NEW OR USED Van that is the question?

[SHELK]

I started my search for a van with the knowledge that realistically I won't be living in it for 5 or more years (If Ever). 

I have a solid job, and own a house with my wife and 2 French bulldogs. I also have a band that plays lots of shows.  

My van will be a weekender, a vacation van for camping and duel use for my bands regional tours. 

So i mostly want a conversion van that i rip out the seats or something new and empty that can be converted with carpet, bed platform, with the ability to camp or haul some band gear and sleep in as well. 

I have seen like 6 used conversion vans now and one passenger van with the used budget of $5500 and nothing has been all that great. It's getting frustrating... maybe i am just used to newer cars.   

I do have the ability to make payments for 5 years and get a new or newish van... it will stretch my budget and converting it will need to be out of the $5500 cash i have, so my down payment will also be from that. 

Not sure of the exact cost to convert a newer van into what i want? I really have not broken that option down yet. Maybe i need to be researching this all more.

Anyhow... the point. NEW OR OLD USED VAN? that is the question... ?

Payments for 5-6 years on a really reliable low mileage van i can convert?  

OR just pay in cash for a used older van and convert it not worry about payments.

Can i get your advice on this? A future van owner trying to make a good first choice! 

THANK YOU!!!

 

[Optimistic Paranoid]

Well, I found myself in the same situation as you.  Couldn't find what I wanted that fit my price range.  Ended up taking out a loan from my credit union to get a newish - 4 yr old, low mileage - pickup truck.  Fortunately, between my state pension and Social Security, my monthly income is such that the payments are not a problem at all.  And I got what I wanted.

That, unfortunately, is the kicker for a lot of people here.  Having enough STEADY, reliable income to make the payments every month without too much doing without.

How does your band transport their equipment to gigs now?  I'm thinking that their may be offsetting tax advantages for a loan taken out for a "business vehicle".  Obviously you need to talk to your accountant about that.

 

[djkeev]

New or used?

Not knowing you, not knowing your mechanical abilities, not knowing your financial situation....... who's to say?

If you can repair vehicles, new is a silly thing to do.
A new stripped Van will run you close to $30,000.

That's a bit of coin to come up with.

But if you cannot make repairs yourself, the thought of buying a used unit is scary. Sometimes units are sold because they are trouble prone and expensive to keep on the road.

Will a monthly payment be less than monthly repair bills? Who can answer that? It is all a giant gamble.
Debt is a burdensome thing. It exerts undue stress upon you and ties you down, often unable to make any life changes because of it.

Examine yourself, what are YOU most comfortable doing?

Decide based upon that answer.

Dave

 

[introverting]

With used vehicles, unless you actually know the owner, you have no idea how they were maintained which could become a problem down the road. With a new vehicle, you will know everything that has been done to it as far as maintenance. Just my opinion, but $5,500 isn't probably going to get you something that wows you. You may have to lower your expectations of what you think you can get for $5,500.

 

[SHELK]

Thanks for the advice! Totally appreciated.