Keep vs sell vs another choice. Actual numbers about my F150 inequity
06-05-2019, 11:01 PM
#11
It's very true a lot of folks determine 'what they can afford' based soley on a monthly payment amount.
Can't speak of the OP's current position in life, but I used to drive some 'extremely used' cars.
Didn't bother(?) me at the time b/c I was the only one I needed to keep happy, (and fed, and clothed, with shelter, etc)
As mentioned earlier, you really can't spend your way into savings.
That, and making interest is a whole lot better than paying it!!!!
Can't speak of the OP's current position in life, but I used to drive some 'extremely used' cars.
Didn't bother(?) me at the time b/c I was the only one I needed to keep happy, (and fed, and clothed, with shelter, etc)
As mentioned earlier, you really can't spend your way into savings.
That, and making interest is a whole lot better than paying it!!!!
Last edited by Slvr; 06-05-2019 at 11:03 PM.
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Slowtrucker (06-05-2019)
06-05-2019, 11:30 PM
#12
If you don’t want to drive any other truck than don’t... If it somehow hurts your feelings everyday that you’re upside down on it than pay whatever extra you can each month until you’ve at whatever amount makes you feel good. Or just enjoy the truck, forget about your negative equity, and by the time you need another truck it will probably have sorted itself out.
06-05-2019, 11:30 PM
#13
Get gap if you don't already have it and hope someone loses control and smashes into you. Problem solved. If you really want to get out of that truck, only one way you can do it without wrecking it. Make larger monthly payments, the more you put towards the principle, the quicker it will gain equity.
No matter what you do, you will be paying more per month for a replacement.
No matter what you do, you will be paying more per month for a replacement.
06-06-2019, 12:13 AM
#14
Senior Member
If someone want to get out of a Ford into a better quality Truck. All you can do is eat the loss.
If you can stomach a Ford for the duration, than probably the best. But 42 months is a long time
to wait. I pay cash and trade often. Found cost me about 1,500 to 2,000 amonth in depreciation.
But it cures the new vehicle bug.
If you can stomach a Ford for the duration, than probably the best. But 42 months is a long time
to wait. I pay cash and trade often. Found cost me about 1,500 to 2,000 amonth in depreciation.
But it cures the new vehicle bug.
06-06-2019, 12:31 AM
#15
Gone Golfin
iTrader: (3)
Everyone other than the post above me has covered this pretty well.
My advice would be to find something else to obsess over.
My advice would be to find something else to obsess over.
06-06-2019, 12:44 AM
#16
The difference in this one is that 1- there is the option of a salvage, and there is approximately $2500 LESS inequity now.
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.
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.
Once again, 900 bucks was rolled in. LMAO. No one reads.
It's very true a lot of folks determine 'what they can afford' based soley on a monthly payment amount.
Can't speak of the OP's current position in life, but I used to drive some 'extremely used' cars.
Didn't bother(?) me at the time b/c I was the only one I needed to keep happy, (and fed, and clothed, with shelter, etc)
As mentioned earlier, you really can't spend your way into savings.
That, and making interest is a whole lot better than paying it!!!!
Can't speak of the OP's current position in life, but I used to drive some 'extremely used' cars.
Didn't bother(?) me at the time b/c I was the only one I needed to keep happy, (and fed, and clothed, with shelter, etc)
As mentioned earlier, you really can't spend your way into savings.
That, and making interest is a whole lot better than paying it!!!!
Far as I can see, body hail damage = easily fixable with time, effort and a decent paint job.
100% agree on interest..... make it dont spend it.
If someone want to get out of a Ford into a better quality Truck. All you can do is eat the loss.
If you can stomach a Ford for the duration, than probably the best. But 42 months is a long time
to wait. I pay cash and trade often. Found cost me about 1,500 to 2,000 amonth in depreciation.
But it cures the new vehicle bug.
If you can stomach a Ford for the duration, than probably the best. But 42 months is a long time
to wait. I pay cash and trade often. Found cost me about 1,500 to 2,000 amonth in depreciation.
But it cures the new vehicle bug.
If you dont obsess over your net worth, then you probably have crappy goals.
06-06-2019, 01:07 AM
#17
Sounds like you've got it all figured out, so why are you asking us? Enjoy your 8-year truck notes or your beat-to-crap hail truck, however you choose to go.
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06-06-2019, 01:11 AM
#18
Gone Golfin
iTrader: (3)
My main goal now is to maintain my health, both physical and mental.
The day will come when that will be the most important thing for you as well because it doesn't matter how much money you have if you can't enjoy it.
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06-06-2019, 02:08 AM
#19
Did I miss how you ended up with an 84 month loan? That seems like a lot. Can you afford a higher monthy payment to bring that down?
It sounds like after the fact you regret having a car payment. It's a very nice truck, I suggest continuing to make the payment and enjoy it. Now that you understand what it is like to make a payment, buy a used model that is 2-3 years old next time instead of driving off the lot, taking a 30% hit, and making payments + interest.
I have always bought vehicles with cash, of varying age, some only 2 years old, but never new. Let someone else take the big depreciation for me. For some, a car payment is standard business and they like a new car that requires very little maintenance. Different strokes for different folks.
It sounds like after the fact you regret having a car payment. It's a very nice truck, I suggest continuing to make the payment and enjoy it. Now that you understand what it is like to make a payment, buy a used model that is 2-3 years old next time instead of driving off the lot, taking a 30% hit, and making payments + interest.
I have always bought vehicles with cash, of varying age, some only 2 years old, but never new. Let someone else take the big depreciation for me. For some, a car payment is standard business and they like a new car that requires very little maintenance. Different strokes for different folks.
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user 83720 (06-06-2019)
