Would You Guys Do It?

[plainvanilla]

I'm half thinking of trading trucks even though I have only had my current truck 19 months

I don't normally trade so quickly and I have never traded when I didn't at least get payoff on my trade in but with the employee pricing I am thinking about trading and wanted you guys to let me know what you think

 

I currently have a 2007 Classic, 1500, 5.3, Tow Package, 3.23 locking rear diff, XM radio

bucket center console Bose system, power driver seat steering wheel controls rear radio controls a darn nice truck with 27K miles

 

It had a sticker 31K but with the new truck market going so soft, the trade ins are going south also.

 

They are offering me 16K for trade, I owe 18,400, I think if it came down to not dealing I might get 500 more

 

The truck I am looking at is a 2008 NBS, Z71 2WD with a sticker of 32K discounted down to about 23,500

 

The deal is this, I get $500 per month car allowance from work plus my gas paid for

Right now, I am paying $460 payments with Zero interest, I bought my current truck right for sure.

 

If I trade, I start over on miles, get a Z71 package, 18" AT tires keep all other options and get my front bench seat back, which I really have missed.

I really don't care for the bucket console in my current truck, it gets uncomfortable on trips with my long legs.

I can also get Silver Birch or White, my current truck is Victory Red. I love the color, it just wears me out keeping up with the small scratches and rock chips. Every little thing stands out, I would like to go back to a more neutral color if I trade.

 

The thing that sucks is that I would carry over 2100 piggy back onto this new truck and my new loan would not be interest free- with my credit being good, I should get around 6% I'm told.

That would move my payment up to $510 month

 

I want to be sure and ready to deal if I have the dealer go find me the truck I want, so I'd better make up my mind.

 

what would you all do?

 

 

 

I don't have to do anything, but

[stadt11]

What is wrong with the one you currently have, besides the buckets, or do you just want the newest body style? Personally, I wouldn't want to raise my monthly payment and lose the 0% Interest. The new trucks are nice, and very tempting with the pricing currently offered. If you did go for a trade-in, I'd make them payoff your current loan, I wouldn't carry-over any additional costs from the trade-in to the new truck.

 

IMO, keep the Classic.

 

(Just re-read your post again. So your work reimburses you $500/mo? If that's right, they basically make your truck payments for you, correct? That may change the scope of things and make the thought of your trade-in more attractive. Glad it's you making the decision and not me )

[geektoad]

If you didn't have the $500 allowance from work, i'd say no way, but with that, you're talking about going from a $0/mo payment to $10/mo. So if you really rather have the new truck, go for it. No offense to anyone with a GMT-800 here (i had one and loved it), the GMT-900s are much nicer trucks. Only thing i'd say watch out for is the lint catching seat issues of you're looking at the non-leather interior.

[biller007]

Just a bit of info: in Canada there is no 0% finacing with GM. Currently they are offering $5000.00 rebates if you pay cash for your new truck and if you finance they are offer $3000.00. Hence the cost to borrow is $2000.00. Very cheap none the less not 0%.

 

 

 

To answer you question, If I where you I would keep what you have. Its going to cost you more then 10/ month assuming you get $500 regardless of what your payment is. Also you will be closer to paying off the current vehicle then maybe you can make 500/month for awhile. (as long as there is not age issues with your job)

 

 

 

Just my opinon !!

[plainvanilla]

If you didn't have the $500 allowance from work, i'd say no way, but with that, you're talking about going from a $0/mo payment to $10/mo. So if you really rather have the new truck, go for it. No offense to anyone with a GMT-800 here (i had one and loved it), the GMT-900s are much nicer trucks. Only thing i'd say watch out for is the lint catching seat issues of you're looking at the non-leather interior.

 

Lint catching issues...? what is that?

[2000DV4.8]

If you didn't have the $500 allowance from work, i'd say no way, but with that, you're talking about going from a $0/mo payment to $10/mo. So if you really rather have the new truck, go for it. No offense to anyone with a GMT-800 here (i had one and loved it), the GMT-900s are much nicer trucks. Only thing i'd say watch out for is the lint catching seat issues of you're looking at the non-leather interior.

 

Lint catching issues...? what is that?

 

 

Search on here for 'Lint', there's a 30something page thread about it.

[plainvanilla]

yeah, it is sort of a tough spot I got myself into thinking about this when I should have stayed away from the dealership in the first place

 

one more thing to think about is that my current truck will need tires in about 5 months, that will be around $550 and IF I trade I at least won't have to spend that money down the road. On the other hand, I am currently spending $460 a month in payments and getting reimbursed $500 so I pocket the $40, it's not much, but it is is something.

