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Thoughts on trading in before 100k


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My 2017 LTZ with a 5.3 and 8 speed is a little under 94k. It's been good so far and regularly maintained, and due for another round of diffs, trans, transfer case, etc. 

 

What's the current school of thought in trading in prior to hitting 100k? I don't necessarily want a new truck, but if it makes sense I will do it. I'm factoring resale pricing and maintenance cost/headaches too.  

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My personal opinion is...don't do anything for a while. The automotive market, new & used, is heading toward a difficult time. Do a search on YouTube about this & draw your own conclusion. Used cars dealers inventories are not selling. If you look at Chrysler, Dodge & Jeep, their current inventories are quite high, like over a year at current sales. And with the new auto workers contract, price of new cars will be going up.  Again, just my opinion. Do your research. 

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2 hours ago, benny12 said:

My 2017 LTZ with a 5.3 and 8 speed is a little under 94k. It's been good so far and regularly maintained, and due for another round of diffs, trans, transfer case, etc. 

 

What's the current school of thought in trading in prior to hitting 100k? I don't necessarily want a new truck, but if it makes sense I will do it. I'm factoring resale pricing and maintenance cost/headaches too.  

 

I'm in the "hold" camp for a plethora of reasons. I campaign for it regularly. A vehicle cost multiples of the strike price for starters. Eliminate a purchase at least every other purchase and you work a lot less overtime over the course of a working life. Three if it can be managed. Your children will care more about the time you spend with them than what they rode in.

 

I run them into the dirt and for me, that is a very long time. If I'd had been half that smart about smoking and disposable income impulse buys, I'd have twice the retirement I have now. Ya, know, like having the means to choose better health care.   

 

There is no ROI on a truck/car/motorcycle. It's like maintenance department at work. It's spending money, not making it. The best it can do is prevent loss. 

 

A disposable, me first, impress the neighbor I don't give a hoot about society; it's the reason we are in the eco situation we are in. The consumer debit situation we are in and the dependence on others we live by. 

 

Yea, I have strong opinions. 

 

If you want to spend less, treat it better and make it last longer. If it's important to you to spend the cash impressing people with what you have that will not know your name when you get a terminal diagnosis, loose a job, have time and unforeseen occurrence happen to you, then buy new as often as you can.   

 

:rant:

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I concur with Grumpy and Rav3, keep the old one until you feel it is too unreliable for your intended use. I always keep mine for 10+ years. I consider my current 2010 just broken in and very reliable, I will wait until the market turns around and proper deals start happening. Being retired I should be able to keep this one 20+ years even in the rust belt I currently live in.

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I’ve talked a lot about having a new truck every two to three years. From 1991-2008 was the time period. Diesel, gas. One ton finally gas even my trailblazer ss. They were for my business not paid out of my personal funds. My personal weekend rides were my performance vehicles. I’d usually was even money or at very little out of pocket on those. My last was my 92 hot rod pickup. Selling that brought the avalanche into the picture. I had the 92 12 years. The family vehicles were usually in my wife’s wheelhouse the last one has been around 12 years. Finally the retirement or trip vehicle. I bought a 2014 Texas edition truck. My wife had trouble getting in that led to the Santa Fe, and finally the Camry. Because of good deals at the time. Those 3 were a wash for cost. Together they went the original term, costing me no more as if I kept the original truck. I only buy that way a deal or I pass. I sold the Camry to a Grandaughter at a low monthly payment. I have too many to give them away. In our almost 50 years we only bought 3 new ones. Two were special vehicles. The 94 impala ss was around for just long enough to be traded to a dealer for a new re emerging Camaro. Costing me just tax title and license. The second was traded in for a 2001 Acura Intagra type r that we still have. The second one was a mustang. The rest were used or CPO. My wife’s Genesis was a CPO saving a few thousand. The Odyssey I mentioned from time to time, our current trip vehicle. Was the result of my mother in law quitting driving. We traded my daughter her CRV for the Odyssey. I’ve had a lot of vehicles. I didn’t just buy on a whim. They had to be deals even my work vehicles. My personal toys were desirable vehicles that I improved and sold to move to the next one. My dream was to own GMs best through the decades. I did it the budget friendly way. I did the work. Vehicles for every day use can go at least 200K miles today. Buy the ones that cost the least to get there. You’ll be money ahead. Keep one as backup you’ll never be without one. I have four. All paid for.

