When to upgrade!!

[yellowchevy]

For months I've been looking at new to me pickups but am really struggling with what pickups cost.
I've had my 2003 since 2009, it currently has 144k miles on it and I now use it everyday for work pulling a 20ft extra tall enclosed trailer.
It runs good and has done me well all these years.

List of everything done to it
45 SAC injectors
stock cp3
363/68 turbo (ported/polished)
Building tranny
5" exhaust
Port/polished manifolds (LML manifold)
EFI Live DSP5
Gauges
Tow mirrors with all the cool lights...
LED lights all around
All those normal things

I would really like to get a duramax with the 10 speed tranny but they're expensive...
I've looked at LML's but the CP4 has me a little worried and ones in good shape aren't cheap.
I read/hear people say how great the L5P tows compared to all the other generations which leads me away from the LML's too.

With all the said, at what point do you consider upgrading?
I like my pickup but it's 21 years old now and things start falling apart.

Yellowchevy

 

[2004LB7]

For me it's when maintenance costs start approaching the cost of the monthly loan payment or when you can no longer trust it to get you home when you are a thousand miles away.

Loan payments can really eat into the upgrade budget.

Using it for work does change things a bit. You can usually write off the expense. Look into the insurance cost differences too. New truck might be considerably more

 

[yellowchevy]

For me it's when maintenance costs start approaching the cost of the monthly loan payment or when you can no longer trust it to get you home when you are a thousand miles away.

Loan payments can really eat into the upgrade budget.

Using it for work does change things a bit. You can usually write off the expense. Look into the insurance cost differences too. New truck might be considerably more

Good points that I didn't consider.

It was an expensive year for maintenance but other years it's been low (water pump, alternator, tires)
Loan is the killer for me, my pickup is probably worth $20k and a newer one is around $50k so I'd have to borrow $30k and those payments aren't cheap...
Currently insurance is $400k every 6 months for full coverage and from talking to friend is 2020 is $700-$800. I've looked into just liability and it wasn't alot cheaper.
I would be able to write off expenses which is nice. Right now I just claim mileage b/c we own the pickup, not the business.

Yellowchevy

 

[08lmm72mm]

It took me a few months of thinking before I went for my 24. I've read that when repairs cost more than 50% of the book value on the old vehicle its time to upgrade. My headgaskets and tires were coming due on my lmm and those 2 alone were worth the entire book value. Now that I'm driving my new one since September I can tell you it was absolutely worth it. These new trucks with the gen 2 L5P and upgraded interior are second to none. I drove my lmm one last time before I sold it privately and I knew it would never move if I kept it.

The used truck market has came down significantly since covid, so that's also a factor.

 

[lutzjk913]

To me it’s when reliability and drive ability becomes a concern. If you lose trust in it then it’s time. Repair cost exceeds a payment it’s time. That’s what I look at.

The only exception is with my daily beater. lol.

 

[yellowchevy]

It took me a few months of thinking before I went for my 24. I've read that when repairs cost more than 50% of the book value on the old vehicle its time to upgrade. My headgaskets and tires were coming due on my lmm and those 2 alone were worth the entire book value. Now that I'm driving my new one since September I can tell you it was absolutely worth it. These new trucks with the gen 2 L5P and upgraded interior are second to none. I drove my lmm one last time before I sold it privately and I knew it would never move if I kept it.

The used truck market has came down significantly since covid, so that's also a factor.

I've not heard of that one before.
2023 I spent $4,600 on it; tires, muffler, headlights, taillights, mirrors, lights, alternator, water pump. Not 50% of it's value I'd say but it did get up there.
Around here (Kansas City) you're looking at $50k for a good used duramax from what I'm seeing. I've seen some at dealerships for $60k but again that prices just seems crazy to me... Yes I'm cheap...

This is one of the better priced ones I've seen.
2020 Duramax

Yellowchevy

 

[yellowchevy]

To me it’s when reliability and drive ability becomes a concern. If you lose trust in it then it’s time. Repair cost exceeds a payment it’s time. That’s what I look at.

The only exception is with my daily beater. lol.

I have full trust in my pickup, just does happen that you can't predict but that can happen to any vehicle. Now at times do I question it, for sure, but that's mainly b/c I may be modifying something on it and I run out of enough time to do it 100% correct...

