Sell Or Fix

[jhm]

My '01 4x4 extended cab with 85k on the clock has a few problems.

1) Fuel sensor is bad, cant trust it need to reset trip odometer after filling up.

2) Wipers dont park and have a slight delay when using intermittent.

3) Serpentine belt and AC belt are original.

4) Front door speaker is blown.

5) Over the winter developed some rocker panel surface rust, surely will get worse.

6) Front carpet is getting worn to the point I hat to patch a small section.

No way of telling what will go bad next even though the truck has always been maintained, some things you just can't prevent.

I am thinking of selling it to a private party so I dont have to play games with the dealer on trade in. With gas prices still rising I dont know how these used trucks will sell. Besides the problems I listed it runs great but only gets 14-15 mpg since most driving is not highway. Any estimates on what I can get for it?

[redjewel2ss]

i bet some landscaper will buy it from you for KBB's fair private party value.

[ChevyTech77]

You're ready to give up at that low of mileage?? Well, I guess the low mileage for the year going for you if you do, anyway. If it was me, I'd fix it but then again, I can't charge myself labor either.

 

[mkelly]

So, let me get this straight.......

 

 

You have a truck that runs good, has low miles and needs around $300 in repairs (I assume you are doing the labor yourself)........... Most of the issues are very simple DIY tasks.

 

 

If the truck is paid for then it would be stupid to get rid of it for a new truck or car. Your new car payments would exceed the cost to repair your truck in no time

[jhm]

So, let me get this straight.......

 

 

You have a truck that runs good, has low miles and needs around $300 in repairs (I assume you are doing the labor yourself)........... Most of the issues are very simple DIY tasks.

 

 

If the truck is paid for then it would be stupid to get rid of it for a new truck or car. Your new car payments would exceed the cost to repair your truck in no time

that is what makes the decision tough. miles are low but still it is 10 years old and a lot of stuff fails just due to age. so I guess at this point it is a gamble, but I hear what you are saying on new payments. If I could get 6k for it and get a new truck for 24k, then 18k would not be too bad.

[redjewel2ss]

check out this video...

http://www.daveramsey.com/media/flash/elea...ree/player.html

 

i can honestly say this has worked for my family. when i turned 16 i bought a 1998 dakota for $7500 with money i had been saving since forever mowing lawns and weekly allowances. i drove that truck for 7 years throughout high school and college. i had a part time job in college which paid for all my expenses, but my last 2 summers before graduating i had great paying internships, and i saved a lot of the money i earned from those. by the time i graduated, i got a job with the same company i had internships with and they gave me a signing bonus. i was able to graduate with no student loans and a ton of cash in the bank, so i went out and paid cash for my 2010 camaros SS which i will never get rid of, and i kept my 98 dakota for daily driving. a year later, i continued to save up a couple thousand a month plus all my bonuses and paid cash for my brand new truck, and gave my old dakota to my little brother who was about to turn 16. i got married, my wife got a great paying job, so we were just sitting there piling up cash because we have no debt and no children (yet). this past april we paid cash for her 2011 cadillac SRX.

 

now i know this won't work as fast for eveyone, thats just my story and how we handle money. we have been very fortunate to start our lives never owing any money to anyone. we still continue to pile up cash for our next big purchase, our first home.

[HawkScot]

Not really a tough choice at all. You should fix it whether you are selling it or keeping it.

 

The choice is, After I have this fixed and everything is good, do I want to sell/trade or keep it? Will more things break that I need to fix because it is 10 yr old? (answer is yes), Do I want to keep fixing this truck or get a new one with payments to keep fixing?

[jhm]

I understand what you are saying about payments and depreciation on a new vehicle. I am also very frugal, dont waste much money. my wifes car is 11 years old my truck will be 11 years old in november. we paid off our mortgage 9 years early and now we put the payment plus an additional $450 in the bank every month. the problem that concerns me most is if I keep it for another 2 or 3 years it wont be worth much, basically running it into the ground. when I bought this truck I paid it off in one year, I can pay cash for a new one. so that is really the choice take money out of the bank or keep putting cash into this one. got to take into consideration reliability too. not that a new truck is any guarantee of that!

[redjewel2ss]

I understand what you are saying about payments and depreciation on a new vehicle. I am also very frugal, dont waste much money. my wifes car is 11 years old my truck will be 11 years old in november. we paid off our mortgage 9 years early and now we put the payment plus an additional $450 in the bank every month. the problem that concerns me most is if I keep it for another 2 or 3 years it wont be worth much, basically running it into the ground. when I bought this truck I paid it off in one year, I can pay cash for a new one. so that is really the choice take money out of the bank or keep putting cash into this one. got to take into consideration reliability too. not that a new truck is any guarantee of that!

 

if you can pay cash for a new one, why not look at one that is 1 or 2 years old with more options? $24k brand new stripped truck, or $24k 2 year old well equipped truck with average miles on it?

 

also depends on what you can find in your area... when i bought my truck i was originally looking for a 2008 or newer silverado/sierra with low to average miles. everything i found within 100 miles of where we lived at the time were all high mileage oil field trucks. slim pickin's. but i get a GM Supplier discount, add that to the year end clearance rebates going on at the time, and i picked up my brand new truck for the price of a 2009 with 50k miles on it in their lot (this was back in August 2010).

[mkelly]

I understand what you are saying about payments and depreciation on a new vehicle. I am also very frugal, dont waste much money. my wifes car is 11 years old my truck will be 11 years old in november. we paid off our mortgage 9 years early and now we put the payment plus an additional $450 in the bank every month. the problem that concerns me most is if I keep it for another 2 or 3 years it wont be worth much, basically running it into the ground. when I bought this truck I paid it off in one year, I can pay cash for a new one. so that is really the choice take money out of the bank or keep putting cash into this one. got to take into consideration reliability too. not that a new truck is any guarantee of that!

 

 

If you are frugal then keeping your existing truck is the smart bet.

 

Both trucks will depreciate so there is no advantage there. Personally I would keep the money in the bank, drive the truck into the ground and when it is done in 5-10 more years then get a new truck.

[blacksierra01]

IMO, i would fix the truck, a few hundred or even a thousand dollars at one time is better than payments every month, and I have seen plenty of thoes trucks with well over 200k and still running strong. But thats just my opinion, if you want a newer truck, get one. You could easly sell your truck for the book value, the way it is now.

[GMstrong]

Things get old,things break,even if you bought a new truck youll still have problems somewhere down the road if you fix the truck you know what you have instead of buying someone else jerry rig.

[KMGZ400]

85k is not a lot for that truck at all... my 2001 has 97,000 on it it it rides perfectly, trans and engine are perfect right now,

 

 

1) not expensive

2) they still work

3) and?

4) 25$ or free at a junkyard

5) its 11 years old, dont worry about it or sand it and fix it

6) floormats

 

as long as its clean and looks good you should get KBB for it

[Jsdirt]

If you lived in MA like I do, it would be a no-brainer to keep the old truck. With sales tax, excise tax, & insurance costs on a new one it always makes sense to drive old ... unless your independently wealthy.

 

The state does it's best to destroy your vehicle though, by not paving the roads & dumping 5 tons of salt per foot in the winter. After 10 years up here they're just about all junk. With the stupid inspections we have here, if the check engine light is on, your getting a "rejected" sticker ... which is a cop magnet.

 

So basically in MA your choice is pay out the ass for new, or pay fines for old. Lucky you if you don't live here.

[etex211]

Repairs are cheaper than car payments in 99.99% of cases.