Dealer offering 16k less than loan payoff for truck two months old, any advice
03-02-2018, 07:25 PM
#31
Yep! I remember a few years ago a commercial running on a talk radio station about someone buying a vehicle for an investment and I laughed so hard I nearly ran off the road. The only vehicles you buy as an investment would be one offs or specific classics. Everything else is an immediate depreciation, even if bought used.
03-03-2018, 12:16 AM
#32
As soon as you drive a new vehicle off the lot it depreciates 25-30%. It is now a used vehicle. Dealership will give you wholesale value for a used vehicle. They have to mark it up to make a buck on it and the future buyer is not going to pay new price for used truck. Especially if it's around the end of the year when you can get the family pricing that knocks another 10-15k off msrp. Ops best bet is to sell privately. You'll still be upside down but you'll get more than the dealer will offer.
03-03-2018, 10:03 AM
#33
You're gonna have to drive it till you're no longer upside down
If you buy smart you can do very well buying new trucks.
* It doesn't matter whether you buy new or used, you have to keep one until it is 10 years old or 150,000 miles. The cost/mile, cost/year breaks down virtually the same buying used or new if you do. And you have too be smart and not over pay.
* NEVER get in a position where you are upside down and owe more than it is worth. If you can't afford to buy a new one and not be upside down, then used is the way you should go. It is the guys who trade every 2-5 years that lose a ton of money. Doesn't matter if they are buying new or used.
* I've done this several times over the years. Buy new truck, drive it 10 years or 150,000 miles. At that point most trucks will sell for 1/2 the original price paid and you won't spend a dime on repairs other than routine stuff like fluid, brake and tire replacement.. Not talking about sticker price, but actual sale price. Since I get 1/2 my money back after 10 years the guy who buys my used truck has as much money invested in it as I did, and he gets to pay for all of the repairs. Another thing, most buyers wanting a 10 year old truck would just as soon have an XL, or XLT as one of the higher priced models. Those are the ones that are harder to get your money out of later on.
* I make a payment for 5 years, no payment for 5 years. But will still put back a little money every month to save toward a down payment the next time. By getting 1/2 my original investment back, plus the money saved I always have a good chunk for a down payment for the new truck and never have to make a big payment. And ever have to pay for major repairs. As long as interest stays around 2% it is cheaper to finance a new one and pay the bank than pay mechanics $100/hour.
If you buy smart you can do very well buying new trucks.
* It doesn't matter whether you buy new or used, you have to keep one until it is 10 years old or 150,000 miles. The cost/mile, cost/year breaks down virtually the same buying used or new if you do. And you have too be smart and not over pay.
* NEVER get in a position where you are upside down and owe more than it is worth. If you can't afford to buy a new one and not be upside down, then used is the way you should go. It is the guys who trade every 2-5 years that lose a ton of money. Doesn't matter if they are buying new or used.
* I've done this several times over the years. Buy new truck, drive it 10 years or 150,000 miles. At that point most trucks will sell for 1/2 the original price paid and you won't spend a dime on repairs other than routine stuff like fluid, brake and tire replacement.. Not talking about sticker price, but actual sale price. Since I get 1/2 my money back after 10 years the guy who buys my used truck has as much money invested in it as I did, and he gets to pay for all of the repairs. Another thing, most buyers wanting a 10 year old truck would just as soon have an XL, or XLT as one of the higher priced models. Those are the ones that are harder to get your money out of later on.
* I make a payment for 5 years, no payment for 5 years. But will still put back a little money every month to save toward a down payment the next time. By getting 1/2 my original investment back, plus the money saved I always have a good chunk for a down payment for the new truck and never have to make a big payment. And ever have to pay for major repairs. As long as interest stays around 2% it is cheaper to finance a new one and pay the bank than pay mechanics $100/hour.
03-03-2018, 10:14 AM
#34
The only difference between a new and used truck is the first registration, IE the Title! Once that title is issued, it is now a used truck.
06-29-2018, 08:33 PM
#35
really? Because it's obvious I got BONED hence trying to GTFO out of it. Oh thank you for your glorious wisdom
06-29-2018, 08:35 PM
#36
Senior Member
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user 83720 (07-15-2018)
06-29-2018, 11:23 PM
#38
Gotta buy low sell high. I had 20 different dealers fighting over my business. I didn't even introduce my trade till after I got 9% under invoice (best I could do in Chicago) then got over blue book on trade. Drove it 2 years 26k mileage and cost me 3k. Dealer screwed up, it's still on his lot 4 months later. As mentioned, can buy a new one cheaper
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user 83720 (07-15-2018)
07-14-2018, 02:24 PM
#39
What did I do? Really? As if there's some way I'm going to magically come out ahead or break even on this fiasco.
So let's see.
Option A: Sell it, maybe get 35k (no bites at 36), and HOPE I can get an unsecured note for the remaining 13k, drive a POS beater & pay for repairs, OR
Continue to drive my truck, make the payment I can afford, press on & continue to use it while I flip this house Im almost finished with which will net about a 15-20k profit after.
In the words of Ace Ventura, gee, lemmme think
Last edited by user 83720; 07-14-2018 at 02:27 PM.
07-14-2018, 02:29 PM
#40
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user 83720 (07-15-2018)