Just looked online and 2024 SLT crew cab long box is at $83,900; $20k down payment at 8.99% monthly payments would be just under $1,300/month.
I know you could probably find a dealership close by that would maybe sweeten the deal but not sure.

Yellowchey

 

[Ridin'GMC]

50k for a 4 year old truck with nearly 100k miles is still too much imo. By the time you finish your payments, you're still dumping money into it for repairs from wear and tear. It ends up being more money into it that what it would cost to keep fixing your 21 year old truck that's already paid for.

I'm in the same exact situation, so many times I want to get a new truck because I'm tired of dumping money into it and fixing it several times a year. But I keep reminding myself that when you fix it, it's good as new when you replace all the major components. Not to mention, the older trucks have no emissions to worry about that'll leave you stranded. DEF is what's keeping me from buying it until they make it reliable enough. It doesn't seem to do well enough in the northern cold weather from heating elements burning out trying to thaw the frozen DEF fluid constantly.

Although I'll admit that sometimes it's better to go with a newer truck because of better ride comfort and more features if that's something you care about.

 

[MAXX IT OUT]

I have been wrestling with this for awhile, but its coming down to cost per mile driven. Currently my trucks is about .33 cents a mile in fuel only no repairs, so I don't think that my next DD will be a diesel, even with it being business owned vehicle. I probably will buy a low spec 3500, F350, or F450 and just use it for hauling heavy stuff and get something dirt cheap and disposable like a Maverick that get all the running around miles. My current not towing miles verse towing miles is probably 10 to 1.

 

[2004LB7]

I wouldn't factor tires into the cost. All vehicles are going to require them at some point. Even new vehicles need tires eventually. Same for routine maintenance like oil changes. If you count tires, might as well throw oil changes, and fuel into the cost as well.

 

[Woody35]

The 2017-2019 L5Ps are pretty reliable but not cheap. Ive seen the price of older LMLs with lower mileage starting to come down. Depending on your wrenching abilities and space you can swap out the CP4 in a weekend or two with a CP3 kit. If you run a CTS3 or Banks you can monitor the DPF. Since your towing your going to keep it hot and healthy most likely. Emission compliant tuning has come along way also.

 

[08lmm72mm]

I wouldn't factor tires into the cost. All vehicles are going to require them at some point. Even new vehicles need tires eventually. Same for routine maintenance like oil changes. If you count tires, might as well throw oil changes, and fuel into the cost as well.

My lmm had 22s so there is no such thing as good cheap tires for it lol.

 

[malibu795]

~4300 in maintenance last year? That's barely 4-5 months of payment for a truck less than 5yo.

I'd say when repairs are roughly equivalent to buy a newer replacement
40k can rebuild A LOT of stuff on that truck.

The upside to keeping it, you know the history of that truck.

Downside to a new used, it's a bag of unknowns.

Personally I'd stay away from DEF trucks

 

[Pure Diesel]

I had my truck for twenty years, bought it brand new from the dealer. Loved the truck but I was starting to worry about it every time I towed with it. I had saved money for the new vehicle for some time and was doing a bunch of research on the new trucks. Probably a good 6 months. I put a good lump of money down and 8% interest. No deals at all for the 2500 or 3500's. Payment is $1100/month, the insurance went up $200 for six months. Luckily I am good financially with this. I bought a good warranty in case of the emission's. This truck is just amazing on comfort, ride, quietness, tows amazingly easy. The only thing I'm not too happy with is the fuel mileage. Just did a trip with just the truck and the mileage to was around 19. The return trip was actually way better with 23 MPG. I was happy for the drive home. I've found the sweet spot to be between 65-68 MPH. Once I started at 70MPH, it went down. The towing mileage is about 1mpg better than the other truck but the experience is way better. These trucks do not like stop and go traffic, mpg wise.

 

[yellowchevy]

50k for a 4 year old truck with nearly 100k miles is still too much imo. By the time you finish your payments, you're still dumping money into it for repairs from wear and tear. It ends up being more money into it that what it would cost to keep fixing your 21 year old truck that's already paid for.

