Selling my Truck

popowich · 07-07-2008, 03:28 PM

Hello,

How do I figure out what is best in regards to my Ford F-150? I own it, but don't want to rick trying to sell it if gas prices get up to the $7-8 dollar range or higher. It only gets 14/18 mpg. I think I can get into something like a Hyundai Elantra or Ford Focus and still put about $6000 into my pocket, plus a gas savings of around $100 on a normal commuting month (no major trips). There is a balance of happy and being financially responsible. I like driving.

Anyway, with having a nice bank account and driving a truck pretty much a draw, and moving toward rather having the money, would you trade down? It seems like an awful waste of money to have only driven the truck a few years. If gas was still under $2 I wouldn't think about trading it in.

-Raymond

**REWahoo** · 07-07-2008, 03:30 PM

Run the numbers very carefully. The bath you will take selling the truck vs. the current premium you'll pay for a econobox will buy a lot of gas, even at outrageous prices.

73ss454 · 07-07-2008, 03:36 PM

Now is not the time to unload a truck. REW is on the money, sit tight and let this oil thing play out.

brewer12345 · 07-07-2008, 03:42 PM

I guess I wouldn't even think about swapping for an econobox in this environment. I'd instead look for something like an '05 Taurus.

But a question: do you drive the truck because you need the capacity of a truck? And how much do you drive annually?

Zathras · 07-07-2008, 04:03 PM

I agree with the above posters.
Look carefully at how much you can get for the truck and how much the premium you will pay for the car is. Most likely it is not worth it even if gas is headed to $7/gallon.
When it comes time for you to get a new vehicle, that is the time I would look for economy. Unfortunately the best time to do that was prior to last fall.
If the auto makers can start producing more, prices will come down again.

popowich · 07-07-2008, 04:04 PM

I'm in Rochester, New York. I average 9,000 miles/yr. It's a little over 3 years old with 27,000 miles and change on it. I like to go camping and stuff, and it's great in the winter, but it's not a necessity.

-Raymond

ProspectiveBum · 07-07-2008, 04:09 PM

At that relatively low annual mileage, it makes even less sense to trade for an economy car. If you're getting 15mpg on average, at 9k miles per year, you'll consume 600 gallons of gas. At $4.50 per gallon, that'd cost you $2,700 per year. If you double your gas mileage in a new car, you'll save $1,350 per year. You will NOT get whatever you might think your truck is worth. People are dumping SUVs and big trucks like crazy. I'd stick with the truck and enjoy it.

brewer12345 · 07-07-2008, 04:10 PM

Quote:

Originally Posted by popowich

I'm in Rochester, New York. I average 9,000 miles/yr. It's a little over 3 years old with 27,000 miles and change on it. I like to go camping and stuff, and it's great in the winter, but it's not a necessity.

-Raymond

Keep the truck. You aren't going to break even by swapping for a sihtbox unless we get to $20 gasoline.

Bimmerbill · 07-07-2008, 06:52 PM

Anyone else hear the report on the radio about the guy trying to dump his 1 year old Escalade ($71K new) for an offer of $35K? He was upset that gas went up $1 a gallon since he bought it.

brewer12345 · 07-07-2008, 07:14 PM

Quote:

Originally Posted by Bimmerbill

Anyone else hear the report on the radio about the guy trying to dump his 1 year old Escalade ($71K new) for an offer of $35K? He was upset that gas went up $1 a gallon since he bought it.

Darwin award candidate?

Zathras · 07-07-2008, 07:16 PM

Not unless he wraps his truck around a tree. He is still breeding

FinanceDude · 07-07-2008, 09:34 PM

One of my good friends got a 2007 LOADED GMC Envoy for $18,500 with 20,000 miles. That car was $37,000+ new!

Westernskies · 07-07-2008, 11:08 PM

My neighbor just bought a loaded 2008 F-150 4x4 with 2000 miles on it for $23,000. Sticker was over 35K- some idiot unloaded it at a 12K loss after owning it a month because gas jumped $1.00/gallon. He apparently felt he was saving money buying a little box. At a nominal 10 miles/gallon difference and $4.00/gallon it will take him 30,000 miles in the sihtbox just to break even- not counting the cost of the money- ya gotta love the logic. Or, put another way, my neighbor can drive the F-150 45,000 miles at 15mpg for the $12,000 he saved!
I'm looking for a similar deal.

Walt34 · 07-08-2008, 06:28 AM

I bought a 2003 GMC 4WD pickup new and plan on keeping it. I use about a tank and a half of gas, maybe two, in a month. In the current market it'd be dumb to try to sell it so I just plan on keeping and enjoying what I bought it for.

Besides, how else would I get my boat to the river?

