Expensive Truck Payment Killing ME!

[Maddy's Mom]

I need some advice to direct toward my DH. In June 2010, he purchased am 04 pickup truck(which he "needed" for work). The payments on it are $360 a month and are totally killing our budget. They are exactly 10% of our take home pay. We are self employed, so that is without taxes taken out. We traded in a 92 vehicle that was on it's last leg. A few months prior to this, we had sold a 95 car and purchased in cash a 2000 van. Shortly after that, the A/C went out in the van and we live in a hot climate, so I have been driving the truck(with 4 kids) when it's hot. DH does not even use his truck much, but says he needs it for work...in case he needs to haul materials. He works in construction and has had to haul things maybe 2 times in the past year, his business partner owns 3 trucks.
Also, he does not believe that the truck is a gas guzzler. Even with his headache rack and huge metal tool box on it, he says it uses no more gas than a car would. He is a Chevy snob, and so would only ever buy a Chevy. Which limits his purchasing ability.
We owe approximately what it is worth in a private sale even after a year and a half of making payments. The payment is half of our mortgage for crying out loud. I just don't think we can afford it.
What can I say to make him reconsider??

[Momto5RN]

if he is self employed can he deduct the payments tax wise ?
maybe thats why he feels he is justified in having it ?

[Maddy's Mom]

He can only deduct interest and mileage. We don't make enough to actually have to pay taxes, so I don't think it helps as much as it hurts.

[Russ]

I drive a truck and he's dead wrong, it uses a lot more fuel than a car. Assuming a 1500 Silverado pickup, I'm guessing he averages 15-17 mpgs on a good day.
An average good running car can get 25mpgs on the same roads I would bet.

[Maddy's Mom]

Russ, that's correct. I don't know anything about mpg, but I do know my gas card is near $500 each month. Ugh!

[Pianolady]

What model of Chevy truck does he have? My '95 Ford F250 got 8-10mpg on a good day, so if it's got the big engine and he says it doesn't guzzle gas, he's in denial. The newer trucks do get better gas mileage than the older ones though. Now I'm driving a small truck and average 21-23mpg. But I doubt he's driving a small truck if he's in construction.

You say it's worth what you owe on it, so how will you pay for the next vehicle if you sell it? Unless it's a much less expensive vehicle or you can pay cash, you'll still be in the same size car payment. However, you might be able to lower your monthly gas bill be a few hundred bucks if you get a car with good gas mileage.

[Missourimom]

I am very familliar with gasoline and trucks. I drove one for 10 yrs until a few months ago and my husband is on his second Chevy Silverado and Russ is right. My husband averages $80.00 a week in his truck.....about 15 mpg.

[Lindsey]

Sorry no advice. I don't own a truck, but I do own a Toyota Sequoia, so it is like a truck. DH has a Honda Accord. His gas is HALF of what mine is.

[Missourimom]

Piano Lady, you get better mileage than my stupid little PT Cruiser. This car was a HUGE mistake. I miss my truck.

[Spirit Deer]

A lot of what you've said doesn't add up, but I will agree the truck is most likely a gas guzzler. Our Avalanche gets 12-14 mpg not towing. The best we've ever done with it was when we went to Yellowstone and got around 20 mpg for the 1,000 miles we drove around the park (not towing). Speed limit in the park is 45 mph, which shoots down the lies speeders like to spout about how speed doesn't impact gas mileage very much. (Talk about denial!) Our Astro van doesn't do much better than the truck, around 14-16 not towing. However, they're both paid for, both in excellent condition, and we like them both, so we wouldn't even consider getting rid of either. We can buy a lot of gas for what a new vehicle would cost us, much less two.

If he's working construction, I can't imagine he doesn't need a truck, sorry. And just because his partner has trucks doesn't mean they're available to your husband. If your husband doesn't have a truck, where would he haul tools? Does he ever have to tow a trailer? I know a lot of contractors and I don't know any who drive cars for work. It just wouldn't make sense to be putting dirty tools and stuff in a car.

It sounds to me like you'd be better off finding a way to replace that twelve year old van that's not working right, or repair the AC. From what you've said, you're putting a lot of miles on the truck yourself, and if you didn't have to do that, you would save gas money there, although probably not enough to make a car payment.

Good luck. It's never easy when partners don't agree on finances.

[Russ]

What model of Chevy truck does he have? My '95 Ford F250 got 8-10mpg on a good day, so if it's got the big engine and he says it doesn't guzzle gas, he's in denial. .

You probably had the V-10 or 460? in a 3/4 ton truck..Ford is the heavier truck in both the 1/2 and 3/4 ton category

he likely has a 4.3l v6 or 5.3l V-8 in a 1/2 ton truck

[hmcart]

We had a v8 Explorer and both of us comuted in seperate cars. When it quit running we found a way carpool and we drive a suzuki reno which is great on gas! Of course it cant haul alot of anything!

[Maddy's Mom]

His partner is a relative, and he picks my husband up for work in HIS truck and has been for the whole year, otherwise my husband takes the van or the truck if I don't need it. Saws and bigger tools are at his partner's house anyway, so he is the one who brings them to jobs. My hubs has a small bag of power tools that he takes every day. Like I said though, I know nothing about mpg or anything like that, so I have no valid argument for him.
At the end of the month, when the truck payment comes due I can usually scrounge up the money. I guess that's all that matters. DH does not care about looking at our finances, so I am alone in this. Ugh. I do have to do alot of driving myself, as we are foster parents and I have to travel to a city 45 min away quite frequently.

[MaryCarney]

Here's my question: He partner enough to be a foster parent with you but NOT enough to discuss money? Your problem does not appear to be the truck........in my opinion.

[jd68]

If the payments are financially taxing there's no reason to have a brand new truck. You said your monthly payment is $360. You can almost buy a 3/4 ton pickup for $360, that runs and drives. Up that to $1000, or 3 months payments and he can have a nice truck to haul stuff and do what he needs. With the money saved he can buy a smaller car or bike to save gas for when he doesn't need to haul stuff... And have no car payments.

If he works in construction there's no reason he can't handle basic mechanical repairs on an older truck... I highly recommend '80-'97 F-250 or F-350. They are all the same truck and VERY easy to maintain and cheap to own. In his line or work he can handle the occasional brakes, hydraulics, tie rods, ball joints, etc. Simple Saturday afternoon jobs for 99% of what will fail on these trucks.. Which is all wear items that are predictable based on mileage or age.

if money is tight, sell the truck to get rid of the payment and but an older truck in decent condition. The money saved on payments can be used to buy a second vehicle for him to save on gas. If he doesn't like it, then he's not on the same page and until he decides living paycheck to paycheck sucks, he won't get it. Personally I have an '80s truck, a '60s car, anda '70s bike. MPG ranges from 12.5 on the truck to 42+ on the bike. Even if I drove the truck every day it would take decades for the additional fuel consumption to outpace the money saved in payments vs. buying a new econobox car and driving that all the time.