I'm in the same exact situation, so many times I want to get a new truck because I'm tired of dumping money into it and fixing it several times a year. But I keep reminding myself that when you fix it, it's good as new when you replace all the major components. Not to mention, the older trucks have no emissions to worry about that'll leave you stranded. DEF is what's keeping me from buying it until they make it reliable enough. It doesn't seem to do well enough in the northern cold weather from heating elements burning out trying to thaw the frozen DEF fluid constantly.

Although I'll admit that sometimes it's better to go with a newer truck because of better ride comfort and more features if that's something you care about.

I agree, I just find it crazy how expense they are still.
That's a good point on the payments and wear/tear you have to do. Plus newer parts can cost more than older parts; now I will same I'm starting to run into issues where I can't get parts for my 2003.

Same thinking, I've done so much to my LB7 and it still rides rough & is loud; not just exhaust, the motors not quiet.
Yeah DEF sucks...

All in all no matter what someone says/tells you its a hard decision.

 

[yellowchevy]

I wouldn't factor tires into the cost. All vehicles are going to require them at some point. Even new vehicles need tires eventually. Same for routine maintenance like oil changes. If you count tires, might as well throw oil changes, and fuel into the cost as well.

100% agree, looking at it at first I didn't but then put it back in there.
New or old, tires get worn out.

 

[yellowchevy]

I had my truck for twenty years, bought it brand new from the dealer. Loved the truck but I was starting to worry about it every time I towed with it. I had saved money for the new vehicle for some time and was doing a bunch of research on the new trucks. Probably a good 6 months. I put a good lump of money down and 8% interest. No deals at all for the 2500 or 3500's. Payment is $1100/month, the insurance went up $200 for six months. Luckily I am good financially with this. I bought a good warranty in case of the emission's. This truck is just amazing on comfort, ride, quietness, tows amazingly easy. The only thing I'm not too happy with is the fuel mileage. Just did a trip with just the truck and the mileage to was around 19. The return trip was actually way better with 23 MPG. I was happy for the drive home. I've found the sweet spot to be between 65-68 MPH. Once I started at 70MPH, it went down. The towing mileage is about 1mpg better than the other truck but the experience is way better. These trucks do not like stop and go traffic, mpg wise.

Have you had to bring it in at all for any warranty issues or something that hasn't been right?
That sentence right there is REALLY good information that I've been wondering but at the same time it kind of depressing that these new pickups have a 10 speed transmission and yet the sweet spot is still 65-70mph almost 20 years down the road.
Maybe I have too high of expectations, very possible, there's also the fact that with how the new pickups look it's like pushing giant brick down the road with how large the front ends/grills are now... hahaha

Don't get me wrong, the new GMC's look really nice...

 

[yellowchevy]

The 2017-2019 L5Ps are pretty reliable but not cheap. Ive seen the price of older LMLs with lower mileage starting to come down. Depending on your wrenching abilities and space you can swap out the CP4 in a weekend or two with a CP3 kit. If you run a CTS3 or Banks you can monitor the DPF. Since your towing your going to keep it hot and healthy most likely. Emission compliant tuning has come along way also.

I've definitely thought that as well on the LML's, they're starting to come down. There's alot out there but they have a bad reputation thanks to the CP4.

 

[Pure Diesel]

Have you had to bring it in at all for any warranty issues or something that hasn't been right?
That sentence right there is REALLY good information that I've been wondering but at the same time it kind of depressing that these new pickups have a 10 speed transmission and yet the sweet spot is still 65-70mph almost 20 years down the road.
Maybe I have too high of expectations, very possible, there's also the fact that with how the new pickups look it's like pushing giant brick down the road with how large the front ends/grills are now... hahaha

Don't get me wrong, the new GMC's look really nice...

I had a check engine light come on right after I filled the tank for the second time. It was an emissions thing. Don't remember but they did a software upgrade. It's going in tomorrow for another recall/software upgrade and for a few other glitches. I'm hoping the software upgrade fixes everything. I just hope when something happens again it's not another software thing that fixes it. That will get old real quick.
The truck overall is averaging about 17 from the dash display.
This truck is still amazing compared to my 03.
I went from an analog world to a digital world truck wise.

Sent from my Pixel 6 Pro using Tapatalk

 

[Bdsankey]

Personally I refuse to own a DEF/DPF truck hence why I chose to overhaul the engine, transmission, axles, suspension etc on my 2002. To me having zero payment, 100% history, and every option I wanted is crucial.