Author Topic: Selling my truck  (Read 7023 times)

sdeng87

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Selling my truck
« on: February 21, 2013, 10:42:49 AM »
First post, so be gentle. Basically, I've lived my entire life so far as antimustachian as possible and I'm trying to rectify some of my past mistakes.

I purchased a new 2011 Toyota Tacoma back in March 2011. To date, I've burned $14,627 towards my payments which includes all of the interest on the loan, sales tax, title, other fees. I still owe an additional $15,533 of principal before paying off the vehicle.

According to KBB Values:
Excellent          $22,947      Dollars Lost:         $7,180
Very Good    $22,347                            $7,780
Good       $21,697                       $8,430
Fair              $19,747                            $10,380

As you can see, I stand to lose a lot of money on this debacle and it makes me sick. To make matters worse I do love my vehicle and have a hard time pulling the trigger.

Itís also worth noting that I live and work downtown, two blocks away. On average I drive my truck twice on weekends for weekly shopping and to see my girlfriend who lives across town.

Please help convince me that I should sell my rapidly depreciating vehicle that I hardly ever drive!

TN_Steve

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Re: Selling my truck
« Reply #1 on: February 21, 2013, 01:03:37 PM »
Do you have a farming or construction business on the side that necessitates some type of good, reliable truck?

I'm guessing not.  :-)   Given that (and the likely mpg even on a new truck), you probably should sell.  Ignore "dollars lost," as it is a classic sunk cost. 

Look at the silver lining:  Assuming "excellent" condition, you would have an additional $7,400 dollars in your pocket, as well as losing one large monthly payment.  Do you need a car?   (is there zip car availability in your location?  Does train go to GFs?  Hows about a bike ride to see her and shop?)  If you need one, you can get a mighty fine used car for 5000, leaving you with 2400, no monthly vehicle purchase charges, and less spending on gasoline.

Go for it.

Forcus

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Re: Selling my truck
« Reply #2 on: February 21, 2013, 02:49:07 PM »
First, the dollars lost to date are completely irrelevant (to this decision). The only reason to look at dollars lost is in the context of making future decisions. This is a trap that many people fall in to.

Based on the info provided, it is obvious that you should sell the truck. Step 1. Sell the truck. I'll be honest, I am selling a truck too. I really like it - diesel, sounds great, gets great fuel economy loaded or not, can tow anything I want. But I can do 95% of what I do without a truck and the other 5% I can use a small trailer (which I have) or rent / borrow. It costs me about $300/mo and just sits there most of the time. It can be someone elses liability. Anyway, you may think about trading yours in. I highly doubt that you will get book, even at trade in, and you will get hit again because the car you are buying can likely be bought less privately. BUT it doesn't hurt to hit up a few dealers or use Autotrader to get a trade in value.

OK, obviously you are going to want to replace it. Of course, the most MMM solution is bike, zipcar, etc. Assuming that is not possible or is simply too big of a jump, it sounds like next step is to shop. Again, would look privately. eBay, Craigslist, etc. MMM has several posts on MMM cars. I don't really care for the extreme end - early 90's Metros, CRZ's, etc., but there are many early 2000's cars that are cheap and reliable. Hyundais, Hondas, Toyotas. I like Nissan Sentras, Ford Focuses in particular but many options here. I've even seen cars up to about 2010 with higher miles for under 10k. Don't shy away from these. Highway miles (steady state operation, fewer warm up / cool down cycles) are much easier on cars that equivalent city miles. Plus cars today, in my mind, are 200k mile capable, minimum. Might be a good way to get a newer looking / feeling car for cheaper - and you aren't putting many miles on it so having 100k of life left is sort of useless.

Let's say you still want a truck though. OK, I understand it, sometimes getting MMM takes time (I'm not even half way there). How about a Ranger? 4 cyl / 5 speed gets mid to upper 20's. You can get 90's models with 4x4 even, but they are pretty slow. Colorado's are newer, more room, and the 4 cylinder models get decent mileage, 20's, even in 4x4. Again, not MMM but getting there.
« Last Edit: February 21, 2013, 02:51:50 PM by Forcus »

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Re: Selling my truck
« Reply #3 on: February 21, 2013, 04:17:16 PM »
*IF* you need another truck, and you like the reliability and fine styling of a Toyota, may I recommend a mid 2000's Tundra?  They are much smaller than the newer body style (2007+) are, and have decent fuel economy, and towing power.

I haven't sold my 2006 Tundra (It got a little banged up when I rolled it on Sunday, and it is an insurance write-off and isn't drivable), but I am now in the market for a new truck.  I'm about 50% sold on just buying another 2006 Tundra, however, I am still considering my options, as I don't need to replace it immediately (It is my work truck, and I'm going to be off work until at least the summer now).


sdeng87

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Re: Selling my truck
« Reply #4 on: March 27, 2013, 09:35:02 AM »
Found a private buyer, going through the motions to sell it for $21,500. I'm planning on using car2go which is available to me locally, and shop around for a small ford ranger (short bed, reg cab, 4cyl, 5speed, power nothing). Hoping to complete the sale today or tomorrow, thanks for the motivation guys!

Self-employed-swami

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Re: Selling my truck
« Reply #5 on: March 27, 2013, 01:54:16 PM »
Good job!

ThatGuyFromCanada

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Re: Selling my truck
« Reply #6 on: March 27, 2013, 02:19:14 PM »
I recently sold my beloved 2004 Tacoma because it was a gas guzzler and didn't have room for car seats for kids. The hardest part was letting go of what the truck represented to me, my "freedom" my "adventurous days" rather than the truck itself. I'm driving a 1996 Camry with 295,000+ km and love it. Not only was the financial shift worth it but the identity shift was worth it too.

