I have a "my diamond shoes are too tight" dilemma (NBR)

TinaL99

(Did anyone get the Friends reference?)

DH's truck is a 2007 Chevy Colorado, 4 door, 4-wheel drive pick up with 93K+ miles.  It's the first new vehicle he has ever bought himself, which he is obviously very proud of.  It's a great truck and we haven't had any issues with it at all (::knock on wood::).  Having a truck is practical for us b/c DH hauls wood every Fall for our wood stove and when he does home improvements around the house he likes to have the space for trips to Lowes, etc.  We do not NEED a new truck.  However...

We are in negotiations for a 2011 Ford F150.  The dealership is giving DH a great trade in amount for his Colorado, a good interest rate and our payments will only be about $15 more per month, which we can afford.  It's a bigger truck with a longer bed, about the same gas mileage (DH has bigger tires on the Colorado which causes him to get worse gas mileage), more safety features like curtain air bags and traction control.

Both of us are absolutely stumped about what we should do.  The Colorado will be paid off in 14 months, if we buy the Ford we will have another payment for the next 5 years.  We're already budgeted for 2 car payments but if there were something major to happen to the Colorado, it might be harder to come up with the money for repairs and it's not getting any younger. 

Do we buy new and take on payments for another 5 years or risk potentially nickel and diming the Colorado?  FWIW after the Colorado is payed off DH would still put the amount of his monthly payment into an account to save up for repairs and a down payment on another vehicle.

Thanks for reading if you made it this far, here's some cake for you! We just cannot make a decision and I wanted an outsiders opinion.