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Opinions Wanted: My nest egg = Truck or College?

Discussion in 'Off Topic [BG]' started by paintandsk8, May 18, 2005.

  1. paintandsk8

    paintandsk8 Pushin' my soul through the wire...

    May 12, 2003
    West Lafayette, IN
    Well I am faced with a big decision and in addition to prayer, my own thoughts, and the opinions of my friends and family I thought I would put this out there for public opinion.

    Background: I have a little over $10,000 saved up that is slowly growing in a mutual fund.

    College: I am going off to college in the fall. (Purdue). I am planning on starting off with getting my associates degree first. Which will only take two years. My first year of college is paid for. My second year of college is half payed for. (I need $6000 for the second half).

    The Truck: Through a family members employer I have a chance to get a great deal on a great truck. It is a 2002 Ford Ranger FX4 "True 4X4" Edition" (locking rear diff, 5 sp. manual, mag wheels w/ oversized tires,...the works). It's my dream truck and it's only got 6,000 miles on it. I will be able to get this truck for less than half the sticker price and at least 6000 below blue book.

    The Question: Do I blow my nest egg on the truck and do a little work to get through college? or Do I keep the money and be set for college?

    Thoughts, comments, criticisms, divine wisdom? lemme hear it.
  2. BurningSkies

    BurningSkies CRAZY BALDHEAD Supporting Member

    Feb 20, 2005
    Syracuse NY
    Endorsing artist: Dingwall Guitars

    The benefit will last a lot longer than a truck.

    AND even though you think you have enough $$$, sometimes things don't work out like you think. Hold on to your money.

    Take it from a 17th year senior.
  3. paintandsk8

    paintandsk8 Pushin' my soul through the wire...

    May 12, 2003
    West Lafayette, IN
    That is very true. But I'm not making a choice between college and the truck. I'm going to college regardless of whether or not I get the truck. It's just whether or not I get to take it easy through college or whether I have to work through it like most people.

    (just playing devil's advocate)
  4. BurningSkies

    BurningSkies CRAZY BALDHEAD Supporting Member

    Feb 20, 2005
    Syracuse NY
    Endorsing artist: Dingwall Guitars
    There are plenty of distractions at college without having to have a part or full time job. Trust me, nothing sucks more than having to schlep to work while all of your friends are having fun, partying or hanging out. Nothings worse than having lots of work to do and having to stay up til 4 am because you had to work. If you can get an on campus work study job, you'll get sub-minimum wage pay, or you can find some crappy menial labor type job.

    School is going to cost more than you think. Really. Trust me. Not only am I a 17th year senior, but I also work for a large university. Being social is going to cost you more money than you think. Your money disappears pretty quick in the land of the $125 book.

    Trucks are shiny and nice and fun to have...but doing well in school is a much better thing.

    And think...if you do well and find you like it, you may want to get that bachelor's degree instead of the associates degree...and that extra cash would be a nice start. :)
  5. Use it for school. 4x4's can be a lot of fun. But as a student, your QUALITY of life will be much better if you are NOT paying the high insurance and high gas bills that 4x4's bring. Do yourself a favor and buy something efficient and reliable (like an older civic) and have more fun with the money that you are NOT dumping into a 4x4. Besides, Gas will probably be well over $3 a gallon by the time you graduate (if we are lucky).

    You can always get the 4x4 of your dreams when you graduate and land a good job.
  6. I wouldn't trust a 2002 truck for reliability if my life depended on it.
  7. Folmeister

    Folmeister Knowledge is Good - Emile Faber Supporting Member

    May 7, 2003
    Tomball, Texas
    Compromise. Get a cheap car for your college years and avoid the work. Undergraduate is a great time in life, so avoid the working student thing, but don't splurge on a major vehicle. College-mobiles get thrashed. If you get hammered and crawl behind the wheel of a 4X4 you WILL meet an immovable object. Get a throw-away and apply for all of the grants and scholarships you possibly can. Get the good car for graduation. Wait. . . .what am I saying! Go buy some bass gear and play in bands. Now that's good college work!
  8. Ty McNeely

    Ty McNeely

    Mar 27, 2000


    I trust a 2001 truck to get me anywhere I want to go. Just took it on a 2200 mile trek to Indianapolis in early April with just over 78,000 miles on it when I left.

    That being said, SAVE THE MONEY FOR COLLEGE.

    You don't NEED a vehicle in college, and to have one is often a bad thing. There will be plenty of people to get you around, and if not, public transportation is affordable.

    I personally hate the fact that I hadn't saved up more money for college. I'm in a hole now, and while it's not a very big one, I have to work _every_single_summer, ALL summer just to pay off my bills from the previous academic year. It sucks.

