Thinking About Selling The Truck

[Snakeking]

hey ya'll, need some advice.

 

Gas keeps going up and I'm having a hard time paying for it and the truck payment and insurance. I found a 2004 Monte Carlo with 67k miles on it for $14,990.

 

Do you guys think this is a good idea? We do have a boat but my dad has a trailblazer that can tow it. I am 17 and work part-time for Caterpillar. I would be selling my truck myself, not trading it in. There's no way I could get what I want/need from trading it in.

 

Thanks for any advice you have for me!

[Dana_15]

Trucks>Cars

 

Take this from a guy who has foolishly sold a 4X4 truck for a car years ago, it sucked. Its one of those things you don't realize you need/miss it until it is gone.

[Draenor]

Are you selling the truck in your sig? I dont see how you would be paying more, though im not in your position. If you love the truck, shop around for better insurance. You could also try to refinance your loan.

As for the car I would try to talk 'em down 1-2K then I would deal.

Good luck.

[Wingnut]

For just a little bit more than that...You can buy an '04 GTO with half the mileage.

[Darkanion]

If it's a money crunch issue, I think I'd probably lean more towards something you can either 1) buy outright or 2) pay off real quick. Keeping a car or truck payment around, regardless of the size, probably isn't going to help your situation much... Even getting something that is more fuel effecient is unlikely to impact your budget as much as you think it might.

 

As a couple of others have said, nearly $15k for an 04 Monte seems a little high. Go check out CarPoint.com or some other sites like that. That should give you an idea of what cars are going for in your area. That should give you a better idea as to whether or not something is a good deal.

 

Best of luck!

[Snakeking]

The main reason of the money crunch is gas prices. I'm 17 and traditionally, my dad has payed my gas if I pay for the truck and insurance. He's decided that I need to start paying for the gas too. I do a lot of driving (13 miles to work, one way), plus school and such.

 

I don't want to give up the truck for anything and I will always be a truck guy. We calculated things at my work and it would be worth getting a brand new 07 monte carlo. My payments would be higher, but not by much. The higher payment and slightly higher insurance is going to be only about 1 1/2 - 2 tanks of gas in the truck. So I would still have 1 tank of gas, roughly $65 extra each month.

 

We'll see, my dad is thinking about it.

[SoCalChris]

The main reason of the money crunch is gas prices. I'm 17 and traditionally, my dad has payed my gas if I pay for the truck and insurance. He's decided that I need to start paying for the gas too. I do a lot of driving (13 miles to work, one way), plus school and such.

 

I don't want to give up the truck for anything and I will always be a truck guy. We calculated things at my work and it would be worth getting a brand new 07 monte carlo. My payments would be higher, but not by much. The higher payment and slightly higher insurance is going to be only about 1 1/2 - 2 tanks of gas in the truck. So I would still have 1 tank of gas, roughly $65 extra each month.

 

We'll see, my dad is thinking about it.

 

That's really not that much of a difference, you'll still be tight. If I were you, I'd do like Darkanion suggested. Buy an old beater that gets decent mileage for now. You're only 17, still in school, without a full time job. Buy a small econobox beater outright. The insurance will be far cheaper, gas will be cheaper, and you won't have a car payment for it. The money that you save can be put away and saved to buy a nice truck when you're out of school.

[-Devil-]

just put in some over time .. and cut back on a meal .. raise deductables on insurance .. etc

[Darkanion]

That's really not that much of a difference, you'll still be tight. If I were you, I'd do like Darkanion suggested. Buy an old beater that gets decent mileage for now. You're only 17, still in school, without a full time job. Buy a small econobox beater outright. The insurance will be far cheaper, gas will be cheaper, and you won't have a car payment for it. The money that you save can be put away and saved to buy a nice truck when you're out of school.

 

I have to agree.. $65 / month isn't much of a difference at all. In my experience, budgets hardly ever work out the way you plan, either. I remember my first full-time job - years ago - $18,500 / year. "I was going to have sooo much money!! I'll do these things to the car and get new living room furniture and .. and .. " and it didn't work out that way at ALL.

 

I don't know your business and I'm not trying to tell you how to live your life. I just think giving yourself some more breathing room would be a good thing... One messed-up tire and you're in the red for months, either covering it yourself or paying your dad back or however else that works out.

[Silverado4x4]

If the truck in your sig is what your selling maybe sell some of the extras you added to the truck and maybe talk to your dad about checking out a home improvement loan for your house and pay off the truck with the money then pay or dad back if the payments would be cheaper, refinancing a truck that old I would dought you would get a good intrest rate and the loan term is only like 2-3 yrs. With the tune you have you have to be heavy on the gas pedal take it easy and try and save your fuel, if you do get a old beater be carful you dont have to dump money into that to keep it going. Does your dad have you on his insurance? If you go out and get your own insurance you will pay through the roof on payments being your 17.

[dirtywrench]

Man If your dad has no problem with it call your insurance company and see if you raise you deductible on your insurance. Alittle over time would not hurt. My dad always told me "You gota pay to play" its true I got 10 years on you. Everything I own is paid for. House, 3 trucks, 2 boats, and some other toys but its worth it. I just starting to enjoy all that hard work. been on my own sence I 18. Keep the truck, do some research on what you are paying now. a buget does help you just have to stick to it. Yes add alittle money to play with to. later

[Zembonez]

For just a little bit more than that...You can buy an '04 GTO with half the mileage.

Dammit Wingnut... you know I want a GTO. Rabble rouser!

 

As far as the topic... I say keep the truck. Go figure out how many miles you drive and see what the actual dollar savings will be. Usually it isn't nearly as much as you might think.

 

Good luck keeping your truck!

[Nytemare]

Try and squeeze a couple extra hours of work a week out of your employer.

 

The 04 Monte isn't as good on fuel as you may think.

 

I had a Cavalier, and even that wasn't easy on fuel...I burnt a tank a week, 450km for $65 of fuel. Your talkin a car 2X the size, and a big V6 engine, its gonna suck fuel just as bad as the truck.

 

I get 550km for $100ish in the truck. Thats about 13.5mpg, the car was a touch over 16 mpg.

 

I pay about 300 a month more for the truck all in, than what I did for the car.

[-Devil-]

the only way you are going to make a noticable difference in fuel milage .. is going with a decent hybrid or a small 3 or 4 cyl econo car ... but that difference is only going to be about 150 to 300 a month ..

[omegafiler]

If you want good mileage, one of the best non-hybrid's out there is a good 'ol 4-banger Civic. 40mpg on the Highway. Gotta love it. My friend had to trade in his WRX for a brand new Civic since he has to drive a good 200 miles every day for work. The premium fuel was adding up quick. But that Civic is a very nice car, great daily driver, good resale value (since he knows he will sell it once he moves), and definately practical.

 

Whatever you do, it's just gotta add up to reasonable saving. I know a lot of folks who have bought more fuel efficient cars, didn't do the math, and later realized that they really aren't saving any money. If anything, it's costing them MORE money with the payments and loss in trade. Then again, you also have to take into account that gas prices will continue to rise. Which will make the more fuel efficient vehicle pay off a lot faster.

 

Being practical is definately the way to go at your age (or any age if you like). In the future, once it's in your budget, it's not like you can't go buy another newer and nicer truck.