Anyone trade their truck and regretted it?

[fudgie]

I have a 04 GMC Z-71, loaded with low miles. I was thinking about trading it in on something older. Only reason was to lower my monthly payments so I can save and get a house out west. It was kinda the spur of the moment divorce buy.  I found a 02 GMC Highrider I liked but some lady had money down on it. They had a 97 z-71 but had 107K on it. They wanted 7500 and was only gonna give me at the least 12k for mine. I'm wondering if i'm better to wait it out and pay it off, refinance it, or trade for older? Delemas! What do you all think? I've made the payment for 2-3 years already and live comfortable, but would like to live a little better. I live off a medics salary, and for us that do it, know its not much! 

[hubcapsc]

They had a 97 z-71 but had 107K on it.

My Chevy 1500, and the F150 I had before that, had 100K on them when I got them. The
Chevy is at 230K now. It's not a status ride, by any means, but it pulls my wife's horse
trailer. I drove it exclusively until I got the Mini a few years ago. Ditching debt is as good
an idea as you're thinking it is, and 100K doesn't have to be a bad thing on a truck.

-Mike

[Robert]

Its a hard decision but if you can afford the payment and the interest isn't to high I think I would hang on to what I have. The reason you know what you have and it sounds like you will keep it. My 91 GMC is at 165k and its still going and I plan to keep it but I know what I have and whats out there. If you bought another truck or any vehicle for that matter you may have to do repairs to it which will cost money over the purchase price further negating any benefit. Older is older even well kept paint and things will eventually go so really you have bought yourself some time if you keep it. This is what is really happening to mine I have to paint the cab and took care of some other maintenance issues. I dont know what the market for the trucks are in your area but I definitely wouldn't trade it in because they dont give you what you could get selling it privately and if you can make some money instead of just paying off then you come out all the better. But I still would hang on to it unless paying it off becomes a real priority for other reasons.

[Lil D]

Fudgie,

I'd say crunch the numbers.  How long is the loan? How many payments do you have left?  What is the interest rate?

How long is your commute?  How important is have "newer" more reliable wheels.

Additionally, it is the devil you know vs. the devil you don't.  You know the "weaknesses"/upcoming costs for your current truck.  The older truck may have some hidden issues that you will discover and incur the costs for.  Good luck!

[Popeye]

My father always told me never go back to an older vehicle if yours is newer.  I have lived by that except for my last truck. My some wrecked his car and was in need a a vehicle.  Sold hm a 97 and bought a 95 with 101K on it.  It now has 175K on it. My dad almost fainted when I told him.

The bottom line is how much would you be gaining.  If the loan is almost paid off, not sure I would trade.

[R J]

fudgie, keep what ya got............................

Most vehicles traded off have an issue that the previous owner does not want to fix and sometimes the dealer won't fix them either......

NEVER back up in years for a vehicle........................

[RoadKill]

I ALWAYS trade down....I never had a problem with the heated seats,power windows or EGR valve in my 1955 Chevy ! Didnt worry about the air bag puttin out my cigarette either! LOL    But that's jus me 

[X Ring]

After realizing how much crap runs through the computer on my '03 Sierra, I wish I had bought a used old body style GMC, that I could actually work on.  Lost half the gauges on my current truck cause the damn little electric motors that move the needles quit.  Can't buy the motors, have to replace the dash,  About $1k, of course they also have to reprogram the g.d. little computer that runs the new dash.     It's the only reason I have a gps in the truck, for the speedometer function.

[alph]

The other day my wife had mentioned that our mini van is now ten years old and we paid $26k when we bought it new.  That means $2,600 per year.  We just bought our daughter an ’01 Hyundai Elantra with 80k miles for $4000.  we figure if it runs two years we’d have the equivalent of a new vehicle.  My truck cost $26 grand also when I bought it, used with 36k miles, made me sick that in one year the price of a new one was the same price!!

My advice, keep the one you’ve got, in a few more months it’s paid for!

[solo1]

Never trade down!

I did it once because of hard times, never again!

