Fix up older truck or save for new?

Im in a dilemma where I can't decide if I should fix up my current truck or save for a newer one later down the road. A lil background about myself. I am 22, currently in school studying Fire Technology and will be in the Academy within the next year or two. I make an honest student income as a Valet. Nothing worth bragging about!

My truck right now is a 2003 Dodge ram 1500 hemi 4x4. To fix it up, I need a paint job, tires, ball joints, cv axles and a few little things. I came up with a sum of $5k to fix it up. To pay for it, I would get a personal loan or a line of credit. I know its bad to borrow money for that but I want to use it more to build credit and be able to keep my money. The truck has 130k miles and is worth about $8-9k on KBB. I feel it is mechanically sound. I have replaced the rear end with a TRU TRAC and have done a few other things. Is it worth dropping another $5k to make it last until I can afford the truck I really want after I start my career?

My second option is to just run the truck into the ground and sell/ trade it in for a 2010-2012 ram 1500 2wd truck. I would only want to spend $20k on it then add the lift, tires, etc. I would be completely satisfied with this truck however, my dream truck is a 2500 cummins diesel.

Im leaning towards fixing the truck up but the thought of spending $5k on a truck that is worth only $8k makes me nervous. I know most of you have gone through various cars and have probably been in the same situation at some point. What are your opinions?

Here's the truck before the paint started turning to s**t.


List of parts I would get:
LMC-TRUCK: tail gate, rear bumper, black headlights, dash cap.
MOOG: ball joints
SUMMIT RACING: wheel bearings
NITTO terra grappler 305/70r17 tires

Paint job!!! looking to spend $3k for black.

I would be concerned putting the money back into a gasser already at 130k. I think the tranny will need replacing pretty quick? I would put as little money in as possible while still being able to use it how you need it.

Some food for though...
is this your primary tow vehicle?
How dire are you in need of the repairs?
Do you really need paint? Sure it looks good, but how long do you see yourself staying in the truck? Can you live with some crappy paint to save some cash for your next truck?
I would not do anything cosmetic unless you plan to keep the truck long term and bite the bullet for all future repairs.

Set yourself up to get your dream truck, you wil never be completely satisfied until you get what you know you want.

Having had three Dodge Rams from 1998 to 2010...all new...I wouldn't drop that much money into your truck...ESPECIALLY if you have to take a loan out to do it! You will never see ANY of that money back. Having been in my 20's and in mountains of debt from buying my toys, I can tell you that there is plenty of time for your "dream" truck. Sell that POS and get what you can out of it on the private market...use that as a down payment then take that 5k loan out on something newer.

I'd say if you like the truck just keep it long term. Don't borrow money and pay interest for it though. Do ball joints and wheel bearings first, save up for your paint and body parts and do it when you have a few grand saved to keep the truck from rusting. At 22, in school, and not earning good money in your field for another 2-3 years the last thing you should be doing is borrowing money for a new truck or cosmetics on your current truck. A new truck will never hit ROI over what you have now. If trans goes, rebuild it or replace with new, same for engine, and anything else. It is far cheaper than buying a new truck.

If you really don't like the truck then just do the minimum to keep it running well and safe to drive. Do your mechanical repairs, when tires wear down get new ones, if it's starting to rust clean up the rust and rattle can those spots to keep it from rotting out, etc. Save your pennies and get what you really want and will keep that long term.

Make it mechanically safe. Then wait till you have your fire job and your financially stable before you start looking at a new truck or working on cosmetic stuff.

Have faith in yourself....trade the 10 year truck in, buy something in your price range ( newer) , pay for TT&L , finiance the rest ( rates are sub 3% on used/new cars) . and build ur credit.