UPDATE:Update:
Sold the pickup. Pulled off the aftermarket bumper & sold it and the winch for cash + buyer's factory/oem bumper.
Had a craigslist ad for the truck up for about 3 weeks with no bites before I started calling around dealerships again. After a bunch of phone calls to various dealerships, I sold it for $28,250.
After paying off the truck note, I paid off my remaining student loan debt.
Replacement vehicle ended up being a 2000 Jeep Wrangler with 110k on the odometer. Not the most efficient or inexpensive choice, but I think I'll be happier with it. Resale seems pretty good on them where I live, so I feel I can sell it down the line if needed.
Eliminating student loan and car payments frees up about $1,000/mo of income. I'm grateful for everyone's encouragement and suggestions.
Hey all, first post. I've been in debt for the last 7 years, making minimums, while occasionally throwing a few extra handfuls of cash at my loans, thinking I was being "aggressive". I don't know why it took me so long to wake up.
For the last 2 months I've been on a strict budget, and my new projected payoff date is September 2018.
But wait! I recently realized I could sell my truck & use the positive equity to pay off my student loan debt immediately. Why wait until September 2018 when I can do it now? I don't know why I didn't think of it before.
This article was inspiring.My numbers:
~$15,000 student loan debt remaining
~$11,000 car loan debt remaining (Toyota Tacoma 4x4 with aftermarket goodies added (suspension, bumper, etc.))
KBB puts the truck's value at ~$27,000 (dealer), ~$29,000 (private sale).
I'm parting out the aftermarket modifications right now, since I'm sure I can get more for them on CL vs what a dealer would value them if kept on the truck.
The reason I'm making this post is for reassurance. In my head, it makes sense. But nearly everyone I've talked to says I should keep the car since I like it, & it's almost paid off. "You can get all your debt paid off in a year, why not just keep the truck?", "Just be patient, you'll be out of debt soon.", "No need to do anything crazy like sell your truck!" Even Dave Ramsey advocates keeping a car if you like it, you can pay it off in a year, and the value of all your vehicles isn't >50% of your income.
I do like the truck. These pickups have a reputation for reliability, so I'm confident I could get 200,000 miles out of it if I kept it. It's fun to drive, and I enjoy off-roading 2-3 times a year. I just feel silly owning a $30,000 toy as a daily driver. Also, I've never been out of debt as an adult. I borrowed student loans right out of high school. I have a pathetic retirement savings, and zero non-retirement savings (outside of Dave Ramsey's baby step 1 emergency fund).
I figured I have no excuse not to do it. If I have to buy a used 4-banger for work commute, I can get that paid for in 3-4 months, since I'd have no more student loan payments + extra cash from reduced insurance and fuel costs.
I just want to make sure I'm making the smartest decision, financially.
Thanks all.