[Tundra]

I wouldn't trade down, you wouldn't be happy after having that. Don't forget you'll have sales tax to pay along with registration fees, that can significantly add to the best "good deal" you can find. I don't know what that computes to in your state. Can you make additional priciple payments? Pay down the loan early without penalties? Save elsewere in your budget and focus on paying off. Then you'll still have a nice rig and can keep it maintained for many more miles. Just a thought?

[Varmintmist]

Playing payment games is always a losing deal. The ONLY way that would be even close to nessessary is if you are out of money for food AND your are losing your house. At that point a auto loan is a bad plan anyway.

Run the numbers.
If you have payed for 2-3 years on the truck, then you have already paid the interest. (I'm hoping that you didnt get talked into a 5+ year car loan. If so, next time go to a loan shark to get a better deal.) If you unload it for any reason now and get anything with a payment then you have just lost all of that, plus the tax-tags-title transfer-notary fees ect ect. Your state will vary, but they always get paid. You have no idea how the other truck was maintained, it could blow up in 6500 miles and there is nothing you could do but eat the cost. I run mine for a long time and I know that even if they dont come apart, normal wear and tear cost on a 100K+ mi truck is higher than a 40K+mi truck. You are talking about going from a 5 year old truck to a 13 year old truck, AND having a payment. Even if you walked into a 5 year loan, that is a bad deal. Not only because you are trading a loan for a loan.

No way. Suck it up and pay the one you have off, then run it for 15 more years.

If you were talking about selling and buying a beater to get by on while you banked the truck payment to get 20% down on a house, I'm with ya, and it is a good move.

You should only have a year - year and a half to go on this loan, pay it off and start banking the loan amount for a down payment, taxes, fees, repairs for a house. When you are buying a house, if you dont have 20% down, you pay PMI, Primary Mortgage Insurance along with the mortgage, so figure that in also.



X-ring, GM has never been able to figure out power to ground. After you stopped timing them by rotating the distributor while watching a water glass on the air cleaner, the whole lec trickle thing just passed them. I dont think we have a GM in the fleet that all the gauges work. Every full sized pickup lost its speedo at about 40K. I'm just happy that my tripometer still works so I know when to get gas. 

[stormrider]

As far as a trade, you know they will offer wholesale for yours and retail for theirs. However, a quick search on autotrader.com found the average on an 04 to be about $10,500. and a 97 to be about $4,000. If you could sell yourself, then look for an individual one owner, older person, you may get a much better deal. As for milage, I've got a 94 suburban with 380,000. miles with no issues other than no a/c.

Check also to see if there is an auction lot nearby. I have a friend here that is a dealer and usually finds me great deals. And vehicles are selling extremely low. 4 wheel drives are doing better because it is hunting season. If you do anything, wait till close to New Years, they want the inventory off the lot to keep from paying taxes.

[Spirited-6]

FUDGIE, there are several advanges trading down with a Dealer, none of them yours. Trust me, I spent 30 years in the buying and selling of cars & trucks. 

[fudgie]

After realizing how much crap runs through the computer on my '03 Sierra, I wish I had bought a used old body style GMC, that I could actually work on.  Lost half the gauges on my current truck cause the damn little electric motors that move the needles quit.  Can't buy the motors, have to replace the dash,  About $1k, of course they also have to reprogram the g.d. little computer that runs the new dash.     It's the only reason I have a gps in the truck, for the speedometer function.

Had a 85 Chevy 1/2 that I loved. It was body ruff but was so easy to work on. I like how I could set on the inside fender and reach stuff without having so many electronics in the way.

[fudgie]

Playing payment games is always a losing deal. The ONLY way that would be even close to nessessary is if you are out of money for food AND your are losing your house. At that point a auto loan is a bad plan anyway.

Run the numbers.
If you have payed for 2-3 years on the truck, then you have already paid the interest. (I'm hoping that you didnt get talked into a 5+ year car loan. If so, next time go to a loan shark to get a better deal.) If you unload it for any reason now and get anything with a payment then you have just lost all of that, plus the tax-tags-title transfer-notary fees ect ect. Your state will vary, but they always get paid. You have no idea how the other truck was maintained, it could blow up in 6500 miles and there is nothing you could do but eat the cost. I run mine for a long time and I know that even if they dont come apart, normal wear and tear cost on a 100K+ mi truck is higher than a 40K+mi truck. You are talking about going from a 5 year old truck to a 13 year old truck, AND having a payment. Even if you walked into a 5 year loan, that is a bad deal. Not only because you are trading a loan for a loan.

