Keep vs sell vs another choice. Actual numbers about my F150 inequity
06-06-2019, 05:35 PM
#31
Large Member
Sounds like he should keep it for 4-5 years then, at least.
I wanted to trade for a 2018, I didn't do it because it wouldn't have made financial sense. I will wait until the 2021 comes out when I'll be in a much better position to deal.
I wanted to trade for a 2018, I didn't do it because it wouldn't have made financial sense. I will wait until the 2021 comes out when I'll be in a much better position to deal.
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user 83720 (06-06-2019)
06-06-2019, 10:31 PM
#32
Funny a hail truck is all the sudden "beat to crap." How about all those beaters we all used to drive as young kids & teenagers. They were enough for us then but not now by your logic.even if it means getting one HELL of a deal
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.
Truck is on a seven year loan. APR @ 4.74. I can pay CASH for the negative equity to sell it or CASH for a hail salvage, or another salvage preferably just cosmetic.
The truck has ALREADY had mx issues the dealer refuses to give a rats ***** about. SEVERAL issues. Rear sensors going off. Seatbelt losing tension 3x now. Valves chattering on it (2-4k miles, not since). Grinding under hood (around 8k). Button on the radio sticking. yada yada yada.
Yes you are spot on with everything. No I will never buy a new car/truck again. Unless of course theres about a million bucks laying around and 50 grand isnt anything.
Cash flow is king...for businesses, families, individuals.
If you have the cash flow then new trucks are a luxury and keeping them 10 years makes the pain less. If you don't have the cash flow, used is a better strategy. There are always people who claim to buy new, then trade it in a year or two claiming to have made profit. They are full of crap.
Selling at a big loss is just bad for you unless you have a cash flow problem. Again, cash flow is king.
Notes:
Assets are things you own that have value
Liabilities are things you owe money on
Cash flow is the money in vs. the money out each month....this needs to be positive or you're in deep trouble. Smart people protect against interruptions in cash flow by saving each month and keeping their liabilities low. Your life is your business, treat it like one.
If you have the cash flow then new trucks are a luxury and keeping them 10 years makes the pain less. If you don't have the cash flow, used is a better strategy. There are always people who claim to buy new, then trade it in a year or two claiming to have made profit. They are full of crap.
Selling at a big loss is just bad for you unless you have a cash flow problem. Again, cash flow is king.
Notes:
Assets are things you own that have value
Liabilities are things you owe money on
Cash flow is the money in vs. the money out each month....this needs to be positive or you're in deep trouble. Smart people protect against interruptions in cash flow by saving each month and keeping their liabilities low. Your life is your business, treat it like one.
So I can already tell this is going to turn into a mess of a thread just like the other four you have started. You seem to get pretty hostile when people give you advice, advice that YOU asked for. I'm not the one that is upside down on a truck so no need to attack me.
Re-Read what I said. You cannot get a loan on a salvage title truck. If you have the cash laying around to spend on a salvage title then financially it makes a lot more sense to apply that cash to the loan on your current truck as a principle only payment. This would reduce the overall interest you would be paying on your current loan. This makes more sense than selling your truck at a potentially huge loss to buy a salvage title truck that you will never be able to resell.
Oh and the word you are looking for is negative equity not inequity.
Re-Read what I said. You cannot get a loan on a salvage title truck. If you have the cash laying around to spend on a salvage title then financially it makes a lot more sense to apply that cash to the loan on your current truck as a principle only payment. This would reduce the overall interest you would be paying on your current loan. This makes more sense than selling your truck at a potentially huge loss to buy a salvage title truck that you will never be able to resell.
Oh and the word you are looking for is negative equity not inequity.
Why? Because with it, it carries 45 THOUSAND IN DEBT
Something not consider is... you are considering getting rid of a almost new vehicle in your 2018 truck and buying a "cheaper" replacement.
For whatever justification you have for that is on you.... but, if you buy another truck for 12k, well, you are going to get an OLD vehicle and NO WARRANTY.
I know what $12,000 around here look like, and you might get a 2003 F150 with 130,000 miles on it - maybe not that extreme, but you get the point.
Keep your truck, make the payments.
Your other options make zero sense to be based upon the information you provided.
None of us know your personal life or financial situation, what you own, what you have saved, etc.
Life happens and things change.
But I really can't imagine a situation, where I would buy a new $50,000 truck and then less than 18 months later, be in such a bad financial situation, that I would be considering dumping that vehicle and taking a HUGE loss on it, and buying some piece of junk 15 year old, 100k mile vehicle that WILL have maintenance needs.
For whatever justification you have for that is on you.... but, if you buy another truck for 12k, well, you are going to get an OLD vehicle and NO WARRANTY.
