Author Topic: Selling My Monstrous Truck  (Read 4137 times)

Pat96714

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Selling My Monstrous Truck
« on: April 22, 2014, 02:34:19 AM »
My wife and I have made great headway over the past couple of years of reducing debt, living more frugally, and becoming more financially independent (all credit due to my wife).  Then we found MMM about a month ago.  We've had a bonfire lit under our asses!  We are now starting to show some stubble from our conversion to Mustachianism. 

I've been driving around a monstrous truck since I bought it new 5 years ago (I know, dummy) and have finally come to my senses.  I've purchased a used Hyundai Elantra Touring (paid cash) and I'm determined to make it work, despite living on a small farm and being mocked by all of my in-debt friends.  I'm also shopping for a bike as alternative means to driving.  I've put my monstrous truck up for sale and intend to use the proceeds to pay off most of what remains of my $27,000 in student loans (4.5% interest).  Then we will be 100% debt free.

My question is this.  What should be my bottom line when selling my monstrous truck?  KBB states the truck is worth around $24,000, but I have made it really un-badass with add-ons and I figure I can get closer to $26,000 for it.  I've had it on Craig's list a week and I haven't had any offers close to what I'm asking for it.  I do live in rural Hawaii where monstrous trucks are a major status symbol, so in theory there shouldn't be a problem unloading it.

To what point is it worth reducing my asking price just to get it sold?  Until it is sold, it's costing me about $75/month to insure, and there's also the depreciation over time to consider. 

Are there other things I should be considering with my strategy to sell my monstrosity? 

Travis

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Re: Selling My Monstrous Truck
« Reply #1 on: April 22, 2014, 04:14:55 AM »
I just went through this exact scenario a couple months ago with my truck.  It was a 2009 with almost no miles on it.  The only mistake I made was getting ahead of myself when trying to find a buyer.  I didn't pursue Craigslist very much and ended up using a used car-buying company.  I ended up with an agent pushing to make the sale right then and there.  My truck's KBB value was $17-$20k and I ended up selling it for $16k.  Part of that was I was in a hurry and getting the absolute top dollar wasn't as big a priority as it might be for you.  As far as your selling price, what does the rest of the market for similar trucks look like? I wouldn't expect to get full KBB value since dealerships or similar agencies will be looking to sell it for that much and a local buyer will be looking to haggle depending on the rest of the market.  I would be flexible on the selling price since you need the money (however much you get) to be put to important use in the immediate future.  A question to ask yourself is whether dropping the price a couple thousand is worse than paying a few more months of loans plus insurance and maintenance.

Grateful Stache

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Re: Selling My Monstrous Truck
« Reply #2 on: April 22, 2014, 05:21:53 AM »
Congratulations on downsizing! It amazes me how many people drive big-ass trucks that don't need them.

As you are probably realizing, sinking money into a vehicle in the name of customization may raise the value of the truck in your mind, but does little to raise the value to others. With that being said, you should certainly have a 'bottom line' in mind as you sell. However, since it has been on Craigslist for a few weeks with zero bites, you might have to adjust your bottom line.

I think that trading the big-ass truck for student loan debt is a worthy trade-off. Therefore, if you can sell the truck and pay off a significant amount of student loan debt, then you should be happy, regardless if you think you are taking a loss on the truck. Being debt-free is way more powerful than a big, honkin' V8, despite what your friends might think.

P.S. My dad drives an Elantra Touring and loves it. It is extremely practical and I have gotten over 30MPG on the highway. It's a sweet ride!

Cheers. 


Weedy Acres

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Re: Selling My Monstrous Truck
« Reply #3 on: April 22, 2014, 05:24:38 AM »
Ultimately the market will tell you what the truck is worth.  Try asking a dealership what they would give you for it so you have a bookend on the low side.  If you have had a few private offers, then compare them to the dealer's offer.  You will eventually get a picture of its market value.  Also keep an eye on CL offer prices from your competition.  Autotrader.com is a good source for comparative pricing as well.  I have also sold on autotrader, and bought on ebay and autotrader.  All can be good.

Junior667

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Re: Selling My Monstrous Truck
« Reply #4 on: April 22, 2014, 05:30:33 AM »
Unfortunately customizing rarely increases a vehicles worth. If you have the ability to return it to stock, I would do so. You could offer to throw in the extra bits to sweeten the deal or sell them separately on CL. Stock should broaden the appeal of your vehicle.

