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?