The Economy of Rig-Building

[Alistair]

Hi folks,

A pretty vague question but how do you guys approach building older rigs from a financial point of view? How do you know when you cross the line from improving a rugged old truck to throwing money into a black hole? Do you have any clear rules on how to judge whether a project makes financial sense or not?

My rig has a reputation for pretty good reliability, and has 67000 on the clock having been built in 2004. It's had a couple of minor issues but nothing serious, and it had some surface rust underneath but I've been pretty careful about wire-brushing it all and giving it several coats of dinitrol.

As with pretty much everyone on here I've been steadily accumulating modifications, but if I were to sell it now I'd probably only get around $5k. I'm always asking myself if instead of saving for my next modification I should be saving for a newer vehicle, but I'm attached to this one and it does everything I ask of it.

I know it's kind of an impossible question, but I'd be very interested on hearing people's general approach to this. I know there are a lot of guys on here with very new trucks, as well as plenty with older higher mileage vehicles.

Thanks!

 

[The other Sean]

#1, vehicles are never a rational money wise decision.

#2, you kind of just know when it is time to jump ship. With me, it is when it becomes critically rusty or becomes unreliable. A few times it has been because the new offerings are head and shoulders above what you currently have.

 

[TreXTerra]

When I can no longer depend on the vehicle to get me there and back safely, it is time to look at a new base vehicle. I know my mechanical skill - or rather the limits of my mechanical skill. There are some jobs I just don't know how to do. As the vehicle ages I need to either replace it or learn how to fix it in the field and start carrying parts. Parts and tools add weight and take up space, that extra weight can further wear a vehicle on the trail. You eventually reach the point of diminishing returns and there is eventually a point where you can no longer effectively repair in the field. Once you reach that point, you are looking at either a rebuild of the vehicle or replacement regardless of how good a mechanic you are.

This hobby costs money. You can try to stretch your dollar, but you still have to spend to make it work. I have 150,000+ on my vehicle and the thoughts of replacement are on my mind. I hope to get it to 200,000+ before having to replace it; that should give us time to pay off the other car and for the vehicles I'm interested in to hit the market. I'm already looking at slowing down the mods to this vehicle and focusing on a trailer that can transfer easily to the next rig.

 

[Jimmy P]

For me, it's completely different as I have a huge sentimental attachment to my rig. I've dumped far more money into it than I'd ever reap in return, and I'm getting ready to do it all over again.

That out of the way, I'd say that usability, dependability, and reliability are the main factors. If it works, and works well, why "upgrade"? In my eyes, any modifications I do to vehicle A are typically going to be needed on vehicle B, so I'm not going to be saving any money by moving, to the contrary, I'd likely spend more money.

I also believe that a good bit of what I buy that's not vehicle specific can be moved over to a newer vehicle in the future, so if I had something I wasn't attached to, I'd still likely continue with what I had, doing the non-vehicle specific purchases first, and doing the vehicle specific stuff within reason as it was necessary.

With very few exceptions I see vehicles depreciate, so I never look at them as an "investment" that I'll be able to get my money back out of. My bike is the only "investment" that is contrary to this, and it's worth about twice what I have in it.

 

[FeralBoy]

I have a spare rebuilt engine and transmission sitting on a pallet in my pole barn. Still cheaper than the 50k new truck would cost...

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[pl626]

?..I have a huge sentimental attachment to my rig. I've dumped far more money into it than I'd ever reap in return, and I'm getting ready to do it all over again. ..

LOL! As the owner of an old Range Rover Classic, which has huge sentimental value, I know what you mean.

When I brought her back to life, my plan was to build her as a moderate overland rig, but as I've discovered the uniqueness of the 95 MY RRC, I've rethought that plan. I still drive it daily, and I've taken it off-road and camping, but I'm holding off on mods. I think a ROW 110 or Series will be my serious overlanding vehicle. Yeah, another LR money pit, I know...



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[Jimmy P]

...Yeah, another LR money pit, I know...

I prefer labor of love.

 

[TreXTerra]

I love my vehicle, if I didn't I would have probably parted with it a long time ago for a Civic or some other eco-box commuter. I would like to keep doing amazing things to it, but I just don't see that as reasonable. Staying ahead of rust in a salty environment is becoming a problem and realistically, a vehicle has a finite lifespan.

If I had unlimited funds, I would swap in a diesel engine, have a custom expedition fuel tank fitted, onboard air, second battery, replacement roof rack, Titan swap... Reasonably though, I'm excited to see the next Ford Ranger and hope they do it in a Baby Raptor with a turbo diesel.

 

[squishware]

Do not fall in love with unibody vehicles. With a frame all parts can be changed as long as the frame is intact. The thing I like about older vehicles (besides lower cost of ownership) is they keep getting better while a new vehicle gets worse.

 

[chuckoverland]

For Chuck, there is more sentimental value that makes him special. He would never sell for what weve paid to make him what he is. But why sell as long as he works?
If he ever croaks tho i think a Sequoia (spellcheck) the closer i look at those the more i want one. Im not able to drop 40k$ on a new 4runner.

 

[Anak]

Do not fall in love with unibody vehicles. With a frame all parts can be changed as long as the frame is intact. The thing I like about older vehicles (besides lower cost of ownership) is they keep getting better while a new vehicle gets worse.

I am actually working with a unibody vehicle ('96 XJ), taking it from unreliable to daily driver/overlanding rig. A week ago I got back from a 2,700+ mile trip without any breakdowns. My plan to overcome the unibody Achilles heel is frame plating and a hybrid cage.

I don't think there is anything that can wear out on a vehicle that cannot be fixed. An accident can put an end to a vehicle, and rust can result in problems that are too extensive to be feasible to repair, but general wear and tear can all be remedied with replacement parts.

It becomes a matter of what resources do you have available and what are your priorities.

For my own sake, I much prefer the low entry cost and the use of my own skills to build something up. Buying new comes with higher taxes, registration and insurance costs, none of which yield me a better quality of life. I would rather put my money where I can see productive results.

But I am probably out towards the end of a bell curve when it comes to ability to repair my own stuff. I can understand why folks decide to buy new and start all over again. And I don't mind. That offers me more chances to buy older toys at a reduced price. It all works out.

 

[Truck mechanic]

Well for me, a 2004 is to new for me to have, lol. My current ride is a 78 4x4 e350 van. Before that it was a 72 Scout. I just like old stuff. As for how much do you put in it, its all about gut feeling for me. I had the Scout for 15 years and took it from bone stock to a full out fitted truck. I would and did drive it any where. Why did I move on? Well my idea of what I wanted my truck to do has changed, other wise I would probley still have the Scout. Ill spend what ever it takes to get it do what I want it to. But I do all my own work, something not everyone can do. I guess my point is, its all up to you. Figure out what you can do, and what you can spend and go from there.

 

[Alistair]

Thank you very much for the replies guys. Although there can never be a clear answer you've definitely helped me with my decision, and I've just spent a bunch on a lift kit (finally)!