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post #1 of (permalink) Old 08-23-2004, 11:45 AM Thread Starter
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OT...how do i fix this mistake? your thoughts

hi there

just looking for some feedback...

i bought a new to me truck a few weeks ago (2000 chevy silverado, 4 drs, 5.3L, Z71, 44,000miles, topper, towing package...)

i think it was a mistake...not because the truck is no good...but it will make our budget tight, i don't really need such a nice truck for the 1 mile commute i have that i usually bike anyway...

i'll still be able to make payments with out much problem...

i just think i should be putting my money to better use...maybe buy some land, save for a bigger house, buy some rental property, or how bout pay off some debt like school loans, or my wifes vehicle (2003 grand)

i can sell the truck...although i still think i need to have a truck (i do a fair amount around the house...remodeling, hauling dirt and gravel for gardens and stuff)...but i think i can do with a MUCH cheaper truck

i bought the truck for 18,500 (i feel like i didn't get a very good deal) and put $3500 down on it...so after taxes the loan i took out was for like 16,300 or so...

my question is...if i tried to sell it...how much money should i expect to lose?

wouldl i be better off keeping this percieved mistake for the next 5+years making a $300/mo payment or take the lose now by selling it and getting a $2500-$3500 truck?

thanks for the feedback...it's nice being able to bounce ideas off people...sometimes my wife's not too receptive to talking about trucks/jeeps etc...

thanks
patrick
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post #2 of (permalink) Old 08-23-2004, 11:56 AM
 
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Re: OT...how do i fix this mistake? your thoughts

It may feel like a mistake at first. I had the same feeling when I bought my new jeep.

For what it's worth, there may be ways to rework your budget. That has been the case with me, I wasn't the happiest after a while, and realized i had to pay off some credit before it'd seem better. There may be ways to improve your budget that dont involve selling the truck.

As far as any other option. Well, if you sell it, and take a loss thats one thing. I see you mention getting a 2500-3500 truck instead. This may bring on other issues like repairs. While they may not add up to the monthly payment. It does become a hassle, and may be worth less aggrivation, espcially with a daily driver.

In the least I'd give it a few months, as long as it doesn't turn into a problem. If you decide to sell it, be firm on your price sinec you could probably wait it out untill you got what you wanted.
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post #3 of (permalink) Old 08-23-2004, 01:22 PM
 
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Re: OT...how do i fix this mistake? your thoughts

Did you ever think about refinancing? That is, of course, if you have a house. I work for a Mortgage Lender in Sussex (about 45 minutes west of Milwaukee) I could probably hook you up with a reliable source you could got rather than a regular bank.

Sean
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post #4 of (permalink) Old 08-23-2004, 07:52 PM
 
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Re: OT...how do i fix this mistake? your thoughts

I have virtually the same truck, 2000, 5.3, 48,000 miles, etc. Bought it brand new. I recently decided to sell it and found out I can't get anything for it. My best offer was $14,000. The truck is mint, loaded up and it's black which I think is an awesome color. The problem..0.0 financing at the dealer, our local Ford dealerships have f-150's loaded up for around $23,000 after all rebates, leases around the $300 mark, so it makes our used stuff harder to sell. I'd start at what you payed for it, if no luck, be prepared to take a little in the shorts. It really sucks, but if you don't need it, a little more relaxed style of living is more enjoyable than scraping. Rick
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