Edited by KARNUT
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1 hour ago, newdude said:

Trade in value drops pretty good once you hit 100k miles.  

 

Drops pretty good 10 minutes off the lot. :crackup:Lower than the balance on your payment book. 

 

You will be rolling the difference between those two into the new purchase and refinance the financing? :dunno:

 

Sell privately. Way more than the trade. 

 

Vehicle worth and vehicle value are two different things. I sell a car to the dealer at a price a bit over auction value who sells it to a customer who will pay more for it from him, that he would from me because??????????????  😏 

 

Because Joe Average 'perceives' the dealership gives some added value. A payment you make for the privilege of overpaying for parts and labor geared to offset the warranty cost of repair. Pay to get snookered. :idiot: 

 

 

 

 

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As far as selling privately or trading in, you also have to look at the sales tax issue. Although you may get "more" selling privately, it may not be as good as trading in. Many times, the trade in amount gets deducted from sales price and you only pay sales tax on the difference. If you sell privately and then buy a new vehicle, you then pay sales tax for the entire amount. So this needs to be taken into consideration too. 

 

But also, selling privately can be a hassle unless you know the person you are selling to. You would normally have to advertise the sale somewhere and then there is a high probability of scammers getting involved. You have to be careful with the prospective buyer(s) and make sure they are legit. 

 

Private sales can work out well or they can be a nightmare. But doing a trade-in, you have to also pay attention and make sure on all the figures so you don't get screwed over on that deal as well. I like to try to get the deal and best price I can on the new vehicle done first and then deal on the trade in. Trying to negotiate on trade in and new vehicle at same time gets confusing and normally favors the dealers profit.

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I guess it always comes down to one's perception and how much money the outcome is taking out of your wallet.

I'm not going to lie, I would really like to get myself in a newish midsized truck (fits my lifestyle a little bit more), but unfortunately a 2014 SLE with 130,000 miles isn't exactly winning any awards in value on the used car market right now. I have to take a step back and ask myself: "Does dropping $10,000-$15,000 dollars on a low mileage 2nd generation Canyon/Colorado from a Sierra make any sense?" And the answer to that is: heck no it doesn't!

 

Plus, if we're speaking from an economical standpoint, the repairs/maintenance costs that come from this truck on an annual basis are very small. I look around every so often and new/used cars from all manufacturers are stupid ridiculous, it would literally be a poor financial decision on my fault to go for anything unless it was of equal value to my trade-in, and I just am not impressed with my options. As much as I loathe this thing sometimes, it continues to just keep on chugging along and as long as it does that, I am very happy. I've been very comfortable not having to stress about auto costs.

 

But again, it all depends on your priorities. A lot of people want the next best thing. Cars/Trucks right now look sharp, there are some features right now that are to die for, I get it (I get jealous sometimes!). If you can get a good deal, why wouldn't you consider trading in? But that's what it comes down to: right place and right time. Do research (like others have pointed out). But if everything is out of your desired price range, it might not hurt to hold on to your current truck for a little while longer, It might save you a ton of money!

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I'm getting curious to see what I can get on a trade-in.
I doubt they'll have a way to price it out with a 14.4" screen, 5.5" lift and 35" tires with over 10 grand in upgrades (tonneau electric cover, rear locking storage, a vault under the front jump seat, Amp power steps, auxiliary switches, etc).
I'm good for another 8 years unless the apocalypse occurs OR the dealership gives me a great deal on a replacement.... 🤔

Edited by MikeBMW
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