I have 2 scenarios to work with: trade my SUV now (it's paid off so I have no payment, I might get $1K out of it in trade, or $4K if I sell it myself) and get a more 'green' friendly car that gets better mileage; or drive this SUV until it dies, meanwhile saving up $$$ to put a good down payment on a new car, at which time I'll hopefully be making enough money to afford a car payment. There's nothing wrong with this truck, but it's got over 100K mi on it so the clock is ticking (it's a Ford, so you know...)
2006-07-23 11:11:51 · 7 answers · asked by Danielle 7 in Cars & Transportation ➔ Buying & Selling
Take a careful look at your costs right now, vs what it will cost you on a monthly basis for a new vehicle. Even if your current vehicle is terrible on gas, it's most likely far cheaper to feed it than make payments on something more economical.
Do a total analysis of your total monthly cash flow including payments, fuel, insurance, an allowance for repairs and maintenance, etc for both your current vehicle and a new one. Then you'll be in a position to make the best decision for yourself and you'll be confident that you made the right choice, whatever it may be.
With proper maintenance your truck will be good for 200k or more miles. If you set aside half the difference between running your current vehicle and buying and running a new one, you'll have enough cash on hand for any possible breakdown -- even an engine or transmission overhaul -- in less than a year. At the end of 5 years, you'll probably have enough to buy a new vehicle for cash and not worry at all about any trade-in value on your truck.
2006-07-23 12:38:55 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I would say if u do not have the money for a payments then sell the vehicle and get u a car for what money u get out of the one u are selling that way u get a car but no more payments
2006-07-23 11:15:48 · answer #2 · answered by karen k 3 · 0⤊ 0⤋
I would say keep the car for another year. This way u r saving up money and then sell the car yourself. At this time, u can decide to get a new car that is cheaper on gas or a used car that is cheaper on gas. Any way it goes u still saved money and u r getting a more gas friendly vehicle. (I suggest a Hyundai, cause they are cheap on gas and last as long as u do the maintenance.)
2006-07-23 11:20:28 · answer #3 · answered by slbeezie 2 · 0⤊ 0⤋
wait till you have enough money to have a really good down payment then sell the truck yourself because you already know that you will get more money from it and put that money towards the down payment also.
2006-07-23 12:33:52 · answer #4 · answered by vetteslayer 3 · 0⤊ 0⤋
Have you taken it to a dealership and had them tell you want to trade it in on something new (or used from their lot). You'll usually get more than $1k for it on a trade-in. If you wait until it dies, you'll get nothing for it, and be without a vehicle until you can get something else. While you're making your decision you should be visiting dealerships to find out what you want.
2006-07-23 11:19:55 · answer #5 · answered by thislifeisnotforme 2 · 0⤊ 0⤋
I have a similar question with a car and I have decided to keep my car until it dies. I have made my calculations and it is going to be cheaper than paying for a new one. I don't want to get in debt just for a car.
2006-07-23 12:51:11 · answer #6 · answered by wazup1971 6 · 0⤊ 0⤋
I think you aught to sell it now because you won't get anything out of it when it dies, mabey $100, so I think you should sell it now.
2006-07-24 01:22:10 · answer #7 · answered by Randall Gatesman 2 · 0⤊ 0⤋