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Started By
Message
Truck buying options
Posted on 2/5/14 at 10:03 am
Posted on 2/5/14 at 10:03 am
I posted this in the Money Talk board but got very few replies. I want to see what the OB says. Will not post on OT 
I have a 2008 Dodge Charger R/T and want to sell it to get a truck.
I have a few options that I want to throw out there to see what would be the best.
Facts -
- Dodge Charger KBB is around 13-14k
- I owe 8k
- Autotrader instant offer is 11k for Charger
- I currently have 10k saved up. (depends on what I get for vehicle)(6k in savings + vehicle gain)
- I want to spend around or below 20k
- I save around 1k each month (exception of one month when we get paid 3 times then its 2k) so it will be another 8k in Aug. (approx purchase time)
- I am going to finish the payments off asap.
- Charger has 98k miles on it
- Also have 2004 pontiac sunfire for daily driver for work. (wife and I use this to carpool to work M-F)
#1) Try to sell Charger private party, run on Sunfire until August, Pay for truck and pay the rest off (no monthly payments and no insurance for charger till Aug, could save more, run the risk of older vehicle breaking down)
#2) Try to sell Charger private party for a month, continue like #1.... If charger doesn't sell in 1 month, do a trade in and go ahead and get a truck and put larger payments on it till paid off. (get less on charger, still pay monthly payments on vehicle and insurance during whole process)
#3) Trade in now and get truck and make larger payments until paid off.
sorry if TL;DR but I'm nervous about larger purchase planning.
Also here is a comparison chart I did. How do you agree on the rankings? Based on this I would get a Silverado,Sierra or F150. The Tundra is too expensive (over 20k) for a crew cab. The midsize trucks are too small in the back and don't offer much more on MPG.
All trucks are 2010 and crew cab
I have a 2008 Dodge Charger R/T and want to sell it to get a truck.
I have a few options that I want to throw out there to see what would be the best.
Facts -
- Dodge Charger KBB is around 13-14k
- I owe 8k
- Autotrader instant offer is 11k for Charger
- I currently have 10k saved up. (depends on what I get for vehicle)(6k in savings + vehicle gain)
- I want to spend around or below 20k
- I save around 1k each month (exception of one month when we get paid 3 times then its 2k) so it will be another 8k in Aug. (approx purchase time)
- I am going to finish the payments off asap.
- Charger has 98k miles on it
- Also have 2004 pontiac sunfire for daily driver for work. (wife and I use this to carpool to work M-F)
#1) Try to sell Charger private party, run on Sunfire until August, Pay for truck and pay the rest off (no monthly payments and no insurance for charger till Aug, could save more, run the risk of older vehicle breaking down)
#2) Try to sell Charger private party for a month, continue like #1.... If charger doesn't sell in 1 month, do a trade in and go ahead and get a truck and put larger payments on it till paid off. (get less on charger, still pay monthly payments on vehicle and insurance during whole process)
#3) Trade in now and get truck and make larger payments until paid off.
sorry if TL;DR but I'm nervous about larger purchase planning.
Also here is a comparison chart I did. How do you agree on the rankings? Based on this I would get a Silverado,Sierra or F150. The Tundra is too expensive (over 20k) for a crew cab. The midsize trucks are too small in the back and don't offer much more on MPG.
All trucks are 2010 and crew cab
This post was edited on 2/5/14 at 10:13 am
7
Posted on 2/5/14 at 10:28 am to Hu_Flung_Pu
Wow - what will be the main purpose of the truck - looks like you only care about cabin size, and gas not diesel (based on your cost/gallon) - no other requirements of the truck? (4x4, 2wd, towing capacity, interior trim, exterior trim, engine size, etc.)
Posted on 2/5/14 at 10:34 am to swanny297
I just traded in a 09 Cadillac CTS with 58k miles in great condition in which NADA suggested clean trade in to be 16,850. After shopping around for awhile, the best I got was 14,500 (that's best of over 15 quotes) Be ready to play the game.
Posted on 2/5/14 at 10:40 am to Hu_Flung_Pu
quote:
#3) Trade in now and get truck and make larger payments until paid off.
Only because I hate selling a vehicle PP, most dealers use black book now, and it usually runs about 1K below KBB and NADA, plus they will low ball you so if KBB says 11K on trade, they should offer around 9K. Haggle your arse off, and dont be afraid to walk away or travel farther for another vehicle. Do as much as you can over the phone/ online, much easier than high pressure sales situations.
If you really wanted to get more out of your trade I would give it a month or so of trying to sell PP, if not just trade.
