I want to give good advice to someone but would like to read your expert opinions before doing so.
A friend is going to retire within 3 years. He is thinking long term when it comes to money management and he actually asked for my advice!
He has a 10 year old truck that runs well and has no mechanical problems but is thinking of buying a new 2013 truck before he retires. His reasoning is that it could be the last vehicle he ever buys and a new one is more likely to last him the rest of his life than his older one. He says that buying it now would be financially easier on he and his wife than it would be after retirement.
He has never bought a used car and will not consider that option.
I think there is some logic to his idea and I’m inclined to advise him to go ahead and buy a new truck.
The idea is interesting to me because I could be faced with the same type of choice some day (I also have a 10 yr old truck and any good advice might also apply to me in the long run).
What do you think?