The classic question. Should I go into debt?

[BowtieGuy]

My initial reaction would be NO. But the evil tool truck has struck again. ( not YET, but he's trying) Now, I look here for pro's & con's. I can't decide. My current box is a 60" Mac Maczimizer. Nice, but not wonderful. Mainly the color (teal) is getting old to me. My SO dealer has a 68" Epiq box. It does NOT have the powerbank stuff, so it's a "regular" toolbox. The kicker is, it's a repo & can be had by me for $4K. plus my Mac. The Epiq is 4 mo. old & barely shows any signs of use. As you may know, these are listed at $10K new. I wouldn't even consider it at full price, but at $6K off?! Should I? I've been pulling my hair out for 2 days.

Thanks for any opinions!

 

[Bull]

You will get lots of polarized opinions here.

I assume your point for having a job is to provide a nice life for yourself and, if you have one, your family. Is going into debt for a box going to help achieve that goal, or would that goal be better served by AVOIDING debt for a metal box that holds tools?

 

[Jack Olsen]

No, you shouldn't. That's easy.

 

[I can fix anything]

Whats the payment?

 

[Tom2]

You want to go into debt so you can get a box with a different color?

Going into debt over tools is probably unavoidable for some people in certain situations (a young tech struggling to get started) - but this does not sound like one of those situations.

 

[bobcatdan]

I had a similar deal. I have a krl 1022- 54" wide. $4000 to boot for new 68" eqip, free stanless top and the eqip grill. More I though, 4 grand for one foot of added box, f that, the matching side box is around $2500 if I really needed more space. You are only looking at 8" more, unless you have some really long tools that don't fit in your current box, I don't think you will gain much.

 

[Moose-LandTran]

I'm gonna say no. Used boxes come and go all the time, don't put yourself into a 4k debt over impulsive desire.

 

[Packard V8]

Never pay interest on a depreciating asset.

Nothing depreciates more rapidly than a truck tool box.

jack vines

 

[c_mccann]

Ask yourself- will this box make me more money than the current box? If the answer is no, then don't buy it. If the answer is yes, figure out the amount of additional monthly income this box will generate and divide by the additional cost you will incur (financing costs as well). This will give you a capitalization in the number of months to pay for the box.

But, it is a box, so let's be real here- it's friggin sweet and shiny and you want it. If you can afford to part with the cash and want it- get it. Is your car/house/credit all paid off? Have you saved away 15% of your gross income away this year for retirement? The box will not appreciate in any way once you buy it and the dealer could sell it for more if he would, so you are buying it for market value, no real deal here.

 

[GrantCee]

Whats the payment?

That may be the most financially naive question ever invented.

Going into debt for paint (he's tired of the color) is just silly.

 

[Scout Driver]

Another "no" from me. There is not practical, profitable gain from buying the Snap On box when you already have a good box now.

Scott

 

[rt dak]

This should be the easiest question ever.

 

[UncleJoe]

Debt is a very personal thing. You asked so I will give you my opinion. No, in fact hell no. The only debt I have is a house payment and that is almost over.

You are considering going into debt for a toolbox. Not for the tools you need to make a living. In this crazy economy anyone can lose their job tomorrow and if the company you work for is in trouble you will find out when they hand out the pink slips. There is usually no warning about these things.

I do not care for the stress that debt brings. I enjoy the fact that when I get paid I get to keep a lot of it. That is just me

 

[BowtieGuy]

Yeah, I know i would get different opinions. True, my Mac box works fine. Avoiding debt IS the better idea. BUT, then I think of how much $$$ I could save on the Snapon. I'd hate to look back later & say, "Man, I should have grabbed that box when I had the chance!" I guess that's why that SO box is still on the truck. I DO owe for stuff now, ($1900 - not much, from what I hear about others I know.) - my payment would go from 40 to 56. But obviously, I would be paying for much longer. lol

 

[thrifty bill]

+10 Never go into debt for a depreciating asset, particularly one that will not bring any additional income.


I'm debt free and loving it.

I would never regret not getting it, as I see deals on quality boxes just about every week or two. Tool box deals are like buses around here. Miss one, and another one comes by 15 minutes later (OK, they are not that frequent, but they are out there a lot).

 

[GrantCee]

Ask yourself- will this box make me more money than the current box? If the answer is no, then don't buy it. If the answer is yes, figure out the amount of additional monthly income this box will generate and divide by the additional cost you will incur (financing costs as well). This will give you a capitalization in the number of months to pay for the box.

But, it is a box, so let's be real here- it's friggin sweet and shiny and you want it. If you can afford to part with the cash and want it- get it. Is your car/house/credit all paid off? Have you saved away 15% of your gross income away this year for retirement? The box will not appreciate in any way once you buy it and the dealer could sell it for more if he would, so you are buying it for market value, no real deal here.

I'm quoting you because the advice needs to be repeated for all the youngsters out there!

I'm not a mechanic (my Dad was), but I am a business owner and serial entrepreneur. This is exactly how one needs to look at any capital expenditure, and is how I make purchase decisions in my businesses.

I'm of the opinion, after watching many mechanics die broke, that the two worst threats a young tech faces are the tool truck driver and alcohol.

 

[I can fix anything]

That may be the most financially naive question ever invented.

Going into debt for paint (he's tired of the color) is just silly.

But it is a BIGGER and better box.

 

[Skin]

you're questioning whether you should go into debt for 6k and a payment plan of $670 a year...for a color? Dude....

 

[lowrider gmc]

do it.when i bought my new snap on box a lot people said it was crazy.i work with guys that have $500 tool boxes that they work out of all day long but have $9000 skidoo that
they use on weekends or 30000 boats that they use 3 times a year.just depends what you are into i guess.

