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Started By
Message
Car Guys: Keep, Sell, or Trade
Posted on 10/20/13 at 8:18 pm
Posted on 10/20/13 at 8:18 pm
I had an interesting conversation about trucks yesterday with a friend. I got to thinking about my truck and getting a new one. I got a steal of a deal on it and wondering if I should keep, sell, or trade it in.
2010 4x4 F150
~60k miles and in good condition
KBB Value $21500
Bought it for $26500
Note: ~$375 @ 3%
It seems as though now is the time to trade it in if I were to get top value out of it. What would y'all do? I have no real reason or desire to sell it other than making a good financial decision.
2010 4x4 F150
~60k miles and in good condition
KBB Value $21500
Bought it for $26500
Note: ~$375 @ 3%
It seems as though now is the time to trade it in if I were to get top value out of it. What would y'all do? I have no real reason or desire to sell it other than making a good financial decision.
This post was edited on 10/20/13 at 8:19 pm
8
Posted on 10/20/13 at 8:20 pm to nhassl1
Getting a new car is never a smart financial decision
Posted on 10/21/13 at 7:47 am to nhassl1
Pay off current vehical and keep it for 10yrs. Then pay cash for your new one.
Posted on 10/21/13 at 8:00 am to nhassl1
What makes you say you got a good deal on it? I bought a brand new 2012 fx2 for less than $3000 more than you paid for your truck over a year ago. Good luck getting someone to give you $21500 for it too.
Posted on 10/21/13 at 12:24 pm to nhassl1
quote:
I have no real reason or desire to sell it other than making a good financial decision.
Drive it until wheels fall off. Trading up every 3 to 4 years drives your cost to operate up, up, up.
I recommend that you stop thinking of your note as a utility bill and start thinking of it as debt you have to repay, albeit with a fairly modest interest rate.
These new cars actually cost millions of dollars over time.
Drive free, retire rich
Posted on 10/21/13 at 3:13 pm to nhassl1
Not just no, but HELL no.
You essentially just got it!
You essentially just got it!
Posted on 10/24/13 at 4:52 pm to nhassl1
OP, are you commuting or working out of this vehicle to put 20k miles on it each year? Also do you tow a boat and/or hunting gear with it?
If all you are doing is commuting to work, I would pay it off fast, keep it forever for hunting/boating, and get a little commuter car.
If you work out of it, keep it for two more years then get another one that is almost new. Let someone else take the initial depreciation hit. This is what my BIL does, then drives them for 300k miles.
If all you are doing is commuting to work, I would pay it off fast, keep it forever for hunting/boating, and get a little commuter car.
If you work out of it, keep it for two more years then get another one that is almost new. Let someone else take the initial depreciation hit. This is what my BIL does, then drives them for 300k miles.
Posted on 10/25/13 at 9:24 pm to nhassl1
quote:
Bought it for $26500 Note: ~$375 @ 3%
Did you finance it for more than 5 years?
Posted on 10/25/13 at 10:46 pm to nhassl1
I keep it until it dies and, post payoff, invest my note until its last breath.
I like $ more than cars.
I like $ more than cars.
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