Sunk cost fallacy
Hey friends,
I bought my 2003 Silverado Z71, I'm the second owner, probably 8 years ago for $4k. Currently 160k. Since then, I've put give or take 3k into keeping it on the road. The truck owes me nothing.
it currently needs a rear shackle, fuel lines, wheel bearing, and front shocks. Also the frame is rotted near the rear cross member.
I live in a state that doesn't require inspections. I can fix the wheel bearing and shocks. While I'm at it, should really do control arms and tie rods and whatnot in the front end.
My local mechanic says scrap. Frame rot and needs fuel lines/front shocks/ Passenger wheel bearing/ other miscellaneous stuff for way too much money.
I'm debating on just selling it as/is for maybe $3k and moving on to a frontier or higher mileage Tacoma.
if I fix the wheel bearing and it cures the God awful noise it's been making, maybe I'll just keep driving it. I know it needs a lot of work but not sure if I want to deal with it or just move on.
I haven't looked at the frame that much but I don't doubt it needs cross members and probably a patch.
I could throw maybe 4k at a down payment on a 8-10 year old truck and deal with payments for 3 years or "fix" this pile and drive it sparingly.
I do need a reliable unit for hauling my small bass boat around and I just don't know if it's worth monkeying with this or just getting another, smaller truck, even with high mileage.
Great truck for 8 years but New England rust might've done its damage.