If I do the deal, I will have to give that up.

 

I have a sales guy who is shopping my truck around to some wholesalers and maybe they will come up with a better price offer.

 

I think if they would go for $17 trade, I might do it, but that all depends on the resale market and how much they want to make on my trade in when it sells

[iscsidude]

one more thing to think about is that my current truck will need tires in about 5 months, that will be around $550 and IF I trade I at least won't have to spend that money down the road. On the other hand, I am currently spending $460 a month in payments and getting reimbursed $500 so I pocket the $40, it's not much, but it is is something.

If I do the deal, I will have to give that up.

 

 

Seems like $550 is pretty insignificant when you are looking at adding 19 months of payments.

At $500/month I think that comes to $9500. That's assuming your old loan and new loan were both equal in number of months financed.

 

Don't forget that $500/month car allowance is part of your pay. You don't have to spend it on car payments.

 

But, it sounds like you've made up your mind so go for it !

[dietz4ibanez]

IMO If this was me and I had a $500 a month allowance I would be going and getting a 3500 D-max diesel and all the possible features.. But thats me...

 

Now for what you need and are content for I would do it no questions asked but I would try to get them to give you at least 18k for your current truck and paying $400 down if need be... I mean I wouldnt be suprised that if you told them that since you are not getting a 0% APR. that you want full payoff for the current truck or you are simply going to walk away and forget about it...

[svensk]

lol dude are saying you would only have to pay 10 bucks a months to do this trade? Do it then. No sense being stuck in a vehicle your not happy in if you can afford not to.

[jhoff8487]

lol dude are saying you would only have to pay 10 bucks a months to do this trade? Do it then. No sense being stuck in a vehicle your not happy in if you can afford not to.

 

He would really be paying $50 per month and adding another year or two of payments. He would owe $10 more and not get to pocket $40 anymore.

 

If the only gripe you've got against yours is bucket seats I'm not sure that's worth trading for. Your money you will have to spend on tires soon will have to be spent again later but on even more expensive tires (17" vs. 18"). Not to mention you can get much better tires than your stock ones when you replace them. If you can't get at least what you owe then it's a definite deal breaker, in my opinion.

[Chrisj]

Just a bit of info: in Canada there is no 0% finacing with GM. Currently they are offering $5000.00 rebates if you pay cash for your new truck and if you finance they are offer $3000.00. Hence the cost to borrow is $2000.00. Very cheap none the less not 0%.

 

 

 

To answer you question, If I where you I would keep what you have. Its going to cost you more then 10/ month assuming you get $500 regardless of what your payment is. Also you will be closer to paying off the current vehicle then maybe you can make 500/month for awhile. (as long as there is not age issues with your job)

 

 

 

Just my opinon !!

 

Canada's program right now is $3700 Rebate, $800.00 Gas card and 0% for 60 months. Plus they're giving another $5000.00 on 08's. If you take the 72 month option it's $10700.00 Rebate, 800.00 Gas Card plus $5000.00 on 08's. An 8.5% interest rates applies with the 72month. Cash price is $12700.00 off sticker + $800.00 gas card. In Ontario anyways.

[jburtonpdx]

uhm... kick in your own payment to match the company payment and get that loan paid off fast. Then start putting that $500 a month into a fund or something towards retirement or "upgrades" to your current vehicle. Or maybe towards your housing payment. Pocket that money one way or another....

 

just my humble opinion.....

[huero626]

IMO, I would go for it the NBS trucks are a good upgrade from the Classic models. I have owned a 2006 Silverado, but my 2007 is in all ways a better truck than my 2006. Only thing that sucks about the NBS trucks is the stock tune. Plus, if the payment is almost the same as the older truck I would definitely go for the new truck.

[Beer Belly]

I'm sorta going thru the same thing. The dealer is willing to give me what I owe on my 2006 Z/71 EC....said "go pick out a new Truck".....I can get a new 2500HD with most of the same options and save $90 a month in payments.....but, it'll be for 6 years versus the 4 years I have left now. The problem is I have a long term plan....payoff my 2006.....buy out the Wifes Saturn Aura after her lease....I take the Saturn, she gets a new Lease....the Saturn buyout has got to be cheaper than my truck payment, and that savings will go to a new Kitchen in our house....at least thats the plan.....but the idea of a new truck at what they are offering is killing me....I'd wish they would hurry up and end the program