt free as possible.

- A Taco or 4Runner won't save you much money at all in the long run.

- Is a beater the best thing to represent yourself as a salesperson? Will clients potentially see you pulling up in a 91 Civic? Sales people need a little bit of flash to show that they are good at what they do.

- I think you might need to sell the 100, part ways for a short term and get something fuel efficient and not a beater. Perhaps a lease to hold you over until the commissions start rolling in. You'd be surprised what $2000 down and $199 a month will get you.

You have to swallow your pride on this one. You'll hate getting in that car most days of the week, but at the pump you'll realize your making the right financial choice for your family.

This is good advice.

 

[aaronrules]

This is good advice.

Yes it is.


...via IH8MUD app

 

[aaronrules]

Well I posted it in the for sale section. Let me know if its ok, or if I need to change any info.


...via IH8MUD app

 

[SmoothLC]

Sorry to hear it Aaron.

Get where you need to be and we'll look forward to your future return to the 100s forum.

 

[pwcummings]

Great advice, sell it, build your business and stabilize your family first. The LCs are real roomy but not "move-in" ready (at least for a family...) ;-/ You can be sure that a decent LC/Taco/4runner will be available when you can afford one, and you will probably pay less for it than you did for your current LC.


...via IH8MUD app

 

[TheForger]

You should follow @2000UZJ advice! He sold his and bought a Benz E55 (added luxury and fuel efficiency but slacks in offroad capabilities). It'd really add to your appearance if you drive to your clients and you can always upgrade to a 200 later on down the road when money becomes a bit more accessible.


Official Jeep Recovery Vehicle

 

[aaronrules]

You should follow @2000UZJ advice! He sold his and bought a Benz E55 (added luxury and fuel efficiency but slacks in offroad capabilities). It'd really add to your appearance if you drive to your clients and you can always upgrade to a 200 later on down the road when money becomes a bit more accessible.


Official Jeep Recovery Vehicle

I've tried to find E55, but they scarce around my parts! It sure would speak pretty loud about my balla status rolling up in something like that! But then again, so would a 200! I am not going to leave this forum when I sell it either...you guys are too cool to leave!

 

[TheForger]

From one fellow Arkansan to another I feel your pain! Back when my father was in the Cruiser gang he had an 80 series weekend tow vehicle and a Camry DD he would use because he drove from Little Rock to the Pine Bluff Arsenal and back every day for work. It was great for him because both cars were extremely reliable, relatively inexpensive, and required little maintenance.

 

[super90]

You've gotten some good overall advise. I would add a couple of thoughts.....

I don't see whether you own this truck outright or are making payments on it. If you buy another vehicle, are you paying cash or financing it, or leasing it? That's an important point in the analysis. If you own your current truck and are just paying for the gas, then leasing a car is not that compelling to reduce monthly expenses (even with the fuel savings). Financing a new car might not be that good either.

Likewise, if you trade vehicles, keep in mind, you're going to have to pay tax on the trade, which on a $10,000 vehicle is like $650 (in your home state of Arkansas), and that buys a bit of gas. There are immediate transactions costs to consider in the short run and these can change the final analysis.

While not an accountant myself (disclaimer), you do need to talk to one to fully understand how to track all your business expenses and how all the math works to recomp you at tax time. In my case, my employer pays me back for all my out of pocket costs while calling on clients.

I'm not saying you should keep it, or trade it, just that you need to run all the numbers.

Best of luck to you in your new endeavor.

 

[dfrelich]

I concur. Not to forget the depreciated value of the truck which you are going to eat up as well. The truck holds 60% of the value after 36 months. Meaning 40% loss.

You've gotten some good overall advise. I would add a couple of thoughts.....

I don't see whether you own this truck outright or are making payments on it. If you buy another vehicle, are you paying cash or financing it, or leasing it? That's an important point in the analysis. If you own your current truck and are just paying for the gas, then leasing a car is not that compelling to reduce monthly expenses (even with the fuel savings). Financing a new car might not be that good either.

Likewise, if you trade vehicles, keep in mind, you're going to have to pay tax on the trade, which on a $10,000 vehicle is like $650 (in your home state of Arkansas), and that buys a bit of gas. There are immediate transactions costs to consider in the short run and these can change the final analysis.

While not an accountant myself (disclaimer), you do need to talk to one to fully understand how to track all your business expenses and how all the math works to recomp you at tax time. In my case, my employer pays me back for all my out of pocket costs while calling on clients.

I'm not saying you should keep it, or trade it, just that you need to run all the numbers.

Best of luck to you in your new endeavor.