Rambler · 07-08-2008, 08:05 AM

I bought my tundra last year for a reason...I need it to haul stuff. In a year, I think I put about 4000 miles or so on it...will be more when we move back to the states. Ever try towing 2-3000 pounds of concrete with an elantra? We use the 20-24mpg honda odyssey for things that don't require the pickup. If gas continues to go up, we may get a small car for zipping about town, but I don't see the economics of that until we need to drive 12k miles a year or so. (just used on visits to the US right now).

I think that if you were planning to lose 12k or so on the sale of a truck or SUV, you would be smarter to keep it and just buy a toyota yaris or something...about $12-13k, and you would still have the truck for towing things, and camping etc.

FinanceDude · 07-08-2008, 08:30 AM

Quote:

Originally Posted by Rambler

I bought my tundra last year for a reason...I need it to haul stuff. In a year, I think I put about 4000 miles or so on it...will be more when we move back to the states. Ever try towing 2-3000 pounds of concrete with an elantra? We use the 20-24mpg honda odyssey for things that don't require the pickup. If gas continues to go up, we may get a small car for zipping about town, but I don't see the economics of that until we need to drive 12k miles a year or so. (just used on visits to the US right now).

Keep in mind the Odyssey can tow 3500 pounds if you have the towing package.........

I love mine, and when I get the aluminum boat I have my eye on,it will pull it.........

brewer12345 · 07-08-2008, 08:33 AM

Quote:

Originally Posted by FinanceDude

Keep in mind the Odyssey can tow 3500 pounds if you have the towing package.........

I love mine, and when I get the aluminum boat I have my eye on,it will pull it.........

Thus far, teh Odyssey has done a good job towing our travel trailer. 2500# when empty, and roughly 3000# when loaded for a trip.

**ziggy29** · 07-08-2008, 08:39 AM

Dumping a guzzler to buy an econobox in this environment is like selling financials in the current market environment to buy commodities.

Unless gas spikes to $10+ a gallon it would take you MANY years to make up the amount of money you lose by selling this asset at a deep discount, plus the potential to pay a premium to get an econobox today.

maddythebeagle · 07-08-2008, 08:55 AM

Quote:

Originally Posted by brewer12345

I guess I wouldn't even think about swapping for an econobox in this environment. I'd instead look for something like an '05 Taurus.

But a question: do you drive the truck because you need the capacity of a truck? And how much do you drive annually?

Good advice...A v6 right now if you dont do a lot of driving would by my choice, also....

Midpack · 07-08-2008, 08:59 AM

Quote:

Originally Posted by ziggy29

Dumping a guzzler to buy an econobox in this environment is like selling financials in the current market environment to buy commodities.

Unless gas spikes to $10+ a gallon it would take you MANY years to make up the amount of money you lose by selling this asset at a deep discount, plus the potential to pay a premium to get an econobox today.

Unfortunately it's probably too late to make the economics work in your favor so you should keep the truck from a $ standpoint if you intend to keep it for (whatever is for you) the long haul. However, if you're waiting for a better time to sell, I think it's unlikely so unfortunately the $ hit for you is better now than it will be. The economics are already not good for you to trade, but it will most likely only get worse, ie, you'd save more if gas gets to $10/gal but you'll get even less for your truck if you can sell it at all. Good luck, a predicament that a lot of people are in.

07-07-2008, 03:28 PM	#1
popowich Recycles dryer sheets Join Date: Jun 2008 Location: Rochester, New York Posts: 67	Selling my Truck Hello, How do I figure out what is best in regards to my Ford F-150? I own it, but don't want to rick trying to sell it if gas prices get up to the $7-8 dollar range or higher. It only gets 14/18 mpg. I think I can get into something like a Hyundai Elantra or Ford Focus and still put about $6000 into my pocket, plus a gas savings of around $100 on a normal commuting month (no major trips). There is a balance of happy and being financially responsible. I like driving. Anyway, with having a nice bank account and driving a truck pretty much a draw, and moving toward rather having the money, would you trade down? It seems like an awful waste of money to have only driven the truck a few years. If gas was still under $2 I wouldn't think about trading it in. -Raymond

07-07-2008, 03:30 PM	#2
REWahoo Administrator Join Date: Jun 2002 Location: Texas Hill Country Posts: 11,647	Run the numbers very carefully. The bath you will take selling the truck vs. the current premium you'll pay for a econobox will buy a lot of gas, even at outrageous prices. __________________ [Closed for renovation]

07-07-2008, 03:42 PM	#4
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,255	I guess I wouldn't even think about swapping for an econobox in this environment. I'd instead look for something like an '05 Taurus. But a question: do you drive the truck because you need the capacity of a truck? And how much do you drive annually? __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

07-07-2008, 04:03 PM	#5
Zathras Full time employment: Posting here. Join Date: Jun 2006 Posts: 625	I agree with the above posters. Look carefully at how much you can get for the truck and how much the premium you will pay for the car is. Most likely it is not worth it even if gas is headed to $7/gallon. When it comes time for you to get a new vehicle, that is the time I would look for economy. Unfortunately the best time to do that was prior to last fall. If the auto makers can start producing more, prices will come down again. __________________ "We do not inherit the earth from our ancestors, we borrow it from our children. (Ancient Indian Proverb)"

07-07-2008, 07:16 PM	#11
Zathras Full time employment: Posting here. Join Date: Jun 2006 Posts: 625	Not unless he wraps his truck around a tree. He is still breeding __________________ "We do not inherit the earth from our ancestors, we borrow it from our children. (Ancient Indian Proverb)"

07-07-2008, 03:36 PM	#3
73ss454 Thinks s/he gets paid by the post Join Date: Oct 2004 Posts: 1,763	Now is not the time to unload a truck. REW is on the money, sit tight and let this oil thing play out.