Spork

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Re: Selling my truck
« Reply #7 on: March 27, 2013, 02:53:48 PM »
The hardest part was letting go of what the truck represented to me, my "freedom" my "adventurous days" rather than the truck itself.

I'm having sort of the same inner struggle with a almost 40 year old British car (that I've owned for 30+ years and torn apart/rebuilt over time).  In addition to the emotional attachment, I just don't think it's worth much.  But it takes up valuable space and needs constant loving care.

Forcus

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Re: Selling my truck
« Reply #8 on: March 28, 2013, 07:36:31 AM »

I'm having sort of the same inner struggle with a almost 40 year old British car (that I've owned for 30+ years and torn apart/rebuilt over time).  In addition to the emotional attachment, I just don't think it's worth much.  But it takes up valuable space and needs constant loving care.

At least it's small... not much bigger than a new riding tractor (lol). My old boss has 3 of them plus his daily driver in a 2 car garage. Has a car lift on one side with one above and one underneath and ones on rollers in the corner....not that that's your answer lol

Spork

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Re: Selling my truck
« Reply #9 on: March 28, 2013, 08:42:05 AM »

I'm having sort of the same inner struggle with a almost 40 year old British car (that I've owned for 30+ years and torn apart/rebuilt over time).  In addition to the emotional attachment, I just don't think it's worth much.  But it takes up valuable space and needs constant loving care.

At least it's small... not much bigger than a new riding tractor (lol). My old boss has 3 of them plus his daily driver in a 2 car garage. Has a car lift on one side with one above and one underneath and ones on rollers in the corner....not that that's your answer lol

Yes... but I have a shop.  I'd like to use it.  It's in the way.  (And my tractor is parked out in the rain.)

Forcus

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Re: Selling my truck
« Reply #10 on: March 28, 2013, 09:52:30 AM »

I'm having sort of the same inner struggle with a almost 40 year old British car (that I've owned for 30+ years and torn apart/rebuilt over time).  In addition to the emotional attachment, I just don't think it's worth much.  But it takes up valuable space and needs constant loving care.

At least it's small... not much bigger than a new riding tractor (lol). My old boss has 3 of them plus his daily driver in a 2 car garage. Has a car lift on one side with one above and one underneath and ones on rollers in the corner....not that that's your answer lol

Yes... but I have a shop.  I'd like to use it.  It's in the way.  (And my tractor is parked out in the rain.)

Well, if it's an E-type or an MGB GT I already know of a new home for it!

Spork

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Re: Selling my truck
« Reply #11 on: March 28, 2013, 10:03:46 AM »

I'm having sort of the same inner struggle with a almost 40 year old British car (that I've owned for 30+ years and torn apart/rebuilt over time).  In addition to the emotional attachment, I just don't think it's worth much.  But it takes up valuable space and needs constant loving care.

At least it's small... not much bigger than a new riding tractor (lol). My old boss has 3 of them plus his daily driver in a 2 car garage. Has a car lift on one side with one above and one underneath and ones on rollers in the corner....not that that's your answer lol

Yes... but I have a shop.  I'd like to use it.  It's in the way.  (And my tractor is parked out in the rain.)

Well, if it's an E-type or an MGB GT I already know of a new home for it!

E-type: I wish.

It's a TR6 I bought when I was in high school.  It's not a complete pile of junk.  But it is also never going to be a concours winner.

sdeng87

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Re: Selling my truck
« Reply #12 on: April 17, 2013, 03:05:01 PM »
Just wanted to share that with this move I am now TOTALLY DEBT FREE!!!! I was able to purchase a 2008 Ford Ranger XL (60k miles) with the equity out of my truck sale. Couldn't be happier :)

Self-employed-swami

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Re: Selling my truck
« Reply #13 on: April 17, 2013, 03:23:45 PM »
Are you using it as a daily driver?  Is it any better on gas?

I've got a 2005 Tundra for work, but since I'm not working at the moment, I've acquired a 1995 Tercel for beating around in.  It costs ~$35 to fill, and I get 500km from a tank.  550km on the Tundra costs me $85 in gas...  The extra insurance on the car is only $38/month, so if I avoid filling the truck just once a month, the car pays for it's self.  I seem to go about 1000km/month, between the accountant, visiting family, and physio appointments.

Are you just deluding yourself on the savings?

AccidentalMiser

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Re: Selling my truck
« Reply #14 on: April 17, 2013, 03:28:52 PM »
@sdeng:

Hey, man, congrats!!  Hopefully, you'll have that great debt-free feeling the rest of your life!

sdeng87

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Re: Selling my truck
« Reply #15 on: April 17, 2013, 04:18:38 PM »
Definitely not a daily driver. I've lived walking distance to work for the last year and a half. Typically only driving 1 or 2 days on the weekends. Definitely going to be a big savings. Went from a $22,000 vehicle to a $7,500. My insurance dropped significantly and mileage jumped from 19 to 26 (mixed) :)!

Forcus

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Re: Selling my truck
« Reply #16 on: April 18, 2013, 12:41:37 PM »
Definitely not a daily driver. I've lived walking distance to work for the last year and a half. Typically only driving 1 or 2 days on the weekends. Definitely going to be a big savings. Went from a $22,000 vehicle to a $7,500. My insurance dropped significantly and mileage jumped from 19 to 26 (mixed) :)!

Congrats. They are not glamourous but the Ranger is dead nuts reliable and solid (the basic design essentially the same from 1993 to end or production).