Getting A New Truck

wastingbullets · July 26, 2011

I am looking to get a new truck this week. I work at a dealership and have two trucks on consignment.

09 silverado crew cab 4x4 (not z71) 4.8L cloth bench seats, magnaflow dual exhaust, backup sensors and led tail lights. only 25k miles in immaculate condition.

The seller said he would sell it to me for $25k, and finance it through him at only $200 a month with 10k down.

second truck is 07 silverado (nnbs) 5.3L ext. cab 4x4 z71 cloth bench seats, everything else is stock. it's in fair condition with noticeable scratches, 55k miles.

The seller wants $18.9K I would in-house finance this truck. I would find out what payments and rates would be tomorrow.

Both trucks are right in the ball park of KBB and a little above MMR.

Which one would you guys go with? I just do not know the risk with financing it with the seller, however it sounds tempting with the low payment amount.

cobrajet84 · July 26, 2011

I would go with the 07, the 4.8L is enough to turn me away from the 09. And if you have 10K to put down, then you only have 8.9 left to finance, and you wont have very big payments there either. If you do go with the 09, be sure to get a contract written up and have it made legal with an attorney, to protect both you and the seller.

wastingbullets · July 26, 2011

thanks for input but im not worried about engine size because I plan to put something else in there later on... like an LS3. however the low payments is always nice. I may do the whole attorney contract thing but idk how much that would run me

BlackZ71Silverado · July 26, 2011

thanks for input but im not worried about engine size because I plan to put something else in there later on... like an LS3. however the low payments is always nice. I may do the whole attorney contract thing but idk how much that would run me

What is the "attorney contract thing"? Never heard of that before.

airbalancer · July 27, 2011

why not go new, with up to 14GS OFF

i know my 2wd SLT was only $31000, a new base model is down around 23 gs

jandersinc · July 27, 2011

Financing through the seller is setting yourself up for a nightmare experience. It's a civil problem in the making. If you're that concerned about the payment you should probably wait to buy. Also if you plan on going through with the seller financing make sure you know the terms like interest rate and length of the contract. $200 a month means nothing if it's for 10 years at 20% interest.

You also have to consider who keeps the title until it's paid off, what happens if the seller dies prior to you paying it off (and his/her estate doesn't want to sell it).

Really, financing like that is not a great deal. I deal with problems like this frequently and it'll be no fun for you or the seller if something goes wrong.

redjewel2ss · July 28, 2011

am i the only one that thinks you should take the $10k cash you have now and just buy a truck worth $10k and have no payments??? check this short video out:

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

Porter_ · July 28, 2011

OP - do you intend to tow anything heavy? if not then the 4.8L is more than enough for day-to-day driving and hauling. if towing is not a concern i wouldn't let the engine size deter you one way or the other, both the 4.8L and 5.3L are equally slow (if you care to look at it that way). like others have said, i'd be wary of 'financing' through a personal party. if you decide to get that truck just get a loan through a local credit union instead of making payments to the previous owner. local credit unions are almost always willing to dish out low interest rates on auto loans.

wages999 · July 28, 2011

For $25K you should be able to come close to buying a brand new crew cab with a 4.8. I know I've seen extended cab, 4x4, LT's with the 4.8 in the local paper for $24,600.

Badbird2000 · July 28, 2011

am i the only one that thinks you should take the $10k cash you have now and just buy a truck worth $10k and have no payments??? check this short video out:
http://www.daveramsey.com/media/flash/elea...ree/player.html

Love Dave Ramsey. I bought his book a few mnonths ago.. working on becoming debt free. That's why i drive a 9 year old truck that is paid for...

GMCBro · July 29, 2011

The older model seems like the safer bet. And if you're going to swap engines, what's the difference which one you get? Might as well save some money.

Unless, of course, you want more modern features....