    Do yourself a favor and DON'T BUY THE TRUCK.
  9. Munjibunga

    Munjibunga Total Hyper-Elite Member Gold Supporting Member

    May 6, 2000
    San Diego (when not at Groom Lake)
    Independent Contractor to Bass San Diego
    I'm surprised Purdue offers an AA.

    Anyway, use the money for college, major in engineering, get a job, and buy whatever car you want, plus any bass you want and any rig you want.

    This is a major problem with a lot of young people. They want all the toys without having done the work. If you put aside material things for now, you will accelerate your journey into wealth, and enjoy your toys more because they are the fruit of your labor, and they don't detract from your overall quality of life. Buying the truck now will just make it harder for you to accomplish your goal of completing college, and may even become your excuse for dropping out.

    You know, "Yeah, I dropped out of college 'cause it was just too hard to work and go to school at the same time. But it's cool, 'cause I got me a great job for 9 bucks an hour down at the Natural Gas plant."
  10. Ty McNeely

    Ty McNeely

    Mar 27, 2000
    Oh, and just FYI......

    it may be your dream truck, but what Folmeister said is very true---your dream truck will be trashed by the time your 4 years are over. College parking lots are crowded, and you WILL get door-dinged or just straight-up HIT in college. Not to mention the trashing that your friends will give it in the meantime.

    Save for college, ENJOY your college experience, get a good degree, then buy your toys later. Trust me---I'm there now, and I wish I had done the same thing.
  11. Josh Ryan

    Josh Ryan - that dog won't hunt, Monsignor. Supporting Member

    Mar 24, 2001
    Another cool truck will come along.

    Munji is right, just look at his truck!

  12. nonsqtr

    nonsqtr The emperor has no clothes!

    Aug 29, 2003
    Burbank CA USA

    Excellent advice. Reliable vehicles can be had for cheap, it's not necessary to have the best looking car on the block. Not even to attract members of the opposite sex. :)

    I had a '72 Plymouth Duster as a sophomore in college, that I got for 300 bucks. It lasted me all the way through my first real job, and I eventually sold it for just about as much as I paid for it. Boy, talk about low-maintenance, all those newfangled computer cars cost an arm and a leg to get fixed, but with my old Duster, all I had to do was kick it a few times and tune it up every four years or so. :D

    But it had all the essentials, enough room to stash some speakers in the trunk and the back seat, that kind of thing. College is a fun time, and playing gigs (for whatever limited money) is a lot more fun than working in the cafeteria.
  13. Munjibunga

    Munjibunga Total Hyper-Elite Member Gold Supporting Member

    May 6, 2000
    San Diego (when not at Groom Lake)
    Independent Contractor to Bass San Diego
    And what's your point? My truck will crush you like a chicken.
  14. Hollow Man

    Hollow Man Supporting Member

    Apr 28, 2003
    Springfield, VA
    That sounds like a great deal on the truck, but it's not the only great deal in the world. This isn't the last time you'll be able to get a good car for a good price. Pay for college, enjoy your free time when you have it, and worry about getting a job that will keep you set further down the road.
  15. bigbeefdog

    bigbeefdog Who let the dogs in?

    Jul 7, 2003
    Mandeville, LA
    And make sure you do the above before having kids, because when that rolls around, you'll be poor again. :D

    +1 on Education First.

    However, if these numbers are actually correct, it may be possible to buy the truck, flip it, make $3-5K profit and pick up a decent used vehicle..... IF those numbers are correct....

  16. looks like the real life version of optimus prime . i wonder if can actually transform into a robot :eyebrow:
  17. DigMe


    Aug 10, 2002
    Waco, TX
    Dude, get the truck. A truck will not only last you the rest of your life but it will constantly give back to you and it will pay for itself. A truck will increase your intelligence and maturity and will help you get a job. By spending the money on a truck you are almost automatically increasing your future salary by a large percentage.

    Oh wait...no that's a college education. Nevermind.

    brad cook
  18. I would have to agree with the concensus and say to use it for college. I don't know if you've thought about this either, but if you have to pay full-coverage insurance on a 4x4 truck for an 18-yr old, prepare to get raped. It is ridiculously expensive and will take you having to get 2 jobs to pay for college and the insurance. Munji is right, the right truck will come along in due time and if you finish college, you'll then have a means to get you a job to pay for said truck. Just my $.02
  19. WillPlay4Food

    WillPlay4Food Now With More Metal! Supporting Member

    Apr 9, 2002
    Orbiting HQ
    Just another "use it for college" post from a guy who did college on the 12 year plan (A.S + B.S). It took 12 years because I had to work full time in order to live + pay for college.
  20. get a bicycle and go to college on it

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