CarDude

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Re: Selling My Monstrous Truck
« Reply #5 on: April 22, 2014, 05:59:11 AM »
Decide how much you're willing to accept on the absolute lowest end and price it above that, being ready to accept that price the first time you get the chance. Personally, when I sell a car, I want it to go quickly (within a month or two), so I don't hold out for the highest price, but simply pick something I can live with, which often decreases somewhat if I have trouble selling it.

Focus on getting that loan out of the way, and whether you throw 24k at it or 20k at it, it's still far more than you're throwing at it now.

Pat96714

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Re: Selling My Monstrous Truck
« Reply #6 on: April 22, 2014, 11:46:54 AM »
Thanks for all of the input everyone.  The underlying trend from your replies seem to be, "you probably aren't going to be able to sell the truck for as much as I hope to.  However, anything the truck sells for is a huge step towards paying off the student loan, and becoming debt free is the #1 priority in all of this."  I think I will have to lower my expectations slightly and revel in the fact that I will soon have the monstrosity off of my hands and maybe, with an extra month of maximized loan payments, be debt free. 

Jamesqf

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Re: Selling My Monstrous Truck
« Reply #7 on: April 22, 2014, 03:41:39 PM »
...I'm determined to make it work, despite living on a small farm and being mocked by all of my in-debt friends.

Also note that if you need a truck for farm WORK, a perfectly usable 20+ year old Toyota (or Ford, if you really need something bigger) can be purchased for well under $5K, will do the exact same work, and you will never have to worry about scratching the paint on your expensive new toy :-)

the fixer

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Re: Selling My Monstrous Truck
« Reply #8 on: April 22, 2014, 07:47:56 PM »
Have you looked on Craigslist for comparable trucks and how much the sellers are asking for? Those prices don't tell you how much their vehicles actually sell for, but it puts you in the shoes of the buyer you're trying to attract. You need to do everything you can to make that buyer contact YOU. If there are lots of similar trucks on sale in your area with really good ads, you might have to price yours just a bit lower than everyone else. But that's not the only option: having a listing with lots of good pictures, giving details, pointing out that you have title in hand, and being upfront with any defects will make you look like a good seller to work with and that will motivate a buyer more than the guy that just says "2008 TOYOTA TUNDRA 80K MILES CALL 345-8901"

If you really want to get creative, think about using your listing to really sell the truck. Practice being a car dealer and promoting the image of how awesome the truck is with all its hardcore customizations and how much status the buyer will instantly gain from buying it from you. Find out how a buyer could obtain financing, then offer to help walk them through the process. Advertise a low monthly payment based on what you find out about financing options. You can take this as far as you want to.

Jamesqf

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Re: Selling My Monstrous Truck
« Reply #9 on: April 22, 2014, 11:08:19 PM »
Also, make it easy for potential buyers to get in touch with you.  Can't count the number of Craigslist ads I've seen that specify only phone calls, only text messages, etc.  Guess who didn't respond to their ads?

DollarBill

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Re: Selling My Monstrous Truck
« Reply #10 on: April 23, 2014, 09:33:00 PM »
The problem now-a-days is that the majority think like this:
- I don't want any mechanical issues and depend on a warranty...so they buy new
- With incentives it's  almost equal to a 2 or 3 yr old vehicle
- I don't want to spend $24K on a truck that doesn't have a warranty...so I'll buy certified pre-owed
- I don't have $24K in the bank...so I will finance through a dealership
- I can afford $400 payments for 6 yrs...Plus I'll look cool...just need to eat more ramen noodles
- A bank may not give someone $24K for a used vehicle but a dealership will

Quote
If you really want to get creative, think about using your listing to really sell the truck. Practice being a car dealer and promoting the image of how awesome the truck is with all its hardcore customizations and how much status the buyer will instantly gain from buying it from you. Find out how a buyer could obtain financing, then offer to help walk them through the process. Advertise a low monthly payment based on what you find out about financing options. You can take this as far as you want to.

I agree...have a lot of info. I hate when I see an add that is missing the mileage, engine size, MPG's...etc. I'm about to sell my truck and I'll have a picture of the KBB price and a car fax along with good clean photo's. Since your truck is on the more expensive side you could offer to buy a warranty for them for a predetermined time....I don't know about the pricing.