Just curious, it seems like you dont want a note, or a very little note for a short period. I appreciate not having to pay a note, but why put 10K down when the note would only be 380-400 ish with nothing down, and low 200's with 10K down.
Both senarios are assuming 60 months and 3.5%
Posted on 2/5/14 at 10:41 am to Hu_Flung_Pu
quote:All of these are fine options. Find a used one in good shape that looks like it was taken care of.
Also here is a comparison chart I did. How do you agree on the rankings? Based on this I would get a Silverado,Sierra or F150.
Don't be afraid of 2009's either. Save you some cash for a very little difference.
Posted on 2/5/14 at 10:42 am to dnm3305
quote:$3-4000.00 more than KBB values vehicles at. Banks and dealerships use KBB.
NADA
Posted on 2/5/14 at 10:50 am to meauxjeaux2
quote:
$3-4000.00 more than KBB values vehicles at. Banks and dealerships use KBB
Well it depends. The will lie straight to your face and use w/e gives THEM the best deal. I was told by a guy I work with who's wife is a loan officer that they quit using KBB years ago and go by NADA. The dealership I just bought used NADA but still low-balled me.
Posted on 2/5/14 at 11:31 am to Hu_Flung_Pu
Dealerships don't use KBB or NADA values. They look at average Manheim auction prices. Why on earth would they pay more for your car without screwing you on the new purchase, when they could just get the same car at auction cheaper? I haven't EVER had a dealership offer close to KBB or NADA. Black Book used weekly updated auction prices, but it is easier for them to just look at the entire southeast on Manheim.
They'll offer you $7-8k before deducting your payoff. They are just going to send it straight to auction because of the mileage.
Selling it private party is an option if you can sit on the car for a couple of months. Either you sell it the first week, or dig your feet in for a long process. Also, you should list it for $1000 below blue book to sell it faster.
Spend under $20k. You won't be able to get a loan on a car with more than 100k miles unless it is from a dealership. Between either of the three trucks, it is basically a toss-up for the 2010 model year
When looking, don't even worry about regular dealerships. There are many high volume dealerships in Texas that sell 50 cars a day, and you will find trucks for thousands cheaper than a regular dealership. They work primarily online, and sometimes have a couple of hundred dollars to play with. Dumb arse normal dealerships haven't figured that out yet, and try to get every penny out of their 5 cars a day to make up for the garbage sales numbers.
*I don't know how Autotrader instant works, but you will definitely get lowballed pretty hard at a regular dealership.
Eta: dealerships don't really use KBB anymore. They use NADA when it is good for them, and predominantly use auction prices.
They'll offer you $7-8k before deducting your payoff. They are just going to send it straight to auction because of the mileage.
Selling it private party is an option if you can sit on the car for a couple of months. Either you sell it the first week, or dig your feet in for a long process. Also, you should list it for $1000 below blue book to sell it faster.
Spend under $20k. You won't be able to get a loan on a car with more than 100k miles unless it is from a dealership. Between either of the three trucks, it is basically a toss-up for the 2010 model year
When looking, don't even worry about regular dealerships. There are many high volume dealerships in Texas that sell 50 cars a day, and you will find trucks for thousands cheaper than a regular dealership. They work primarily online, and sometimes have a couple of hundred dollars to play with. Dumb arse normal dealerships haven't figured that out yet, and try to get every penny out of their 5 cars a day to make up for the garbage sales numbers.
*I don't know how Autotrader instant works, but you will definitely get lowballed pretty hard at a regular dealership.
Eta: dealerships don't really use KBB anymore. They use NADA when it is good for them, and predominantly use auction prices.
This post was edited on 2/5/14 at 11:34 am
Posted on 2/5/14 at 11:48 am to Hammertime
I use KBB and NADA for reference. The trade in for 11k is from Autotrader trade in. They partner with dealerships and the dealership honors that price. This is pre negotiated and I believe I could swing a little more when I'm there. Especially when I am buying something from them.
What number can I expect to drop below 20k after negotiating? 21k? 22k? 23K or a little higher? I need a search price to start with.
What number can I expect to drop below 20k after negotiating? 21k? 22k? 23K or a little higher? I need a search price to start with.
Posted on 2/5/14 at 12:04 pm to Hu_Flung_Pu
I used both of those for reference and at every dealership I went to. All except one just looked up auction prices. Might try and go with the autotrader route now that I know it exists.
