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I live in Utah with my dad. I have lived here my whole life. I'm 28 years old, and I've never moved out. I got a cdl in 2018 and I have been driving a small 25 foot truck ever since for 17 dollars an hour. I haven't even really used my cdl since it's not required to do my job. I drive to grand junction and back from slc 4 days a week. I take home about 2200 dollars a month. I have a 2006 Toyota Tacoma that I bought for 16k with 87000 miles on it. It now has 102000 miles on it and I owe 13,200 dollars. I pay 300 a month on that. Should I sell it and get something cheaper/more fun to drive like a civic si or some type of Subaru? What should I do? Thanks.
I live in Utah with my dad. I have lived here my whole life. I'm 28 years old, and I've never moved out. I got a cdl in 2018 and I have been driving a small 25 foot truck ever since for 17 dollars an hour. I haven't even really used my cdl since it's not required to do my job. I drive to grand junction and back from slc 4 days a week. I take home about 2200 dollars a month. I have a 2006 Toyota Tacoma that I bought for 16k with 87000 miles on it. It now has 102000 miles on it and I owe 13,200 dollars. I pay 300 a month on that. Should I sell it and get something cheaper/more fun to drive like a civic si or some type of Subaru? What should I do? Thanks.
ANOTHER post about the same Tacoma? What does a used truck have to do with the rest of your life? You don't seem to be motivated by anything other than having fun in a car/truck. Look for a higher paying job that requires the CDL you already have and move out of your parent's house. What's stopping you? Learn to make your own decisions. Start with the Tacoma.
Last edited by Parnassia; 02-09-2020 at 04:26 PM..
Learn to be a plumber.
They make good money, there's a shortage of them and they'll never be made obsolete by technology.
There's really no need. He's already got a CDL, which qualifies him for a good-paying job if he's willing to leave his comfort zone and use it. If he got a plumber's license he'd probably just get a job as maintenance man at a daycare center making less than he's making now.
The dude doesn't have an aptitude problem, he has an attitude problem.
OP is in way too deep on that Tacoma. There's basically no way for him to move into a new car anyway without crippling himself financially. Keep paying the loan (prepay if you can) and hope the truck doesn't need any big repairs before it's paid off.
I would say, pay off the Tacoma, then save up a nest egg for your future.
Living at home is a good idea if you have debts. Don't listen to all these people "if you're 28 you should be renting or buying a home of your own". What's the difference what they think? It's your financial future, not theirs.
Are there no CDL jobs in SLC? It's a big city; I would think there'd be some opportunities there. You have some trucking experience now; you can try and leverage that into a better paying job. Think about how quickly you could get out of debt if you doubled your income.
Also consider night school in the trades: there's good money to be made if you have the skills.
The Toyota is worth maybe 7K, and you owe 13K on it? This was a VERY bad purchase that you made. Honestly, it makes me think that you are not competent to manage your own finances, but there are many, many people who have made very foolish car purchases with stacked loans, so you're not alone. If it were a house, I'd say let it go to foreclosure, but I'm afraid that if you did that on the truck, they'd take you to court, and garnish your wages.
Can you get more days of work/week? Can you get a better job, that actually utilizes your CDL? Are your parents financially competent people, who could advise you?
Your first goal is to PAY OFF THAT TRUCK LOAN! Can you live without a car at all, maybe get lifts to and from work, or get an uber to and from work, or take public transportation to and from work? Then get ready to sell it. You're gonna have to bring money to the table. EVERY paycheck you get, put ALL of it toward paying down that truck loan. Don't buy yourself anything. Also, advertise the truck for sale at the highest end of "private party" price, in the meantime. At some point, you'll be able to sell the truck, and pay off the upside down loan.
If you get a decent job utilzing your CDL (and since SLC is a trucking hub, and has the lowest unemployment rate in the country, I don't see how you could NOT get a better job), and get your finances in order by not spending a penny, but saving some money up, then you can buy yourself FOR CASH a cheap car in the future for private use. I don't think you're going to marry, or move out, any time soon. You may be the son who lives with his parents forever, and winds up in the house for the rest of your life.
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