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Trade in or keep?
- Thread starter Mr. Goodbar
- Start date
Ran into a similar situation as the OP myself.... I bought a used car that gets better gas mileage, and kept the truck also..... I always seem to need the truck for various things... I just accepted a job 20 miles from my house and it is all in town driving.... The truck was just going through the gas....
Whatever you decide, decide to keep the vehicle till the wheels fall off. People think that 100,000 miles on a vehicle is a lot and start thinking of getting rid of it. That's crazy. To me a vehicle with 100,000 miles on it is just broke in. I never buy new and intentionally look for high mileage vehicles when I'm buying. You can find very clean and mechanically sound ones with over 100,000 miles and they are CHEAP. My vehicles typically last for well over 300,000 miles with little major repair. Even if I end up having to replace the transmission or something, the savings are well worth it. I'm about to spend a couple of grand to repaint a 2002 Sequoia with over 260,000 miles that runs like a Swiss watch.
BTW, I'm not a motor head in any way. I don't even do my own oil changes. If I work on a vehicle, the first thing I do is bleed. LOL
BTW, I'm not a motor head in any way. I don't even do my own oil changes. If I work on a vehicle, the first thing I do is bleed. LOL
I face that same decision once every year or two. In all honesty, if the one you have is still good and you don't hate it, I would keep it and drive it for at least 1 year after it's paid off. During the year it's paid off, keep making your payment (into a savings account) just like it wasn't paid for. If you can make yourself, do it for three years since that's how long you'd be paying if you traded .
When all is said and done, you'll have extra money in the bank and maybe be able to almost pay off the next one. If you do, continue to make that payment to yourself.
When all is said and done, you'll have extra money in the bank and maybe be able to almost pay off the next one. If you do, continue to make that payment to yourself.
+1 for keeping the vehicle until the wheels fall off. You will never win financially trading a car out for another. The dealer, state and bank will all make money, you won't. I would be willing to bet the savings related to gas milage get wiped out by the factors above.
Keep in mind vehicles are a depreciating asset. There are better places to focus your spending or saving.
Keep in mind vehicles are a depreciating asset. There are better places to focus your spending or saving.
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I find it funny the comment, "I pay cash for everything". You don't have to rub your wonderful financial situation in someones face who is not able to do the same thing at this point in his life. Go look in the mirror and brag to yourself, because that's not the financial situation the OP is currently in. If he did have the ability to pay cash, he would. 
Not to start a flame war but I buy what I can afford and that means paying with cash. I've driven cars that I paid less than 1k for until I could save for something better. If I were the OP I would figure out what I could sell the truck for privately then determine if I would pay that much for that truck if I didn't own it. If the answer is no I would sell it and buy something cheaper that is easier on gas. I try to divorce myself from the emotion around what I paid for something versus what it's worth now.
I haven't always had that philosophy but I'm much happier with a solid financial status than I ever was with nice cars and trucks.
I haven't always had that philosophy but I'm much happier with a solid financial status than I ever was with nice cars and trucks.
I find it funny the comment, "I pay cash for everything". You don't have to rub your wonderful financial situation in someones face who is not able to do the same thing at this point in his life. Go look in the mirror and brag to yourself, because that's not the financial situation the OP is currently in. If he did have the ability to pay cash, he would.
Right, you don't know me!! I buy cars that need repaired, for cash! I don't drive a fancy car! I drive a 2006 Chev aveo,($750) I bought that needed a motor. You drive what you can afford, it's your kind of mind frame that keeps folks in debt. I have no debt other than my house, that I owe about 100K on that's worth, $500K. Read Dave Ramsey and Bruce Williiams. debt is for fools
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I'd say keep the truck and get it paid off. It's better to have it and not "need" it than need it and not have it. I drive about 12k per year if that and have thought about trading but I'm having a hard time letting go of a great truck that is comfortable with all the amenities I've always wanted. I'm about 70/30 about it.
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