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Selling Truck......young Guy Wants Advice.

user3657

By user3657
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user3657 Enthusiast

user3657

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i have 2 cars........a 2001 blazer 111k and a 2007 2500gm with 18k.

im young and dumb so i picked up the 2500 when i got my first job as i call it.

 

i posted the pickup on craigslist and got a few calls. one guy said 24k he will come tomorrow ready to buy.

 

i still owe 26k on it, paid 38k

 

i just dont like having a 500$ payment. and honestly i cant really aford it. well, thats 500$ a month i could be saving rather then spending.

 

i just dont know what to do. if i sell the truck, and i expect to put 30k a year milage on the blazer, in 3yrs i will have 200k on it and it will be time to get a new car.

then i will be back to square one with a 20k something loan.

Zak_LScrew Enthusiast

Zak_LScrew

Posted
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I'd sell the Blazer and use the funds to pay down the Truck and refinance to get a lower payment and or interest rate. You will also save yourself some money on insurance as well as up-keep. In 3 years you still only have 108K on a 2500 series truck and depending the engine that should go 250K easily. Just my 2 cents... :thumbs:

user3657 Enthusiast

user3657

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I'd sell the Blazer and use the funds to pay down the Truck and refinance to get a lower payment and or interest rate. You will also save yourself some money on insurance as well as up-keep. In 3 years you still only have 108K on a 2500 series truck and depending the engine that should go 250K easily. Just my 2 cents... :thumbs:

 

i could get maybe 2k for the blazer, has a few problems that i dont mind but someone else will. but the core of it runs fine and the tranny shifts as it was new...........so in this case i feel im better off running it into the ground. ive thought about this though.

99silveradoz71 Senior Enthusiast

99silveradoz71

Posted
Posted

Definitely need to consolidate it sounds like. Figure out what your usage needs will be- hauling people or cargo, and what you can get by with. Also you know what's been done to each vehicle and their history.

BuckFeverZ Senior Enthusiast

BuckFeverZ

Posted
Posted

I'd sell the Blazer. I don't know how old you are, but I bought my '07 when I was 20. I waited until they had 0% financing before I got serious and on top of that I got 5k knocked off the sticker. I was able to pay mine off in about 2 years.

rogerf Enthusiast

rogerf

Posted
Posted
i still owe 26k on it, paid 38k

 

i just dont like having a 500$ payment. and honestly i cant really aford it. well, thats 500$ a month i could be saving rather then spending.

 

i just dont know what to do. if i sell the truck, and i expect to put 30k a year milage on the blazer, in 3yrs i will have 200k on it and it will be time to get a new car.

then i will be back to square one with a 20k something loan.

It's all a matter of priorities. Personally would sell the 2500 and cut your losses if you don't need a truck and can't afford the debt. The depreciation is already lost and can not be recovered. Cut your losses and get out of it.

 

As for your transportation needs, reassess your priorites. At 30K miles/yr, would not consider using a full-size or even mid-size truck in this fuel market. This is what Civic, Corolla, Cobalt, etc... are made for. Would personally take these vehicles into your dealer and trade both for one new car that is fuel efficient. The difference in fuel and insurance will make the car payment. You will be $500/mo ahead despite the new car payment.

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