need opinions on new truck

[bassdog]

Hey guys, haven't been around a while, been super busy fixing up the house and getting ready to sell it and move.

 

Anyway, I'm trading in my 01 ext. cab for a 99 Silverado reg cab short bed. Here's what I know:

 

Owned by a girl (not that that makes a difference)

almost 87,000 miles

5.3L

3:73's

Z71

Stepside

tow package (looks like she towed bikes or sleds, has a big FOX sticker on the rear slider)

currently running LT285's, but need to be replaced.

 

Price is going to be ~11,200 with my trade.

 

KBB says it's worth 14K+

 

Any opinions?

[ness5575]

i am missing something here - you are paying $11,200 + your '01 ext cab for a truck that is 2 years older and a reg cab?

[RyanZ71]

why you stepping down into something less like what she has?

[OUMike]

Are you lookin' to go to a RCSB?? Sounds like a lot of miles for a 99.

[bassdog]

Price of truck is 13700 and they are giving me 17500 for mine towards a trade, therefore price to me is 11,200

 

I'm trading "down" to lower my payment and help with the mortgage....

 

According to NADA it has 20,000 more miles than the norm....

[02 Silverado Z71]

bassdog...

 

Stay with your 01. NEVER trade in an ext cab for a reg cab!

 

That 99 you are talking about - if you do this, which I highly suggest AGAINST, is only worth $7500 - $8000. So that means you are stuck paying $11,000 for a $7,500 truck.

Makes absolutely no sense to me. Dumping an ext cab and then becoming at least $3000 upside down within a matter of signing a contract?? Screw that!

[ness5575]

 

that seems like a lot for that truck. i know kbb says higher, but still seems like a lot. are you sure you will save that much in payment? loans for a 5 yr old vechicle usually have a higher interest rate than a new car loan. plus, if you need to spend $500 bucks on new tires right away you just ate up the first 3-4 months of savings from a lower payment! plus higher upkeep costs on a higher mileage vechilce...

[chevy4x4trucks]

Price of truck is 13700 and they are giving me 17500 for mine towards a trade, therefore price to me is 11,200

 

I'm trading "down" to lower my payment and help with the mortgage....

 

According to NADA it has 20,000 more miles than the norm....

I guess the big question is how much is it lowering your payment? I mean, you don't want to take a huge loss by trading in a newer truck for a smaller older one and only be saving 50 bucks a month.

 

But, then again a new house is a lot more important than a truck.

 

You could just sell the boat

[99silveradoz71]

That's an inflated price on that truck. I know I got some ballpark figures on my ride, and they were in the neighborhood of what they want to sell that for. Mine also has less mileage and is an extended cab.

[03 GMC]

Trading down will lower your payment but is not a good financial move. If you are committed to lowering your payment, talk to the bank that holds your loan about refinance options or a loan extension. Even if you extend your payments by 6 months to a year you'll do better in the long run paying the extra interest and keeping the more valuable truck than trading down. Do what you've got to do but I wouldn't recommend trading down.

[JamesB]

Yeah, do what 03 GMC said and try to re-finance your truck! Last year, I re-financed my '02 truck and dropped almost 2 points on the interest. It didn't even cost me anything to do it through my credit union. Dropped my payment by about $50 a month over the same loan period.

 

HTHs,

James.

[MattDewalt]

I looked at an 01 RCSB with 4.8 and work truck trim last week. They were asking $8900 and it was in really nice shape.

[intruder217]

I think Kelly Blue Book and NADA are very optimistic. Big difference between asking and getting prices.