No way. Suck it up and pay the one you have off, then run it for 15 more years.

If you were talking about selling and buying a beater to get by on while you banked the truck payment to get 20% down on a house, I'm with ya, and it is a good move.

You should only have a year - year and a half to go on this loan, pay it off and start banking the loan amount for a down payment, taxes, fees, repairs for a house. When you are buying a house, if you dont have 20% down, you pay PMI, Primary Mortgage Insurance along with the mortgage, so figure that in also.

X-ring, GM has never been able to figure out power to ground. After you stopped timing them by rotating the distributor while watching a water glass on the air cleaner, the whole lec trickle thing just passed them. I dont think we have a GM in the fleet that all the gauges work. Every full sized pickup lost its speedo at about 40K. I'm just happy that my tripometer still works so I know when to get gas. 

Yea you may be right. I do have enought for a down payment in my 403b for a house when that time comes. I only put about 8,000 miles a year on it since I ride the bike most time in the summer. I like to have a beater. I live on a farm and am often in the field with it abusing it. I did go mudding last night in my current ride!  After thinking all night, instead of sleeping, I may just keep it. Kits almost has her truck paid for so that will be extra money coming in also. Plus it looks so damn nice! also my speedo went out at 55,000 miles. It was a recall item!

[Steve K (IA)]

Never trade down!

I did it once because of hard times, never again!

I agree 110% with Solo 1.  Never ever trade down!  Never.  You'll lose more money than you will save.  Speaking from experience.  Tough it out and pay it off.  Maybe talk to the bank about lower interest?

[Ghost]

Hey Brian, I sold my 99 z71 for $8000.00. It had 91,000 miles. The price of used trucks has really gone up. I did not need this truck and it just sat in the garage most of the time. I bought a 1980 chevy two wheel drive for $600. Its really all i need. You know what i did with the extra money. Its a matter of wants and needs. I wanted something and i really didn't need the truck.

[fudgie]

Hey Brian, I sold my 99 z71 for $8000.00. It had 91,000 miles. The price of used trucks has really gone up. I did not need this truck and it just sat in the garage most of the time. I bought a 1980 chevy two wheel drive for $600. Its really all i need. You know what i did with the extra money. Its a matter of wants and needs. I wanted something and i really didn't need the truck.

Money well spent to I bet.  Kit said 'good, we can get some stuff we need around here'. I said nah it goes for bike chrome!

[X Ring]

Money well spent to I bet.   Kit said 'good, we can get some stuff we need around here'. I said nah it goes for bike chrome!

Got to have your priorities, Bike Chrome!!

[Tropic traveler]

Well.... I "traded down" last year for similar reasons. I had a absolute cherry '95 F250 PSD with 85,000 miles that I loved but was vastly under using. Saw the coming economic slowdown & sold the F250. Bought us a beat up 2000 Ranger {with only 79,000 miles} that had all the right options and was fixable. Pocketed a nice little sum even after fixing up the Ranger to a nice condition. Just couldn't see keeping a $9000 truck in the carport that we drove less than 5,000 miles a year.
As far as regrets I do have a few. The only thing I don't miss about my F250 is the higher diesel prices & what a pain in the butt it was to park! Loved the power & the 8 foot bed but..oh well!
However our "Brown Family Downsizing Act of 2008" which included selling my Rocket 3 & replacing it with Kim's Valk {$3000 in pocket } has worked for us. We were able to get financially clean & make it through the slow-down in income AND get our son all fixed up in college.
While our downsizing didn't involve any financing I would say anything that lowers your debt will help you. Not having any {or few} payments gives you flexiblilty and choices that you don't have if you owe.
To answer your question, small regrets with big payoff in our case!

F250 gone. sniff    :'(


Hello Ranger.