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re: I paid $40k for my truck last year, it’s now worth $18k
Posted on 1/1/23 at 2:07 pm to WONTONGO
Posted on 1/1/23 at 2:07 pm to WONTONGO
quote:
You either paid way too much when you bought it, or you made a mistake when you entered the info into KBB.
Everyone who bought a used car last year overpaid. The trick was to buy a new car, run it for a year, and sell it for more than you paid. If you bought used last year, you overpaid and you should keep it. It has greater value as a working car.
2
Posted on 1/1/23 at 2:11 pm to momentoftruth87
quote:
You probably bought a 20k Tahoe like an idiot and added extras and financing total being 40k lol
It’s a stock Tahoe and I didn’t finance it
Posted on 1/1/23 at 2:12 pm to MarlboroTiger
A vehicle doesn’t drop from 40 to 18 in a year. Stop being silly. There’s something you’re not saying.
Posted on 1/1/23 at 2:13 pm to pioneerbasketball
quote:
yes.
So any vehicle that is used immediately becomes worth less than $40k in your mind?
That’s kind of odd.
Posted on 1/1/23 at 2:13 pm to MarlboroTiger
You want to get a new vehicle after 1 year?
Posted on 1/1/23 at 2:16 pm to bbeck
Posted on 1/1/23 at 2:17 pm to Robin Masters
quote:I am with the other guy, but only because I don’t think spending an excessive amount on a vehicle will ever be something I want to do.
So any vehicle that is used immediately becomes worth less than $40k in your mind?
I wouldn’t want to spend $40k on a new vehicle.
Posted on 1/1/23 at 2:19 pm to Robin Masters
quote:
So any vehicle that is used immediately becomes worth less than $40k in your mind?
That’s kind of odd.
yes.
In most cases, a vehicle is a depreciating asset
Posted on 1/1/23 at 2:20 pm to MarlboroTiger
quote:
bought a used Tahoe last year for $40k
Why?
Posted on 1/1/23 at 2:20 pm to pioneerbasketball
quote:
pioneerbasketball
I appreciate you buying new and taking that depreciation hit for me.
Posted on 1/1/23 at 2:21 pm to MarlboroTiger
Last year my sister was working a hospital contract job in New Orleans and had her car stolen. She of course had to have the newest bestest highlander sport. Quickly learned the dealerships had all the negotiating power and didnt give a frick if you left. She ended up paying very top dollar for it. But now she realizes that her seats are too narrow and uncomfortable to ride in. She doesnt like her car anymore and if they try to sell it they lose like 15k now or so.
Posted on 1/1/23 at 2:21 pm to MarlboroTiger
Downsizing is a bad reason to sell. Unless the car doesn't fit in your garage and you aren't allowed to street park.
If you absolutely must get rid of it, sell private party. If money doesn't matter, then do whatever you want.
Not sure what you expect. Nobody here has a time machine to send you back to stop you from buying the car.
If you absolutely must get rid of it, sell private party. If money doesn't matter, then do whatever you want.
Not sure what you expect. Nobody here has a time machine to send you back to stop you from buying the car.
Posted on 1/1/23 at 2:22 pm to MarlboroTiger
park it in a rural area where there are few ppl, set it on fire then report it stolen. Ppl in New Orleans used to do this all the time along I-10, and sometimes on Hwy 51 between Manchac and LaPlace. Of course this is highly illegal but ppl used to do it.
Posted on 1/1/23 at 2:24 pm to MarlboroTiger
You got raped my friend.
Posted on 1/1/23 at 2:27 pm to TBoy
quote:
The trick was to buy a new car, run it for a year, and sell it for more than you paid.
Been doing that for a few years now, pretty decent side gig and always driving a new truck.
Posted on 1/1/23 at 2:27 pm to Ponchy Tiger
quote:
park it in a rural area where there are few ppl, set it on fire then report it stolen. Ppl in New Orleans used to do this all the time along I-10, and sometimes on Hwy 51 between Manchac and LaPlace. Of course this is highly illegal but ppl used to do it.
Unless you have gap coverage, you only get the value of the vehicle.
Posted on 1/1/23 at 2:29 pm to MarlboroTiger
You're trying to get rid of a truck you bought last year?
Posted on 1/1/23 at 2:30 pm to Swagga
quote:
Yep. The market is crashing. People who overpaid for vehicles last year are stuck. If it’s paid off, keep it and drive it for awhile.
Yeah even a blind man could see this coming. People were overspending on vechicles that were no where near the price dealers would be normally be selling them for. Will get worse once the used car market crashes even more in 2023.
This post was edited on 1/1/23 at 2:32 pm
Posted on 1/1/23 at 2:33 pm to MarlboroTiger
quote:
bought a used Tahoe last year for $40k and have it paid off and was looking to sell it or trade it in.
Do you need something else for a particular reason? Why not just keep it? Getting a newer vehicle after only a year, you should have expected to take a decent loss anyway. Even outside of the ridiculously high prices that were going on a year ago, you would have taken a 5 to 10k loss.
I would never trade in after only having a vehicle for a year unless I absolutely needed something else and couldn't just buy it without a trade. If you were able to pay off 40k in a years time, you can easily afford to buy something new without trading this in.
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