 

[I can fix anything]

Yeah, I know i would get different opinions. True, my Mac box works fine. Avoiding debt IS the better idea. BUT, then I think of how much $$$ I could save on the Snapon. I'd hate to look back later & say, "Man, I should have grabbed that box when I had the chance!" I guess that's why that SO box is still on the truck. I DO owe for stuff now, ($1900 - not much, from what I hear about others I know.) - my payment would go from 40 to 56. But obviously, I would be paying for much longer. lol

I say BUY IT!

 

[rt dak]

Buy some paint and save a lot of money.

 

[BowtieGuy]

Grant, "Going into debt for paint (he's tired of the color) is just silly."

That is NOT the only reason. But, Mac dosn't offer that color anymore. So, add-ons are basically non-exsistent.

rt dak, "This should be the easiest question ever."

I agree, but thats why I was asking BEFORE I bought it! ;-)

 

[GrantCee]

Yeah, I know i would get different opinions. True, my Mac box works fine. Avoiding debt IS the better idea. BUT, then I think of how much $$$ I could save on the Snapon. I'd hate to look back later & say, "Man, I should have grabbed that box when I had the chance!"

I know a guy just like you, though on a different level. He's a successful executive in a large health care company, makes somewhere north of $150k a year, but is blinded in the same way you are: whenever he gets a glossy catalog in the mail, proclaiming something like "Save 20% on all purchases over $500!", he feels that he has to spend money. If he doesn't, he's convinced that he "lost" that 20%. He truly believes the old lie "the more you spend, the more you save!"

The result? Despite all his income, he's constantly in debt but won't stop the spending. He thinks in terms of whether he can make his monthly credit card payment - not paying it off, just making the minimum payment.He has no net worth, no savings, no investments, and very soon will have no stomach lining.

Don't be that guy.

 

[outlander800]

If you want the box and are not buried in debt on other things then get it if you really want it. Not everybody can pay cash for everything like every financial wizard in this thread that has all their stuff paid for in cash. $4k is not a ton of money, were not talking $12 k here. I'm sure if for any crazy reason you had to sell the box you could recoup a good bit of that money. Good luck in your decision.

 

[lowrider gmc]

I'm quoting you because the advice needs to be repeated for all the youngsters out there!

I'm not a mechanic (my Dad was), but I am a business owner and serial entrepreneur. This is exactly how one needs to look at any capital expenditure, and is how I make purchase decisions in my businesses.

I'm of the opinion, after watching many mechanics die broke, that the two worst threats a young tech faces are the tool truck driver and alcohol.

alcohol? here i thought the trade has come a long way.i guess we are still drunks.

 

[PassnThru]

Never buy something just because it looks like a good deal. If you go looking for something that you need and find a great deal then go for it. But don't go in debt over something just because you thought it was a great deal. If you do - then you have been played

 

[spongerich]

I'd say for an extra $15 a month, if you can afford it and it'll make you happy, then go for it. Assuming you're not going to get the hots for another new box in a couple of years, $4000 isn't that much money to spend on something that you'll use every day for the next 10+ years.

 

[Bull]

$4k is not a ton of money

Depends on what a person makes, doesn't it? Donald Trump probably wipes his *** with $4k and throws it at the butler. Me? That's a lot of money to me.

 

[wornoutoldman]

Negotiate. Mr SO Man I'll give ya 2500$ and my Mac today only! He already has your box sold!

 

[ZRX61]

Your toolbox is the wrong color?? WTF is this, the Lifetime channel??

 

[I can fix anything]

I'd say for an extra $15 a month, if you can afford it and it'll make you happy, then go for it. Assuming you're not going to get the hots for another new box in a couple of years, $4000 isn't that much money to spend on something that you'll use every day for the next 10+ years.

Its probably a weekly payment.

I agree $4k thats nothing for a box.

 

[BowtieGuy]

,..... I should have never mentioned the color thing. lol. Good points everyone.

 

[tatra]

will this box increase your productivity, thru better organization or the ability to store more tools and stock?.........sometimes ya gotta spend money to make money.........another thing if you don't buy it, start putting at least what the extra payment [ preferably more ] into a savings account for when the next deal comes along........if it's off the truck offering cash may allow further reduction..........good luck in your final decison..........

 

[Skin]

Its probably a weekly payment.

I agree $4k thats nothing for a box.

Completely disagree. Any personal tool purchase that takes years to pay off is a bad one.

 

[outlander800]

Okay, all you guys saying dont go into debt, how do you pay for your items that are $4 thousand dollars? Im sure you have all bought something in that price range, everybody paid cash?

 

[BowtieGuy]

Well, I guess my gut told me the right thing, or that new box would be in the shop right now.

 

[mikevango]

Just buy the ******* thing. Don't be a *****.

 

[Skin]

Okay, all you guys saying dont go into debt, how do you pay for your items that are $4 thousand dollars? Im sure you have all bought something in that price range, everybody paid cash?

I budget to pay lump sums as opposed to chipping away at it. If he had 3k down and the other 1k to follow over the next couple months to go with the trade i wouldnt of even commented.

 

[Bull]

Okay, all you guys saying dont go into debt, how do you pay for your items that are $4 thousand dollars? Im sure you have all bought something in that price range, everybody paid cash?

It's not a matter of avoiding all debt. It's a matter of being careful about what you choose to go into debt for, and why.

Most folks' grandparents and great-grandparents would be kicking their asses right now if they could come back from the grave. Those generations didn't go into debt. They lived according to their means and not according to their desires.

 

[Jack90210]

If you're not the kind of guy that has 4 grand that you can easily spare for a new box, then you're not the kind of guy that should be spending 4 grand on a box just because you're tired of the color on the one you already have.