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Gonna buy a new truck...Few Questions...

Discussion in 'The Lounge' started by 79k20350, Oct 29, 2006.

  1. 79k20350

    79k20350 3/4 ton status

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    A little background before the questiopns...
    I finally decided im sick of driving my jeep. Too small, not enough power (i can barely tow my bike to the track:rolleyes: the 258 blows, even with an hei upgrade:crazy:) uncomfortable, and its literally falling apart...So i went looking today. Im looking at fullsize. 1-2 years old without a ton of miles. Unfortunatley theres a pronlem that arises. I owe alot on the jeep. I bought it for 6,000 w/ 30,000 miles. i owe a little less than 4,000 now. Its worth no where near that now. im up to 70,000 + its a 90, and doesn't look great:crazy:

    So my questions are. How realistic am i that a dealer would take this as a trade? I KNOW that i wont get what i owe on it but could they add the differance to the finace cost of the new vechicle? Getting approved isnt a problem. I was looking 6 months ago and was approved (using my dad as a co-signer) So do ou guys think they would do this? I need to get rid of the jeep its just a finacial burden. So far its been reliable but leaves me with alot of doubght about being able to get to work, especially with winter arriving soon...:o
     
  2. 79k20350

    79k20350 3/4 ton status

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    Btw, guys with a full size extended or quad cabs, 6' beds. what are you getting for mileage? What motors are you running. I have a buddy that has an 03' dodge quad cab with the smaller v8 and hes lucky to get 13-14 driving it quite easy:crazy: This seem to be the case all around? ive heard of people doing well with the 5.3's. If im able to get upper teens (all highway) id be happy
     
  3. Corey 78K5

    Corey 78K5 1 ton status

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    One thing to remember, some will get better mileage simply due to the gearing. A truck with 4.10's is not gonna get as good of mileage as an identical truck with 3.08's
     
  4. 79k20350

    79k20350 3/4 ton status

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    Of course this is something to think about... But a truck with 3.08's may not do as well as a truck with 3.42's. Its one of those games, how high is too high if ya know what i mean:crazy:
     
  5. jekquistk5

    jekquistk5 Weld nekid Premium Member GMOTM Winner

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    My dads 05 GMC siera extended cab z71 5.3l gets about 19-21 highway, about 16 in the city. Towing 5k gets around 12-14
     
  6. 79k20350

    79k20350 3/4 ton status

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    Thats nice to know...Are these real world or guesstimates? i hate when people go i get "blah blah blah" and when you ask them if they figured it out they go well...im just guessing, im sure im close:rolleyes:
     
  7. boggerless

    boggerless 1 ton status Premium Member

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    most dealers will roll the diff into your payment.if you are gonna do that get a NEW truck. the interest is lower and you have a warrenty. plus you won't do the roll over if you descide to trade later.my friend rolled over the diff on 5 cars.:rolleyes: he coulda payed cash for the last one with what he lost.
     
  8. baldamish

    baldamish 1/2 ton status

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    From what i read, here are some things to keep in mind.
    1. you are adding the difference onto the loan of a truck with alot of miles when you carry over negative equity (money owed on the jeep) onto the purchase price. This tends to have a snowball effect. You will owe more on that truck then what it is worth from the get go, so when you start having problems with it due to nickel dime high mileage issues, you will want a new truck. If at that point you decide to buy a new truck, you will then be paying for 3 vehicles, the jeep, the truck you are thinking about, and that new one. Ask me how I know.
    2. When trading ANY vehicle in, you will get far less then what it is worth. How do you think they make money? If you sell your jeep out of your front yard, you will get what you owe or close to that figure. I had a beater wrangler that i bought for cheap 4x4 transportation, sold it for far more then i paid for it just because all the little highschool kids see a 4x4 convertable and are willing to pay (well use thier mom and dad's money) whatever they have to to get ahold of it. That is considerably low mileage for that year, you might be suprised what you could get out of it if you sold it outright!
    3. The money you will be kicking out for a downpayment, taxes, license plates and possibly increased insurance would probably get close to paying off your jeep. Pay it off, take your time and find the truck you want, with lower miles!
    Take my advise if you want, I'm telling you from personal experience! I am currently in a vehicle that is costing me more to keep on the road due to normal high mileage issues then it is worth! I cannot get out of it because i owe much more then it is worth! I am currently paying for 3 vehicles on this loan! My intention is to suck it up, drop as much money onto that loan that i can, pay it off, and get myself into a vehicle that has low miles, i like, and I won't be paying for several vehicles on one loan!
    Trust me, i know it seems much better to get a new truck now, but consider the problems you will be creating for yourself down the road!!
     
