New Truck or Fix the Old One?

So currently i own a 2016 one-ton (3500) SRW silverado diesel. I have owned it since new and drove it off the lot 7 years ago taxes, fees etc all in on the road for $53K. The cost to replace the truck now like for like is $120K+. It is a company truck (i own the company) and used regularly to tow 18 or 19k.

The truck is stock and now has 529k on the odometer. Engine has never needed any work other than one sensor. Still running on the factory injectors and still has good compression and still lots of snap. Transmission is also stock and never been touched. Front end and rear end are also stock and never been touched. Had to replace the ceramic DPF elements about 6 months ago but other than that no real grief from the emissions either. Other than that only fluids, filters, tires and 2 brake jobs.

Now the issue - Head gasket is starting to leak internally (using 1 litre of coolant every 10 days), needs new tires and while at might as well replace whatever else looks worn once we take the head off. Between all that i can realistically believe it will be $10K or more. With the mileage on it i am hesitant to spend that as i feel like it is now at the stage where something is gonna start going every 2 months. The money is one thing but more importantly the potential future downtime would also be an issue but a hard one to quantify.

Really don't want to drop a 120K but also don't want to pour good money after bad. Thoughts?

Joe, I believe there comes a time when it’s cheaper to replace than to repair.. Have you looked into a two year lease instead of laying out all that hard earned cash for a new one. I’m pretty much in the same situation as you. Driving a 2013 GMC with a couple hundred clicks away from the 2000000 mark. Just spent 1500.$ on her. Like you the vehicle I’m looking at is $110,000.00 plus taxes…

Its a odd state of affairs right now. Trade in values are at an all time high which may tip the scales in buying new and having another 7-8 years of trouble free driving. Was toying with the same concern with the Jeep I have and if there was a similar new 2023 on the lot would of flipped the old for the new.

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Originally Posted by Bo D

Joe, I believe there comes a time when it’s cheaper to replace than to repair.. Have you looked into a two year lease instead of laying out all that hard earned cash for a new one. I’m pretty much in the same situation as you. Driving a 2013 GMC with a couple hundred clicks away from the 2000000 mark. Just spent 1500.$ on her. Like you the vehicle I’m looking at is $110,000.00 plus taxes…

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I would like to lease but I put 70-80k on every year. Hard to make a lease work driving that many miles.

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Originally Posted by finsfurfeathers

Its a odd state of affairs right now. Trade in values are at an all time high which may tip the scales in buying new and having another 7-8 years of trouble free driving. Was toying with the same concern with the Jeep I have and if there was a similar new 2023 on the lot would of flipped the old for the new.

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Trade on diesels is usually good but 529,000 is pretty high mileage for a trade.

I think your in a damed if you do and damed if you don’t situation. Either pay now to fix it or pay later for new, sooner or later either way your going to pay. Know one knows how long a vehicle will last. But considering how much a new one is, 10k is a chance I would take if it last you another 4 years might be worth it. Good luck either way

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Originally Posted by Species8472

So currently i own a 2016 one-ton (3500) SRW silverado diesel. I have owned it since new and drove it off the lot 7 years ago taxes, fees etc all in on the road for $53K. The cost to replace the truck now like for like is $120K+. It is a company truck (i own the company) and used regularly to tow 18 or 19k.

The truck is stock and now has 529k on the odometer. Engine has never needed any work other than one sensor. Still running on the factory injectors and still has good compression and still lots of snap. Transmission is also stock and never been touched. Front end and rear end are also stock and never been touched. Had to replace the ceramic DPF elements about 6 months ago but other than that no real grief from the emissions either. Other than that only fluids, filters, tires and 2 brake jobs.

Now the issue - Head gasket is starting to leak internally (using 1 litre of coolant every 10 days), needs new tires and while at might as well replace whatever else looks worn once we take the head off. Between all that i can realistically believe it will be $10K or more. With the mileage on it i am hesitant to spend that as i feel like it is now at the stage where something is gonna start going every 2 months. The money is one thing but more importantly the potential future downtime would also be an issue but a hard one to quantify.

