Keep vs sell vs another choice. Actual numbers about my F150 inequity
 

Sell it, I eat $12200, probably more like $13000 right now.

If I want to break even, I keep it until month 60 (42 months from now) & the loan/value should finally equal out.

The third option I saw was this website that has totalled vehicles but sometimes just for hail damage. Never even thought about that option til now because Im ruined by the 2015+ F150. I just cant fathom driving any other truck. Copart.com was the site.

So option
1, keep it & pay off $44,800 plus $3,000 more in some interest yet to be paid
2, sell it with a total cost of probably $25000 (13k loan, 12k cost of another truck but will likely be higher mileage)
3, sell it and look in to salvage truck and possibly get a good deal there

All this assumed just "good" condition on the truck, the middle value on the kbb range and 25k miles per year

Attachment 566993

:confused1::surrender::icon_rolleyes:

Why would you be eating $13k if you keep your truck?

You bought a truck and took a loan. Drive the truck and pay the payments.

Sound advice. Just keep it and make the payments.

I'm probably buried in mine for 4 years, but I only take a hit if I get rid of it.

If your concern is that you're upside-down, well, that occurs to every new vehicle unless you come in with significant equity (trade-in, etc.) You're upside-down when you drive off the lot.

If you're trying to improve your financial situation, it is impossible to spend your way into financial success, assuming you're buying an equivalent vehicle. Your only option would be to trade/sell what you have and purchase something significantly cheaper (both in purchase price and operation cost).

Looking at your "owe" category... WTF. You're showing to still owe at 84 months? What did you finance the thing for, 8 years?

Typo

You're never going to get out from all the negative equity that you've rolled into that truck unless you keep it and just make the payments until it's paid off. I see this thread going the same way as the others you've started.

For some people a constant car payment is just another routine expense of life. Others like to keep vehicles longer, pay them off, and drive for “free” for quite sometime. The more you trade, you’re just going to continue to rack up negative equity. Do what you want but you won’t ever come out ahead by constantly trading unless you trade down...significantly down, like the other guy said.

Maybe you should’ve done this spreadsheet 19 months ago 🙄

Man, it's only been six months since you asked the question. Nothing has changed, well aside from the addition of a fancy spreadsheet. Same advice as here: https://www.f150forum.com/f118/anoth...o-deal-437117/

As far as the salvage title truck idea - You do know that its near impossible to get a loan on a salvage title truck right? If you have cash laying around to purchase a totaled truck /w hail damage why not apply that to the loan on your current truck?

I have zero idea where you are getting numbers on that spreadsheet, but there is no way anyone is giving you $21,000 for an F150 with 126,000 miles on it in December of 2022. Zero. None.

You made a really poor decision to roll negative equity into a truck. Don't compound it by making another bad decision. Learn your lesson drive the truck you have now until the wheels fall off and it's paid for. Move on.