My fabulous 8-year-old paid-off truck is dead---through no fault of hers or mine. The fault lies with Hurricane Helene, who flooded our neighborhood. We're still picking up the pieces.
Mini House Update: We did personally flood, and we're still trying to figure everything out. I'm so thankful my parents are nearby (2 hours south) and able to let us crash in the guest room right now. More to come, but I'm quickly learning firsthand how one emergency can easily wipe someone out.
Metal vs Saltwater
Saltwater made it up into the undercarriage of my fabulous blue truck, and that was the beginning of the end. Unfortunately, there is almost no instance where metal wins. Not even a month later, the exhaust system was starting to rust out, and it was only a matter of time before the rest followed. One consistent thing we'd heard, over and over, from everyone who'd been in our situation in the past, was to take the insurance money and call it a day. More time, money, and energy would go into the car than it was worth, all in an attempt to save it, but the situation would still end with a new car.
It was a miracle the truck ran well enough to get back and forth between our flooded house and my parents' house, emptying things out, salvaging what we could. The Little Truck That Could did more in the last five weeks than she'd done the entire year prior. An honorable death, indeed.
Old Truck Money
F150s decently "hold their value," and I'm happy to report mine wasn't an exception. The truck was paid off, so there was no bank to worry about. My comprehensive insurance had a $1k deductible. Geico picked up the car, sent me just under $17k via direct deposit, and that was that.
The original purchase was about $27k all-in, including fees and taxes. Over the 8 years, my only major costs were the basics---tires, brake pads, oil changes, etc. I was fortunate to not have any major issues or repairs.
In the end, ($27k-$17k)/8 years=$1,250 per year, and almost 75,000 miles covered, which feels like a win. Especially after how ridiculously full I loaded up the bed up on the regular. I wanted more, but alas, Helene had other plans.
Inventory
There wasn't a lot to choose from---I'm sad to say the hurricane destroyed my buying selections. Entire companies had their truck fleets wiped out, needing to replace work vehicles immediately. Meanwhile, I was a month late to the party, thankful my flooded truck struggled along.
In a sad state of affairs, the "Used selection" was a landmine due to the flooding. Flooded cars were being sold, with the flooding not disclosed. So many people got taken advantage of, and the fallout will continue for the next few years. To get a car I knew hadn't flooded, I'd basically have to fly to another state and drive one back. But between still working (and I already ran out of vacation time in the aftermath...), trying to figure out our living situation, the battle with FEMA, navigating insurance and the various appointments I needed to make, and trying to just stay sane, I don't have it in me.
At the first dealership in St. Petersburg, I waited two hours just to speak to a sales representative. This ridiculous wait, brought to you by Helene and Milton. I was cranky and tired by the time he got to me, and when he opened with "Our cheapest truck is $50k," I politely recused myself. The blue truck chugged back to my parents' house.
A week later, I went to another dealership about two hours away. Their cheapest truck was also a $50k 4-door with a shortened bed and fancy computer screens. But with the situation, I threw up my hands and rolled with it. And I'm going to give myself grace on this one.
New Truck Money
After an employee discount for anyone who flooded (thanks Ford!), including taxes and fees, the cost ended up at $47k. It wasn't what I wanted to pay (let's be real, I wanted to not flood, and I intended to keep my other truck until it died) but it is what it is. #AdultingSucksSometimes
This would be a fair use of the emergency fund, but I financed $42k of the purchase at 7%, because I didn't want to lock up all our cash right now. This feels like throwing away $250/month. That said, there are too many variables at play, and we don't know the extent of the costs to recover from the flooding. But I knew, with my salary, that I am able to cover the payments just fine. So deep breaths, and we're pressing on.
Update 12/2024: My neighbor across the street just bought a fancy new truck---specifically a Dodge Ram Warlord. I feel like he's trying to keep up with the Joneses, not realizing he IS the Joneses...
Update 7/2025: With the layoff, I paid the loan off in full. I didn't want to pay interest for the sake of holding the cash now that most things with the house are settled.