I keep hearing and seeing that suggestion and it just doesn't make since to do that. If you get a vehicle for that place listed above, typically it's high mileage and those economical ones aren't really designed for a long life span like the guzzlers(diesel or gas) that are out there, some are, but the majority are not. You still have to deal with insurance, sooner or later your going to be putting money into it for repairs, some of which will be pretty big and you can't predict that at the time the car needs to be put to sleep that you can afford a new(er) vehicle and you might have to still use the old beater incurring more costs etc. Keep the truck. In the long run that's the one with the lest drawbacks(even though it doesn't seem like it at this point).

 

Countermaker, you obviously have a good head on your 22 year old shoulders, so you'll figure this out.


You have one advantage that has not been mentioned - you don't HAVE to sell. You can advertise it and hang a sign on it, and just see what happens. Ask a little more than you think you can get. Make extra payments now while you can. Just wait it out and the longer it takes, the less you will owe and the less it will hurt. Don't sell it until the deal feels right, if it ever does.

Ask your fiance what she thinks you should do. She'll fall hard for that strategy.

This consultation is provided Pro Bono.

Bill

 

thanks for the freebie bpounds...well my fiance said that she likes my truck and that i already had to get rid of the lift, tires and rims and that ill really be lost if i got rid of the truck also...but then again she was the one who convinced me i DESERVE the lift, tires and rims and now i regret it...lolo...she just sees how much i like my truck and just wants me to me happy...she knows i make good money at my age and can afford it, and she also know i have a killer career and a good work ethic so she doesnt have to worry about me being a dead beat when it comes time to start the family...she knows i handle my business before pleasure...but sometimes her advice it more looking out for what i want and not what i need....so thats where the old man comes in...my dad, say to get my small bill payed off and then slam my truck for as hard and long as i can...he said do this for a year and then reconsider getting rid of it

 

Your Dad is offering good advice, getting rid of your smaller bills will help big time, and paying extra each month on the truck will help balance out what you owe on the truck and what its worth. I think what other people have said about sellers remorse is true too, I have thought about getting something more practical but everything else in my life is practical. My truck is my joy.

I have already decided that my next vehicle will be a used one. Less insurance, no loan and if you choose a popular model you can find just about any part needed for cheap at a U-Pull.

Good luck with whatever decision you make.

Never got to thank you, the sound clip from your exhaust was the deciding factor in me getting my exhaust done.

 

I second the hold on to it,I go with the old saying "you can have my truck once you pry the keys from my cold dead hand"

 

Maybe Henry could get a paper route to help out a little. It's a tough life changing situation your in right now. I went through it myself about 5 years ago. There is no right answer because there is so many variables. God luck in your decision. WWHD

 

that's what I use to tell my wife get a mornin route going to work and an afternoon route comming home

 

whatever you do, dont trade in....put a for sale sign on it and hold out with a high price and see what happens.

I would really suggest paying the truck off and keeping it, im 23 and i have my 07 dodge payed for and no debt and it is an awesome feeling.

Im looking pretty serious in the house market right now, though im putting a good chunk down i will still have debt and its going to drive me crazy

 

Be careful here. Think towards the future. If she is telling you these things now, how will this change as you two get married and raise a family? You are starting to see the bad side of consumer spending. You really need to make your future wife see what is happeining.

It's OK to have nice things. But, stay within your means. Save at least 10% of your pay, have at least 6 months of income in a savings account for emergencies (1 year is even better) and get rid of your credit cards.


At your age, if you put away $573.31 a month, you will have $1,000,000 dollars when you turn 60. At my age, I would have to put away $4,758.50 to have the same at 60.

 

this is a good point but an understatement
when I was disabled 9 yrs ago took 37 months to get SS disability and still a small percentage of my income,onlly saving grace did have home payed for

 

As many have said here, I think I would keep the truck. You can buy a lot of gas and insurance for what you will lose in value by trading at a loss or dumping it just to get out of payments. You will wish you had a truck again probably sooner than you think and then you will get a bellyache thinking of how much you lost buying and selling your truck. Saving a few dollars a week on gas at the pump will be small satisfaction after you eat ten grand in lost value.

Now's a great time to buy a motorcycle, values are falling even on Harleys, just go as low as you can on engine size to save on gas and insurance. My Buell gets almost 60 mpg, at least 50 in non-highway drivng and its scary fast when you want it to go. Used Buells are dirt cheap. There's tons of other makes and models out there, probably a lot with little mileage and low prices.

If cycling ain't your bag, try to keep from unnecessary driving in the truck, you'll save on the gas and have lower miles on it in a few years.

Once you get that beast paid off it will feel a lot better, then just park it and get a commuter car for the day-to-day. Good luck.

 

Exactly Ray. When you're young, you just don't think these things can happen to you.

I only wish someone would have sat me down and made me listen when I was 22. I cringe at all the money I have pi$$ed away on cr@p, when I should have been saving it. I could probably retire at 50 if I had known how to plan it out.

 

I retired at 51 but not at my choosing another 5yrs and could have done it on my own or at least cut back to an easy life

 

I agree...

Once you get a house and a family, you don't think you'll need a Superduty to haul/tow/camp ???

If you're upside-down on the loan, that difference buys a lot of gas. I know, getting out of the loan and getting into a smaller monthly payment still makes sense, but overall, there's still a difference.

Sure, lower your monthly payment, but now extend it out to 5 years again, or however long you refinance for. Meanwhile, you'll be out from under the truck quicker.

Say if you have 3 years left on the truck, and got a car for another 5 years, rolling that "upside down" part of the truck into the new loan, that extra 2 years of car payments, plus the difference in the first 3 years, might not offset how much gas you could pay for with the difference. Did that make ANY sense?

If you pay $550 a month for the truck, and you could get that payment for the car (including the upside-down part of the truck) down to, say $300 (and that's way low...)... But you go from three years left on the truck, to 5 years on the car. Total for payments left: $19800 left on truck, $18000 for the car.

That's assuming you have only a $300 payment - it's probably going to be more than that, if you get any sort of car for $15000 or more.

Play with the numbers, and look at the difference. The gas is the killer, I agree... but looking at the vehicle itself, swapping out might not be as cost-effective as you realize.

Maybe you could find something to do for an extra $100 a week with the Superduty that you couldn't do with a Honda Civic?

 

don't know if this will make sence to you or not

you say you can double up on payments
don't do that yet
think it was your dad that said get rid of small bills first,absolutly true
take the extra truck payment to pay small bills as they are most likely higher interest or take the money you would have to pay someone to take the truck

soon you are down to just truck payment and should have a better feeling
now pay extra on truck payment every $100 you can pay off in advance really chops at principal and be less upside-down

if you get sombody to buy it,gonna cost $xxxxx and you have zero
now you got to but something else got to have a down payment or you gonna be upside down again still more $xxxx

if you trade as mentioned above you're gonna have to pay interest on what you are upside down on truck then be really upside down on the next vehicle

just a thought