Convince me not to do this lol

[seansharley]

I was in the same EXACT boat a couple months ago, drove the 2500 dmax, and it wasn't for me. I needed another hobby, so I got back into firearms, new technology is unreal compared to 20 years ago when I got into Harley's, trucks, kids and other things. Fixing up houses is fun also, and much more profitable. I decided to keep my truck forever, and venture into other things to occupy my free time to keep my focus off the truck.

[Havvkeye]

A standard equipped 2500 SLT is $61k

If you took the 5k they may give you for your truck and put that down, with a the going rate of 6.9% APR you're looking at payments of $900/month.

Now I don't know what your current payment is, but I think it's safe to say that $900/month isn't really feasible for most people.

 

 

 

First off a $56k loan at 6.9% is $1,100 a month (60 months) and second... 6.9%???!? You are getting taken for a song.

 

I believe rates are closer to 1.99% if you shop a little these days, and have decent credit I guess.

[BoomBoom19]

 

First off a $56k loan at 6.9% is $1,100 a month (60 months) and second... 6.9%???!? You are getting taken for a song.

 

I believe rates are closer to 1.99% if you shop a little these days, and have decent credit I guess.

 

Typo on the 6, should have been a 4 but this is taken directly from GMC website:

 

$892 per month for 72 months

ADJUST PAYMENTS

4.9% APR for Well-Qualified Buyers. Amount Financed $55,525. $0 down payment.

Finance Details

Includes $1,000 Cash Back

That is with $0 down, and getting $3000 for his truck over value financed for 72 months.

Even with 1.99% you're still looking at $802/month.

And, on top of all of that, it doesn't include tax, title, and dealer fees.

[chrislcrews]

Typo on the 6, should have been a 4 but this is taken directly from GMC website:

 

 

$892 per month for 72 months

ADJUST PAYMENTS

4.9% APR for Well-Qualified Buyers. Amount Financed $55,525. $0 down payment.

Finance Details

Includes $1,000 Cash Back

 

 

That is with $0 down, and getting $3000 for his truck over value financed for 72 months.

 

Even with 1.99% you're still looking at $802/month.

 

And, on top of all of that, it doesn't include tax, title, and dealer fees.

 

Okay so I put 9k down when I bought the truck new. I want atleast 5k for the mods.

 

So 14k total. The truck is a crew cab I'm assuming worth 38 atleast 33 seems low. But 33 is the pay off plus 14k so I'll sell it to anyone for 48. Of course I'll tell the dealership 50 right off the bat. But won't go lower than 48. I can get my loans for 2.0% interest rate I think? My credit is 753.

 

You don't think I could get 48 for the truck? Then put the 14k down on a 2500. I get what you're saying though.

I was in the same EXACT boat a couple months ago, drove the 2500 dmax, and it wasn't for me. I needed another hobby, so I got back into firearms, new technology is unreal compared to 20 years ago when I got into Harley's, trucks, kids and other things. Fixing up houses is fun also, and much more profitable. I decided to keep my truck forever, and venture into other things to occupy my free time to keep my focus off the truck.

Why was it not for you? What did you not like?

[chrislcrews]

What kind of coating are you referring to. I might be interested in that myself

It's called ceramic pro look it up it'll make cleaning your car or truck effortless for like 5 years.

[BoomBoom19]

Okay so I put 9k down when I bought the truck new. I want atleast 5k for the mods.

 

So 14k total. The truck is a crew cab I'm assuming worth 38 atleast 33 seems low. But 33 is the pay off plus 14k so I'll sell it to anyone for 48. Of course I'll tell the dealership 50 right off the bat. But won't go lower than 48. I can get my loans for 2.0% interest rate I think? My credit is 753.

 

You don't think I could get 48 for the truck? Then put the 14k down on a 2500. I get what you're saying though.

 

Why was it not for you? What did you not like?

 

 

If I did it as absolutely fully loaded with every option such as navigation, premium audio, appearance package, etc. you're looking at 34-37k. A dealer isn't going to give you back your 9k you put down. So best case, they give you 42k for your truck 37+5K in mods. Worst case they give you 34k and tell you they aren't paying for mods. Looking at it as best case scenario it would allow you to put 8k down.

 

$847 per month for 72 months

ADJUST PAYMENTS

4.9% APR for Well-Qualified Buyers. Amount Financed $52,735. $8,000 down payment.

Finance Details

Includes $1,000 Cash Back

Obviously, you can ask the dealer for whatever you want, but at the end of the day they are in the business of selling cars and making money and your truck on KBB buying from a dealer is in the 37-44k range, add your mods maybe they ask 48-50 for it so they most definitely aren't going to give you that for it on trade.

