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re: I paid $40k for my truck last year, it’s now worth $18k

Posted on 1/1/23 at 3:36 pm to
Posted by Dr RC
The Money Pit
Member since Aug 2011
61475 posts
Posted on 1/1/23 at 3:36 pm to
quote:

I bought it last October from a dealership in Denham. I just looked at KBB and $18k was the number they gave me


We need more details.

What year is it, what's the mileage (both at purchase and current), what trim level is it, what extra options does it have?
Posted by DarthRebel
Tier Five is Alive
Member since Feb 2013
25828 posts
Posted on 1/1/23 at 3:39 pm to
Should have bought a Jeep Wrangler, we do not have to worry about depreciation
Posted by Gorilla Ball
Az via La
Member since Feb 2006
13254 posts
Posted on 1/1/23 at 3:44 pm to
Why would you get rid of a paid off vehicle- unless you get a ridiculously good offer. Then keep it
Posted by NPComb
Member since Jan 2019
28501 posts
Posted on 1/1/23 at 3:45 pm to
Take the L and learn to be patient. Everything is cyclical but yeah, that sucks balls.
Posted by sqerty
AP
Member since May 2022
8476 posts
Posted on 1/1/23 at 3:49 pm to
I'll take it off your hands for $5000.
Posted by BuckyCheese
Member since Jan 2015
57778 posts
Posted on 1/1/23 at 3:52 pm to
The fact the OP refuses to state what year it is is telling.

Posted by Cut me Mick
Member since Dec 2022
155 posts
Posted on 1/1/23 at 3:53 pm to
The thing will probably never be worth less than 10k, drive it till it drops.

Or sell it any time in the future for 10k
This post was edited on 1/1/23 at 4:02 pm
Posted by 3nOut
I don't really care, Margaret
Member since Jan 2013
32397 posts
Posted on 1/1/23 at 3:55 pm to
quote:

Why would you get rid of a paid off vehicle- unless you get a ridiculously good offer. Then keep it


My wife has a 2009 Traverse that I have to fix at least $1k a year on including tires, oil changes, etc.

Everytime I lose my mind at the mechanic or price of tires, I remember that we don’t have a car payment and haven’t for 4 years.
Posted by Blutarsky
112th Congress
Member since Jan 2004
11726 posts
Posted on 1/1/23 at 4:00 pm to
quote:

The thing will probably never be worth less than 10k, drive it till it drops


My 2011 LTZ is still worth 15K.

Dude probably bought a severely overpriced LT or lesser trim,
Posted by go ta hell ole miss
Member since Jan 2007
14676 posts
Posted on 1/1/23 at 4:00 pm to
quote:

This math isn’t adding up, how is it only worth 18k when you paid 40k last year?


It’s happening a lot. Car dealerships are going to be hurting for a while as a result of the shenanigans they pulled during the pandemic because else many people are so far upside down on their vehicles.
Posted by LSUDad
Still on the move
Member since May 2004
62542 posts
Posted on 1/1/23 at 4:01 pm to
quote:

Posted byMessageMarlboroTigerI paid $40k for my truck last year, it’s now worth $18k by MarlboroTigerI bought a used Tahoe last year for $40k


Never buy a Tahoe!!!
Posted by Blutarsky
112th Congress
Member since Jan 2004
11726 posts
Posted on 1/1/23 at 4:08 pm to
quote:

Never buy a Tahoe!!!


I have two right now.

The things I have had to fix the last 10 years:

Throttle body replacement, oil pressure sensor and steering wheel position switch on one, the steering wheel position switch on the other and some broken motor mounts (rubber split on them).

All of that was less than $700 in parts and my own time.

If you take care of your stuff, it will last a long time.
This post was edited on 1/1/23 at 4:15 pm
Posted by LSUDad
Still on the move
Member since May 2004
62542 posts
Posted on 1/1/23 at 4:14 pm to
quote:

I have two right now. The things I have had to fix the last 10 years: Throttle body replacement, oil pressure sensor and steering wheel position switch on one, the steering wheel position switch on the other and some broken motor mounts (rubber split on them). If you take care of your stuff, it will last a long time.


I put over 300k on 3 Toyotas, no repairs, just basic maintenance. That’s what I’m looking for.
Posted by soccerfüt
Location: A Series of Tubes
Member since May 2013
74878 posts
Posted on 1/1/23 at 4:16 pm to
quote:

Never buy a Tahoe!!!
I would have disagreed with you until the most recent models.

We’ve got two ‘21s in our fleet, neither abused or used other than for transportation.

Both have had to have completely new engines installed, one at ~30k and the other at ~55k.

Both valve related issues, according to the dealership.
Posted by RTRinTampa
Central FL
Member since Jan 2013
5532 posts
Posted on 1/1/23 at 4:22 pm to
Impulse buying is what caused you're situation. Don't worry, your not alone. Plenty of idiots overpaid in past two years because they couldn't or wouldn't wait. Hope you didn't buy an overpriced home, too.
This post was edited on 1/1/23 at 7:11 pm
Posted by Polycarp
Texas
Member since Feb 2009
5745 posts
Posted on 1/1/23 at 4:23 pm to
Go get a bid from Carmax or Carvana. That’s a real low bid dude.
Posted by Blutarsky
112th Congress
Member since Jan 2004
11726 posts
Posted on 1/1/23 at 4:27 pm to
quote:

Both valve related issues, according to the dealership.


The 2021 5.3 engines have a lifter issue. Collapsed lifter is a common failure on those. It’s so common that they should be recalled, but good luck with that in today’s supply chain clusterfrick,

I had it happen to a 2021 Z71 Silverado I own this year with less than 15K miles.

Posted by stout
Porte du Lafitte
Member since Sep 2006
182455 posts
Posted on 1/1/23 at 4:29 pm to
Pretty sure care dealers only use NADA and not KKB now. Double-check it.
Posted by GREENHEAD22
Member since Nov 2009
20846 posts
Posted on 1/1/23 at 4:31 pm to
It's been happening for going on 2 decades now, couple that with the shite transmissions starting in 14 and frick a GM.


All I have ever owned are GMs and still have one but will be the last.
This post was edited on 1/1/23 at 6:33 pm
Posted by jake wade
North LA
Member since Oct 2007
2436 posts
Posted on 1/1/23 at 4:58 pm to
Agree, the last good GM trucks were the ‘99-‘07 classic.
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