Trade in or keep?

[Mr. Goodbar]

Suppose to be buying a new car on Monday after work (nothing signed yet), but am starting to have second thoughts. I currently drive a 06 ford f150 extended cab and have just over 90k. About 2 1/2 to 3 yrs left to pay on it with $7900 (277.78 monthly, try to pay $300) left on the loan. Never had anything wrong with it, but needs need brakes this month. Is it worth trading it in for a smaller car with better gas mileage. The car I'm looking at has just over 51k and is in great condition. My mechanic checked it out and all it needs is some rear brake pads. The finance part is around $260 for 60 months (wanted 48 months $305) which i'll pay more every month ($300) just wanted something comfortable i could pay easily. As of right now i only drive less than 15k a year maybe less. Interest rate is a little better on the car than truck but haven't tried refinancing it yet and insurance wise about the same too. Single and no kids if that matters, so is it worth it to get the car or keep the truck?

Giving $8800 for the truck and i don't have the option of buying a cheap car. It's one or the other. I was set on getting the car, but now second guessing myself. I really don't use the truck for for what it is intended for but maybe, maybe a handful times a year. I do have access to a truck if i really needed one.

 

[Trader Jordon]

Do you use the truck? Haul trash or other things two and from house? If all your doing is communing then you have no need for the truck at all. 15k a year is better that most and that will put your truck at 135,000 miles once its paid off. Do the math on what the value of the truck will be in 3 years with 135K. I would stay away from attempting to refinance... You say that $300 on the car is something closer that your could pay comfortable, what are you paying on the truck now?

 

[MRM]

Pretty good answer above. If it is a regular cab you might consider getting an extended or crew if you plan on ever getting married. I have two kids now and I'm going to have to get another truck and part with mine which makes me sad.
Most men require a truck.

*In the new spirit of ODT love and friendly brotherhood, i'm going to now say:
Most men I know have a truck*

 

[militaryrednek]

im almost in the same boat as you OP lol. I have an 05 f150 4 door fx4 (but paid off thanks to a scratch off lol) and ive been debating getting rid/trading it for something better on gas. but im just not comfortable in damn cars lol!! everything ive found that I am comfortable in is only a few more MPG better than my truck, so its not really worth it to me. but I don't use my truck like im supposed to anymore when I had to sell my boat/4 wheeler awhile ago so really the only reason I still have it is because of comfort lol. and im not trading in for something new lol, I love not having a payment to much lol.

I think im going to just save up and buy a commuter car (like a mid-90s Honda or something) just for work and park the truck most of the time. I could stand a car just to drive back and forth to work, but for sure not all the time lol.

 

[MRM]

You drive 15k a year, Keep the truck and buy a car that gets 10mpg better.
You will save about 1100 bucks in gas a year using some general numbers and keep the miles off your truck.
I got a cheapo car and it was well worth it.

 

[MRM]

Military- I got a mid '90's corolla and besides no abs I love it. I have put 12k on It and even dead empty it only holds ten gallons.

 

[militaryrednek]

Military- I got a mid '90's corolla and besides no abs I love it. I have put 12k on It and even dead empty it only holds ten gallons.

ya, that's why im leaning towards doing that lol. I keep full coverage on my truck (only a hair over 100 bucks a month) even though its paid off but if I park it and change the status to a pleasure vehicle it should drop the insurance some more.

problem is trying to save up enough money and find a decent lil car......before one of my unicorn guns gets posted on here that I HAVE to have haha!!!

 

[MRM]

It will happen just as soon as you get the car home. I have 1100 in mine so far and i drove it out to dallas tx and back.
The insurance is the only pita as i only drive my truck once a week maybe.

 

[Shovelhead]

More debt to pay. Look at that cost vs the gas saving. I'd wager the debt cost more and wipes any gas savings. Keep the truck and get a beater with better gas mileage.

 

[Amicablerogue]

More debt to pay. Look at that cost vs the gas saving. I'd wager the debt cost more and wipes any gas savings. Keep the truck and get a beater with better gas mileage.

I agree. And rolling the debt of the truck into the car will just add to the payment time anyway. If the truck was paid off you could do the shorter loan time. Keep the truck, buy a beater to commute. Save the mileage on the truck and it will help the resale value later.

Besides, you will find that without a truck, you really needed it. Even if it's just once or twice a year.