[Penguin VII]

Maybe it's just my experience with dealers in the north east but firstly you never get your money back for your mods. You may see a tiny amount but I'd be blown away if they gave you money for your mods. They may give you more for your truck but you won't get as much off the new truck.

 

Additionally, I've got no idea where you can get 2% APR on a auto loan. The lowest I've seen is in the 4s when I bought mine. If you dropped down to high 3s I'd be surprised.

 

At the end of the day you're right, you can't take your money with you. That said, and not to be an ass here, but if you have a loan on the truck it's not your money it's the banks. If it were me I'd keep your truck till you can't fix it anymore then but a 2500 diesel if thats what you want. Maybe at that point you'll have enough saved you could pay it off in cash without a loan or at the least have a bunch of cash invested to see returns of ~8% that would offset the apr.

 

Just my $0.02.

[Doobs41378]

You can get rates lower than 2% through a credit union. If you are going to buy a new one do not finance through GM for 4.9% if that is the best they can do. Assuming you have good credit of course.

[BoomBoom19]

even at 2% you're still in the $760-780 range and that's absolute best case scenario

[Havvkeye]

Maybe it's just my experience with dealers in the north east but firstly you never get your money back for your mods. You may see a tiny amount but I'd be blown away if they gave you money for your mods. They may give you more for your truck but you won't get as much off the new truck.

 

Additionally, I've got no idea where you can get 2% APR on a auto loan. The lowest I've seen is in the 4s when I bought mine. If you dropped down to high 3s I'd be surprised.

 

At the end of the day you're right, you can't take your money with you. That said, and not to be an ass here, but if you have a loan on the truck it's not your money it's the banks. If it were me I'd keep your truck till you can't fix it anymore then but a 2500 diesel if thats what you want. Maybe at that point you'll have enough saved you could pay it off in cash without a loan or at the least have a bunch of cash invested to see returns of ~8% that would offset the apr.

 

Just my $0.02.

 

Yeah local CU can get under 2%, especially if you try and negotiate they like to get business and will dip below their posted rates sometimes.

 

Capital One (I have 1.99% through) has 2.49% listed right now as a rate anyone can get up to 72 months... High 3% is a horrible offer. https://www.capitalone.com/auto-financing/rates/

 

edit: Also, where are you getting 8% returns??? The market has been unreliable at best the last few years.

[Donstar]

Receiving financial advice on a GM forum is probably not the best form of financial planning but there is some really good advice here! Retirement was mentioned earlier but I'll mention it again. The suggestion of saving for retirement should not be overlooked. I know you can worry about that later but that "later" will come and may catch you unprepared. I know first hand what it means to spend many of your future paychecks on vehicles. You are in a situation now where you have a vehicle you can be proud of, and payments you can manage. The ripple effect of not spending more now is that you will have more for later!

[Penguin VII]

Havvkeye, those are some pretty solid APR numbers. I just checked my loan and was at 2.49 through my bank. I seem to remember a lot of the loans being higher when I got mine, but at the same bank I'm now seeing 1.99 advertised so I guess things have changed a bit since I last looked.

 

Also, not 8% every year but it seems to be a solid benchmark. In 2014 S&P 500 returned close to 14% total, 5-10 year annualized it's like 7-14% or so? Some years are up, some are down, sometimes by a lot but over the average the return is somewhere around the 8-12% mark, depending on who you ask.

[TheGovernment]

You won't get 5k for your mods. Your mods are honestly worth next to nothing.

Every person that mods the crap outta vehicles "should" understand you are throwing away money. (don't worry, I mod the crap outta all my vehicles)

 

I work at a dealer, they can't ask a ton more for your vehicle because of thr mods because they can't warranty it.

 

I just traded in my 13 Sierra 6.2 loaded (it was stolen and not gonna keep it) with 26,000 kms and over 15k worth of mods. I got 2.5k for my mods I left on and honestly I work there, they didnt even want them lol.

 

But nice truck. Personally I'd keep it.

[arcasey]

Havvkeye, those are some pretty solid APR numbers. I just checked my loan and was at 2.49 through my bank. I seem to remember a lot of the loans being higher when I got mine, but at the same bank I'm now seeing 1.99 advertised so I guess things have changed a bit since I last looked.

 

Also, not 8% every year but it seems to be a solid benchmark. In 2014 S&P 500 returned close to 14% total, 5-10 year annualized it's like 7-14% or so? Some years are up, some are down, sometimes by a lot but over the average the return is somewhere around the 8-12% mark, depending on who you ask.

 

 

I can attest to this. I have a small portfolio that has been averaging at least 7-8% gain the past few years.

[Knotsure]

You could just list your current truck for what you want, $40-$50000? If you sell it and make enough for the payoff and more for a nice down payment, you are in good shape. If not, oh well you get to keep the badass truck you already have.

 

 

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