Convince me not to do this lol

Havvkeye · October 21, 2016

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.

Yeah, that is what people like to use as a benchmark, I just know my funds have not returned that on averages since 2007ish. My retirement slush fund is lucky to be getting 4-5% average lately it seems.

BoomBoom19 · October 21, 2016

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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That's exactly what I am doing with mine. I am not going to go to a dealer and take a loss, but if I can sell it to someone and make enough to pay off loan and have downpayment I would certainly do that.

BIGDOGx · October 21, 2016

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.

48-50k??, not trying to be a #@#@ but i wouldn't even bother going to look if your hopes are set that high.

Your dealer will not pay what you have put into it imo, if they were in the business of doing that they wouldn't have a business to begin with. The salesman wants to get you into that seat and show you a nice shiny new truck for you to drool over and then they will hand you a slip of paper that more then likely will have a number around 10k lower then what you would be expecting to get.

chrislcrews · October 21, 2016

48-50k??, not trying to be a #@#@ but i wouldn't even bother going to look if your hopes are set that high.

Your dealer will not pay what you have put into it imo, if they were in the business of doing that they wouldn't have a business to begin with. The salesman wants to get you into that seat and show you a nice shiny new truck for you to drool over and then they will hand you a slip of paper that more then likely will have a number around 10k lower then what you would be expecting to get.

Obviously I wouldn't get that at a dealership and I get that you're not trying to be a ass but if this truck was being privately sold 48k is a deal with the amount of stuff you're getting with it. I would be retarded to sell it privately for less.

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Dnt · October 22, 2016

The Truck is a depreciating asset. In the short amount of time from the start of this thread till right now the truck has LOST VALUE LOL

cbrsilv15 · October 22, 2016

Mods add zero value unfortunately. I'd just keep it and rock

It.

GMC-AT · October 22, 2016

Mods add zero value unfortunately. I'd just keep it and rock

It.

Actually most mods HURT value rather than help. Especially true with lift kits ...the majority of buyers (the adult ones that have the money to buy a truck like that) don't want a lift.

Knotsure · October 22, 2016

Actually most mods HURT value rather than help. Especially true with lift kits ...the majority of buyers (the adult ones that have the money to buy a truck like that) don't want a lift.

Even if the lift kit was a dealer installed option? I would think that helps this situation a little.

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StillOffshore · October 22, 2016

If you can't get lower than 2%....maybe you should be more concerned about working on your credit or income. Last time I financed a vehicle, I got 1.9% from my bank, GM came up with 1.6%

chrislcrews · October 22, 2016

Did this yesterday

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Dnt · October 23, 2016

Click Click Click just lost another 100 bucks in value.........depreciation is killin U man. Best thing to do is like the guys that were selling watermelons. they bought a medium sized truck and were driving to Georgia to pick up watermelons bringing them back up North and selling them. Buying them at 2.00 each and selling them at 3.00 each. They added up expenses and figured they were actually losing 1.00 on each watermelon. One turned to the other and exclaimed "WE HAVE TO GET A BIGGER TRUCK"

Donstar · October 23, 2016

Click Click Click just lost another 100 bucks in value.........depreciation is killin U man. Best thing to do is like the guys that were selling watermelons. they bought a medium sized truck and were driving to Georgia to pick up watermelons bringing them back up North and selling them. Buying them at 2.00 each and selling them at 3.00 each. They added up expenses and figured they were actually losing 1.00 on each watermelon. One turned to the other and exclaimed "WE HAVE TO GET A BIGGER TRUCK"

So did these gentlemen get a bigger truck or make a different business plan?

krzyd · October 26, 2016

Don't do anything until after you add tow mirrors.

njs2247 · October 28, 2016

I honestly would just keep the truck. You've put so much time and money into it, it would be a shame to have to start over again with a new truck. Plus, the truck looks freaking awesome!!!

peejaykay · October 28, 2016

This thread is funny. If you're asking the internet if this idea is a good idea, and you're running the numbers then you can't afford it, Why put yourself in the poor house for a new big truck for the sake of others "likening" your new truck? Maybe that's how you generate self worth.

Seriously, keep the truck. Pay it off. There's another opinion.