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Thinking Of Trading In.......need Opionions

dblj1500

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dblj1500 Enthusiast

dblj1500

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I have a 07 GMT-900 silverado 1500 with the 4.8. With all the problems in the last 6months, I've been thinking about getting rid of it. Well my girlfriend got laid off from work and with our finacial situation being not good, I've been thinking about trading down a year or 2 untill we get back on our feet. I know not every truck is perfect but and your always going to run into problems but aside from finacial wise does this make sense? I mean their are 2 Silverado classic's in my family and neither one has been to the dealer and they both have double the mileage i have. But is there really known problems with the classic trucks? I've been looking at a 06 1500. with the 6.0 with 22,000 miles, Also a 07 classic with the 5.3 both LT packages with 35,000 miles. Both 20k. I've also been looking at the GMT-900's but i hate to trade my truck in for one with higher mileage. I did find a 08 with 19,000 miles for $23k that I'm going to call about tomorrow but thats about the best deal i could find on a newer one. I'm just not sure what to do. Any imput would help. Thanks ,Justin

rogerf Enthusiast

rogerf

Posted
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Having been through a similar situation many years ago, selling to replace with something similar but slightly older most likely won't work financially. In general...you trade/sell, you loose. In other words the damage is already done. The only way it made sense for me was that I sold a reliable 4 yr old car to get out of the debt. Then took the equity and paid cash for a 10 yr old beater. I regretted that choice for several years as this was throwing good money after bad. Explore other options first:

1). Is there enough equity in your present truck to reduce payments through a refinance?

2). Do you actually need a fullsize truck, or a truck at all? If not, how about something small and cheap to own? I enjoy my truck too but it is way too expensive to run daily and thus spends most of the time with the mirrors folded in the garage while I drive a Honda Civic.

3). If no equity and something small will work, maybe trade up or equal value to a small car. Most likely the insurance and fuel savings will flatten the financial burden.

 

Best of luck with your choice.

dblj1500 Enthusiast

dblj1500

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I've thought about getting a car but with the winters here, I'd hate to be left stranded. I also hunt/fish so a truck is kinda what i need. I don't like the smaller trucks. I had a ranger years ago and it was just too small plus the gas mileage difference between that and a full size wasn't too far off. I have a little over 2yrs to go on my truck and with the powertrain warranty running out next year, I'm affraid of the costly repairs that might follow. So far I've been lucky with the Water pump,lifters,front hub, and other repairs that have been covered but i wouldn't want to think of paying for those on my own. Then thats the next thing of buying used is the minimal warranty you get. I don't know, there is alot to think about i guess. Justin

SouthCo Senior Enthusiast

SouthCo

Posted
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Yeah thats a tough decision. You may get into something with it's own set of problems. Are you thinking of trading down becuase you think your truck may have some more issues or to lower your payments?

dblj1500 Enthusiast

dblj1500

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More to lower my payments but with the streak of bad luck I've had with this truck, I don't know how long it will go before something goes out that is costly and i will have to pay out of pocket for.

Stevens03 Senior Enthusiast

Stevens03

Posted
Posted

Nothing wrong with the GMT-800's.. They all have issues at some time. I thing your going to have a tough time trading at whole sale value to retail value and save money. You might have to go all the way back to 03-04 to save some money. Just gotta see what you find.

 

Tough call... glad it's not me. Good luck

grayghost7 Enthusiast

grayghost7

Posted
Posted
can you really get a lower payment on a 20k truck? seems like yours would be cheaper.

Two years ago I bought my 2005 with 95k on it for $12k. Have only replaced the AC resistor/wires and a water pump. Got 164k on it now and wouldn't trade it. 17mpg average.

asc08 Enthusiast

asc08

Posted
Posted

What is the trade/private sale value of you truck? What will you walk away with if you sell or trade?

 

Best way to get out of debt and get your feet back on the ground is to sell your truck, take the cash and buy something with the cash. Yes, it may be a bit of a beater, but save the car payment money and get something in a couple of years. If you have to put $2500 in repairs into your replacement truck, that is about $100 per month over 2 years, much less than a truck payment.

 

As Stevens11 pointed out, if you are working with a dealer, you will trade at wholesale and buy at retail.

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