  9. 79k20350

    79k20350 3/4 ton status

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    I definetly understand where you are coming from but the problems that arise are:
    1. I doubght i can pay the jeep off before it needs to go back through emissons, i know it wont pass:crazy:
    2. There is no way i can get what i want for it selling it myself and I dont hold the title to it. This means it has to be paid off to be sold:o
    3. Payments will increase but the interest rate will be less on the truck than the jeep, i wont nickle and dime myself either so that'll help make a differance. Insurance is the same (within 25 bucks) i fully insured the jeep because i woe money on it and didnt wanna get caught in a hole in case of an accident.

    Basicly im using rolling it over as a way to get rid of it. At this point i dont care if i take a loss its gonna be worth it in the long run. Also I plan on keeping the next one for quite a while. Ill be driving it after its paid off.
     
  10. boggerless

    boggerless 1 ton status Premium Member

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    thats why i say buy new.my truck is paid for now,$576.00 a month:eek1: .and it has less than 60.000 miles on it so i should be good.check into a new truck also.
     
  11. 79k20350

    79k20350 3/4 ton status

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    well im not looking to spend that much... im not gonna limit myself by saying im only gonna get a used truck but very good deals can be found on 1-2 yr old cars with low miles that outweigh the interest differance...
     
  12. Thunder

    Thunder 3/4 ton status

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    Might want to check out a GM dealer. They are offering 0% plus 1000 rebate on 06 1500 X cab PUs and and Colorados.
    Toyota also has 0% on 06Tundras and 1.9% on Tacos
    0% Might be cheaper buying used. Used apr is up around 7-8%. Dealer may give you a little more trade in $ on a new vehicle too. 0%apr is the only way to go.
     
  13. 79k20350

    79k20350 3/4 ton status

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    ill have to check that out...My dad has excellent credit so with him cosigning i should qualify...i hope
     
  14. beater_k20

    beater_k20 Banned

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    i was going to mention the Tundra too. my buddy has an '06 Darrell Waltrip edition Tundra, for the money, you cant go wrong. nice ride, good fit and finish, gets decent mpg, and will pull a decent amount.
     
  15. Jagged

    Jagged 1 ton status

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    Sell the heap and pay off the loan, get an old K truck.

    Liability only insurance is savings enough. For instance, my 89 K5 costs me $54 a month on liability. I still spend less money on it in gas and parts every month than I would for a car/truck payment (not even including insurance).
     
  16. beater_k20

    beater_k20 Banned

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    Mitch is right, screw trying to build credit. why do that when you can drive junk for cheap?
     
  17. Jagged

    Jagged 1 ton status

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    There are easier ways of getting good credit than buying a vehicle as well.

    I've got an excellent credit rating (over 780 points) and have never taken out a vehicle loan or a home loan. :D
     
  18. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    i was just in a similar situation,


    you already have payments, the current jeep is not doing what you need and it getting to be a costly car.


    if i were you I would go get a new truck, and roll it on, my burb was payed for but i had no interest in trying to get rid of it on my own. look for a deal that will give you xx dollar weather you drive or push it in. this way you roll less on the truck.

    and dont get more truck then you need, if you plan on keeping it its not a shaby idea to roll on on the other, gm also has a new 100,000 mile warranty and some rebates right now.

    look on line or in the adds and find their "special" or advertised chap truck, get the stock # and go ask for it at the dealership. and dont go through a salesman, go to the fleet department.


    gm has a 1/2 ton 4 door listed for 17 right now:laugh:

    im sure you could get a 5.3 or 4.8 1/2 ton shortbed singlecab for under 15 if you try.

    and do yourself a favor, go open a savings account at a credit union for 25 bucks, and then request a preapproval to purchase a car, most times and in my case the rate was more than half.
     
  19. TSGB

    TSGB 1 ton status

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    I thought I remembered reading a while back about how you didn't buy anything unless you could pay cash for it?

    Was I thinking of someone else, or did you change your stance?
     
  20. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    I only financed just over 8 grand on 24,000 truck,, my payment is just over a hundered bucks. I want to get a house next year and decided to finance something to build credit, no yu dont have to get a truck to get credit, but it so happened I had a suburban that needed 4 or 5 grand if not more in repair, i used my goldedn ticket and got rid of it the easy way. also I want to be more professinal when I show up to do business.


    but yes, I pay cash for everything, I dont think you should bite off or fininace more then you can afford, if you live pay check to paycheck with maxed out cards...you cant afford to get sick, go on vacaton ..etc

    live with in your means and keep up on your responsibilities,
     

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