If it is a regular dealership, you might be able to swing $20k from $25k. Sometimes they are assholes though. One had a truck listed at $23k and I offered $18k knowing that they only sell at auction for $16. They were pissed. Two months later, they had the price dropped to $19k, and I called back and offered $17k just to piss them off
From a high volume dealership, you'd be lucky to get $1500 off. Like I said though, they are okay with making $100 off of a car because they sell 50/day. All of their cars come from auctions. I don't think there are any high volume dealerships in Louisiana. They are all in Texas.
Start looking at maybe $24,500
Eta: I bought my last truck from Texas Direct Auto for $27k in 2010. Put 50,000 miles on it, and dealerships are trying to get $25k out of them now. I sent them pictures of my truck and the VIN#, and we agreed on a trade-in price before I drove down there. I got $500 off of the new truck and also got them to give me $2000 more for my truck than the original offer from them. I was in and out in 45 minutes. Best car buying experience I have ever had.
If it is a regular dealership, you might be able to swing $20k from $25k. Sometimes they are assholes though. One had a truck listed at $23k and I offered $18k knowing that they only sell at auction for $16. They were pissed. Two months later, they had the price dropped to $19k, and I called back and offered $17k just to piss them off
From a high volume dealership, you'd be lucky to get $1500 off. Like I said though, they are okay with making $100 off of a car because they sell 50/day. All of their cars come from auctions. I don't think there are any high volume dealerships in Louisiana. They are all in Texas.
Start looking at maybe $24,500
Eta: I bought my last truck from Texas Direct Auto for $27k in 2010. Put 50,000 miles on it, and dealerships are trying to get $25k out of them now. I sent them pictures of my truck and the VIN#, and we agreed on a trade-in price before I drove down there. I got $500 off of the new truck and also got them to give me $2000 more for my truck than the original offer from them. I was in and out in 45 minutes. Best car buying experience I have ever had.
This post was edited on 2/5/14 at 12:09 pm
Posted on 2/5/14 at 1:12 pm to Hammertime
I was looking at interior and gas because we are going to try for kids in a few months and mpg is always a concern.
Posted on 2/5/14 at 1:34 pm to Hu_Flung_Pu
quote:
for kids in a few months
Have a 8 month old and have plenty of room in my ext cab, no bed cover.
Now if we go somewhere for a weekend, we take the wifes Acadia and I load that bitch to the hilt.
That being said, I would look into a bed cover for your truck if it is going to be the primary kid hauler.
Posted on 2/5/14 at 1:39 pm to Hu_Flung_Pu
KBB, NADA, Black Book. The dealership will use the lowest value. Book it.
Posted on 2/5/14 at 2:39 pm to tenfoe
Saw on Sportsman that some dealerships were offering 13k off sticker on XLTs. You may be better off spending extra and getting new. But if not, high volume in Texas. Buddies go get their trucks from there and like was said before, pretty painless experience
Posted on 2/6/14 at 7:42 am to maisweh
quote:
maisweh
Thank you for posting your first post in my thread. I feel honored.
As much as I would like a new truck, I just don't like larger notes. I am going to stick to under 20k.
Posted on 2/6/14 at 7:45 am to Hu_Flung_Pu
Ford
Posted on 2/6/14 at 9:06 am to KingRanch
King ranch version with a 1911 in the side door pocket right?
Posted on 2/6/14 at 9:18 am to Hu_Flung_Pu
quote:
I currently have 10k saved up. (depends on what I get for vehicle)(6k in savings + vehicle gain)
So you have 6k saved up, plus the equity in the vehicle.
quote:
I owe 8k
I would take the 6k, and pay against the 8k.
Get the rest paid off by summer.
Start saving your projected note as a down payment.
quote:
- I save around 1k each month (exception of one month when we get paid 3 times then its 2k) so it will be another 8k in Aug. (approx purchase time)
Heck, wait until January or February 2015 and you'll be able to buy the thing cash. Sell the Charger after that and replenish your savings.
If you wait just a little while, you'll be off the payment wheel forever. Good job getting this far, just be a little more patient and you are there.
Posted on 2/6/14 at 11:31 am to Ace Midnight
quote:
Heck, wait until January or February 2015 and you'll be able to buy the thing cash.
The problem with waiting is that my car has 98k on it. I know that reaching 100k doesn't magically make the car less valuable. However, to the mass market of private party and trade negotiations it does.
I want to know what is the reasoning in paying off the car then sell it? Why sink money into it if I'm going to sell it? What if it gets totaled in the time that I sell it?
Posted on 2/6/14 at 11:35 am to Hu_Flung_Pu
The only reasoning I see is to carry no more payments (no more interest payments) and drop some of the insurance down on the car. This will allow me to save even more money. However, if I keep it and it goes above 100k I might take a hit on value. (depends on who is buying) It also may wrecked in that time line.
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