Really don't want to drop a 120K but also don't want to pour good money after bad. Thoughts?

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529K on it with virtually no preventive maintenance and a head gasket leaking coolant into at least one cylinder? GM diesels are awesome,bu,that's nothing short of phenomenal. Holy crap,dude,it owes you nothing,you owe it everything after that kind of performance. A new Silverado diesel 3500 will set you back $120K. Leasing isn't an option unless you have a business where you can write off expenses. If the truck body and transmission are still good,yank the engine,buy a new one and swap it out. If the whole truck is in rough shape,buy a new one. Dealers are hurting right now and good deals can be had if you know what you're doing.

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Originally Posted by trimmer21

529K on it with virtually no preventive maintenance and a head gasket leaking coolant into at least one cylinder? GM diesels are awesome,bu,that's nothing short of phenomenal. Holy crap,dude,it owes you nothing,you owe it everything after that kind of performance. A new Silverado diesel 3500 will set you back $120K. Leasing isn't an option unless you have a business where you can write off expenses. If the truck body and transmission are still good,yank the engine,buy a new one and swap it out. If the whole truck is in rough shape,buy a new one. Dealers are hurting right now and good deals can be had if you know what you're doing.

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It is owned by the business (company i own and is virtually 100% tax write off). I would lease but because i put on 70 to 80 k a year it becomes problematic and not really any cheaper than just buying it outright. Buying outright there are still decent tax savings to be had as i get all the HST back and it is a depreciating asset on the books.

For maintenance - Yeah I just changed all fluids and filters according to specified schedule did the brakes once and a while, tires every 80 or 90 k and she just kept on ticking. The other thing that is crazy is that a lot of miles were fully loaded and pulling a mini excavator on a float at 18,000 or 19,000 lbs trailer weight. The one thing that did work to my advantage though is almost 0 city miles. Vast majority was 2 lane rural with a small bit of 400 series mixed in.

Body is fine and good for another 4 or 5 years. Some very light surface rust on some dings that of course happened in the first 6 months of its life. I tried one of those sacrificial anode based electronic corrosion control devices on this truck and i would say it worked well. There is a spot on the hood (courtesy of a wild turkey) where there has been exposed base metal for 6 years and it is rust free. Also exposed base metal at the driver's side rear wheel well for 6 years and it is only very lightly rusted.

Transmission seems fine and filters and fluid done regularly but with 529k on it who knows. Another thing that concerns me is the injectors - 529k on them - if they go that is another $10k and based on what i have read online Christ himself must have been working the injector line the day mine were made as almost nobody gets that many miles out of the factory injectors. I checked into a new engine and to get a new Duramax shipped here from Ohio and installed looking at +/- $45k.

Actually maybe what i should do is sell the mini-ex, rubber tire tractor loader backhoe and float (but business aside they are damn useful at the cottage and the hunt camp). Than all i need is a Taco (easily paid for by the sale of afore mentioned items) to pull my sleds and the side by side. Would have to get used to not putting 4,000 lbs in the box as well but it could work. Also wouldn't have to pay annually for those stupid yellow stickers or get %^&#'d on my ownership renewal every year.

Okay now the Friday night whiskey is kicking in and i am now ready to not only sell the equipment but &^$# it - let's sell the whole damn business. Have a standing 7 figure offer from a competitor that is desperate to get my municipal contracts. Was planning to wait a few more years but i ain't getting any younger and the lake is calling. Do that and then buy a retro fully resto-mod 60s Toyota FJ from the 60s and then just beat the living crap out of it hauling the sleds and the zodiac around in the back country. Wife can sit and watch for messages from the SPOTX to see if i am still alive.

With talk like that wouldn't it be better to buy new depreciate the hell out of it over the next couple few years than sell it to yourself while selling the business? In the end have a relatively new truck and cash in hand to live the good life.

i think fin has the right answer there. I wouldn't put any money into an engine that has had coolant in it, that real hard on engine parts and by the time you replace all the parts might as well buy new truck. I had head gasket go on new truck years ago, didn't drive it more than a mile. Dealership did all the work under warranty. Engine lasted me about 80K km before it blow, out of warrant of course.