I know what $12,000 around here look like, and you might get a 2003 F150 with 130,000 miles on it - maybe not that extreme, but you get the point.
Keep your truck, make the payments.
Your other options make zero sense to be based upon the information you provided.
None of us know your personal life or financial situation, what you own, what you have saved, etc.
Life happens and things change.
But I really can't imagine a situation, where I would buy a new $50,000 truck and then less than 18 months later, be in such a bad financial situation, that I would be considering dumping that vehicle and taking a HUGE loss on it, and buying some piece of junk 15 year old, 100k mile vehicle that WILL have maintenance needs.
Another fellow said or alluded to KBB values maybe not being accurate, saying no one would pay 25 grand for an XLT with 100k miles, and so the value may be more like 22 or even 20k. No idea. Just going off of what KBB says.
If you read it again he didnt exactly say you were getting a loan for it lol
If you had to roll $900.00 into the new truck and then finance it for 8 years i would've assumed you didn't have the cash to buy a salvage. The only reason i see to finance a vehicle on an 8year term is because you cant afford the regular 5 year terms. Dealers will typically offer 0% on up to 5 years and anything more than that you're paying interest.
He could be 4-5 years away from break even on an 8 year loan
If you had to roll $900.00 into the new truck and then finance it for 8 years i would've assumed you didn't have the cash to buy a salvage. The only reason i see to finance a vehicle on an 8year term is because you cant afford the regular 5 year terms. Dealers will typically offer 0% on up to 5 years and anything more than that you're paying interest.
He could be 4-5 years away from break even on an 8 year loan
seven year to begin with. Things happen and its a few months longer now.
At this point I can only assume OP is either trolling or just wanting us to support what he was going to do anyway (but we aren't). OP is giving somewhat hostile responses and not answering questions clearly. We also don't know what the loan rate or financial background is. So do you have the cash to buy a salvage? Then why the 8 year loan?
Buy a hail truck and sell the 2018 and then end up with a hail truck that costs the same amount after rolling in the loss on the loan after sale?
Or try and figure out how to fix that 8 year loan into a 0% APR 5 year, although it is probably too late to do that.
Buy a hail truck and sell the 2018 and then end up with a hail truck that costs the same amount after rolling in the loss on the loan after sale?
Or try and figure out how to fix that 8 year loan into a 0% APR 5 year, although it is probably too late to do that.
Just LMAO at anyone and everyone here who just REFUSES to acknowledge or even consider a hail damage or other salvage that doesnt need a ton of work. You all saying that are just sticking to your original claim because who would actually be like, "hmmm, you know that MIGHT be a way," - all to save face, ands of course because you have nothing better to add to the convo.
06-06-2019, 11:17 PM
#33
Gone Golfin
iTrader: (3)
Just LMAO at anyone and everyone here who just REFUSES to acknowledge or even consider a hail damage or other salvage that doesnt need a ton of work. You all saying that are just sticking to your original claim because who would actually be like, "hmmm, you know that MIGHT be a way," - all to save face, ands of course because you have nothing better to add to the convo.
And yes, you' are the only one that would go the route of a hail damaged truck. Why would anyone acknowledge you should when they wouldn't do it and haven't put themselves in the position that they would even contemplate it?
You need to find a good financial planner.
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77Ranger460 (06-06-2019)
06-06-2019, 11:38 PM
#34
You can pay cash for a Platinum and you start this incredibly stupid thread?
And yes, you' are the only one that would go the route of a hail damaged truck. Why would anyone acknowledge you should when they wouldn't do it and haven't put themselves in the position that they would even contemplate it?
You need to find a good financial planner.
And yes, you' are the only one that would go the route of a hail damaged truck. Why would anyone acknowledge you should when they wouldn't do it and haven't put themselves in the position that they would even contemplate it?
You need to find a good financial planner.
Oh & if you dont like this thread, here's a tip, DONT OPEN IT. I didnt even REPLY to you.
06-06-2019, 11:51 PM
#35
Gone Golfin
iTrader: (3)
Now it's you that needs to read what's posted as in post #16.
True irony calling me out for crappy goals. If you had any decent ones you wouldn't be in the position you're in and your continuation of these repeated stupid threads.
True irony calling me out for crappy goals. If you had any decent ones you wouldn't be in the position you're in and your continuation of these repeated stupid threads.
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06-07-2019, 12:33 AM
#37
See, previously I suspected you were just young and didn't understand money well. Now, I'm firmly convinced... you're an idiot.
Enjoy your bankruptcy!
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06-07-2019, 01:43 AM
#38
Super Moderator
Alrighty then. Nothing about this is going well, so its going bye bye. OP, I recommend thinking long and hard before starting another thread with on the same subject unless youre open to actually listening to the advice youre being given.
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