Paid off truck which only gets 16 mpg at best. Should...

[Rocky]

...I trade in for a car financing around $8,000? I have a 2006 Dodge 1500 paid off and only gets 16mpg. I love a truck and would miss it. The smaller toyotas get a liitle more mpg. Is it worth trading in if I have it paid off? It has 42,000 miles and a warrenty till 80,000. Thanks for any input.

[pickles]

if you love it and dont have a payment on it then keep it. figure out what your monthly payment would be on the new one and take 3/4 of that and put it in the bank every month then when u need a new truck you will have more than enough saved

[nj2pa2nc]

how much will it cost you in the long run to trade the truck in. do you want a vehicle payment. since you love the truck you have keep and enjoy it. how much more mpg will you get.

[ready4sea]

What you need to do is look at the MPG of the vehicle you are considering replacing it with. Figure out how many gallons of gas you would need per year with each vehicle, and estimate how much that might cost--say at around $3 per gallon. Then take the annual cost difference and figure out how many years it would take to make up your outlay for the new vehicle in gas savings. That should help you decide, though there are other factors to consider-- insurance differences, maintenance differences, etc.