07-07-2008, 04:04 PM	#6
popowich Recycles dryer sheets Join Date: Jun 2008 Location: Rochester, New York Posts: 67	I'm in Rochester, New York. I average 9,000 miles/yr. It's a little over 3 years old with 27,000 miles and change on it. I like to go camping and stuff, and it's great in the winter, but it's not a necessity. -Raymond

07-07-2008, 04:09 PM	#7
ProspectiveBum Recycles dryer sheets Join Date: Sep 2006 Location: SoCal Posts: 208	At that relatively low annual mileage, it makes even less sense to trade for an economy car. If you're getting 15mpg on average, at 9k miles per year, you'll consume 600 gallons of gas. At $4.50 per gallon, that'd cost you $2,700 per year. If you double your gas mileage in a new car, you'll save $1,350 per year. You will NOT get whatever you might think your truck is worth. People are dumping SUVs and big trucks like crazy. I'd stick with the truck and enjoy it.

07-07-2008, 06:52 PM	#9
Bimmerbill Full time employment: Posting here. Join Date: Jan 2006 Posts: 574	Anyone else hear the report on the radio about the guy trying to dump his 1 year old Escalade ($71K new) for an offer of $35K? He was upset that gas went up $1 a gallon since he bought it.

07-07-2008, 09:34 PM	#12
FinanceDude Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Aug 2006 Posts: 7,455	One of my good friends got a 2007 LOADED GMC Envoy for $18,500 with 20,000 miles. That car was $37,000+ new! __________________ Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:) President Obama, please know that I will continue to cling to my guns and religion........:)

07-07-2008, 11:08 PM	#13
Westernskies Full time employment: Posting here. Join Date: May 2008 Posts: 921	My neighbor just bought a loaded 2008 F-150 4x4 with 2000 miles on it for $23,000. Sticker was over 35K- some idiot unloaded it at a 12K loss after owning it a month because gas jumped $1.00/gallon. He apparently felt he was saving money buying a little box. At a nominal 10 miles/gallon difference and $4.00/gallon it will take him 30,000 miles in the sihtbox just to break even- not counting the cost of the money- ya gotta love the logic. Or, put another way, my neighbor can drive the F-150 45,000 miles at 15mpg for the $12,000 he saved! I'm looking for a similar deal. __________________ Sarchasm : The gulf between the author of sarcastic wit and the person who doesn't get it.

07-08-2008, 06:28 AM	#14
Walt34 Thinks s/he gets paid by the post Join Date: Dec 2007 Location: WV Panhandle Posts: 1,227	I bought a 2003 GMC 4WD pickup new and plan on keeping it. I use about a tank and a half of gas, maybe two, in a month. In the current market it'd be dumb to try to sell it so I just plan on keeping and enjoying what I bought it for. Besides, how else would I get my boat to the river? __________________ Retired six years ago at age 52

07-08-2008, 08:05 AM	#15
Rambler Full time employment: Posting here. Join Date: Jul 2007 Posts: 747	I bought my tundra last year for a reason...I need it to haul stuff. In a year, I think I put about 4000 miles or so on it...will be more when we move back to the states. Ever try towing 2-3000 pounds of concrete with an elantra? We use the 20-24mpg honda odyssey for things that don't require the pickup. If gas continues to go up, we may get a small car for zipping about town, but I don't see the economics of that until we need to drive 12k miles a year or so. (just used on visits to the US right now). I think that if you were planning to lose 12k or so on the sale of a truck or SUV, you would be smarter to keep it and just buy a toyota yaris or something...about $12-13k, and you would still have the truck for towing things, and camping etc.

07-08-2008, 08:39 AM	#18
ziggy29 Moderator Join Date: Oct 2005 Location: Texas Hill Country Posts: 2,455	Dumping a guzzler to buy an econobox in this environment is like selling financials in the current market environment to buy commodities. Unless gas spikes to $10+ a gallon it would take you MANY years to make up the amount of money you lose by selling this asset at a deep discount, plus the potential to pay a premium to get an econobox today. __________________ FIRE Clock: 11:26 PM. FIREd at midnight but very subject to change.... waiting for the government to privatize the gains and socialize my losses in my 401K...