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Old 02-24-2011, 05:48 PM   #1
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How much could I get for my 5 lugger?

Guys and gals, I am thinking about doing the unthinkable.
Trust me, I wouldn't think of doing this, if I didn't have a reason.
This is going to be kind of a coming clean thread...here goes,
I'm 22, but when I was 18 I went kind of credit card crazy and got myself into debt, then school loans, then somewhere along the line a new car sounded like a good idea. Got tired of the car and wanted a truck, traded in the car, rolled in the extra from the car loan and got my little Tacoma.

Well it finally caught up to me when I moved out on my own. I have been making minimum payments on credit cards for years and have just finally gotten tired of it. I need to start over.

I have decided to try to sell my Tacoma and want to know what everyone thinks would be a realistic price I can get for it.

It's a 2010 base model. 2.7 4cyl 5 speed, auto LSD, purchased in April 2010, only 8500 miles.

Sorry guys, I like my truck but I'm so tired of living paycheck to paycheck it's finally made me say enough is enough. What do you guys think is a realistic price I could get for her?
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Old 02-24-2011, 08:04 PM   #2
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I always trust in kelley blue book for vehicle prices. So depending on specs and condition looking around $15,000 private party.
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Old 02-24-2011, 11:20 PM   #3
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Good call, getting ahead of the credit vultures. (Wish I'd gotten hip to that, sooner...)

I paid 16,800 for my base '10, new. They had an '06 w/ 50K for not a whole lot less (Marked at $15K IIRC, $14K w/ employee family discount). I passed on that but it sold before very long.

So, yeah... they hold value. So don't let 'er go too cheap!

Good luck with the sale and everything else.
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Old 02-25-2011, 07:23 AM   #4
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Originally Posted by Yota Newb View Post
Guys and gals, I am thinking about doing the unthinkable.
Trust me, I wouldn't think of doing this, if I didn't have a reason.
This is going to be kind of a coming clean thread...here goes,
I'm 22, but when I was 18 I went kind of credit card crazy and got myself into debt, then school loans, then somewhere along the line a new car sounded like a good idea. Got tired of the car and wanted a truck, traded in the car, rolled in the extra from the car loan and got my little Tacoma.

Well it finally caught up to me when I moved out on my own. I have been making minimum payments on credit cards for years and have just finally gotten tired of it. I need to start over.

I have decided to try to sell my Tacoma and want to know what everyone thinks would be a realistic price I can get for it.

It's a 2010 base model. 2.7 4cyl 5 speed, auto LSD, purchased in April 2010, only 8500 miles.

Sorry guys, I like my truck but I'm so tired of living paycheck to paycheck it's finally made me say enough is enough. What do you guys think is a realistic price I could get for her?
How much do you owe on it?
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Old 02-25-2011, 12:53 PM   #5
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Thanks guys.
Currently, I owe around 17,500 because of the trade in I had was a little upside down. I don't expect I could get this but if I can get as close as possible and come up with the difference that would be good.

I'm not in a big hurry to sell it, I am working on credit cards first which will take several months.
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Old 02-25-2011, 01:26 PM   #6
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Originally Posted by Yota Newb View Post
Thanks guys.
Currently, I owe around 17,500 because of the trade in I had was a little upside down. I don't expect I could get this but if I can get as close as possible and come up with the difference that would be good.

I'm not in a big hurry to sell it, I am working on credit cards first which will take several months.
Keep the truck. Pay little more than your minimum payment and in few months you might be at the $15k mark, which you could actually get for your truck...
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Old 02-25-2011, 05:06 PM   #7
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Keep the truck. Pay little more than your minimum payment and in few months you might be at the $15k mark, which you could actually get for your truck...
X2, unless you can't do this, but it sounds like you can.

however if you can afford a little more i would attack the CCs. i would bet anything that their interest rates are higher and they come with those shitty ass fees. the nice thing is that you know exactly how much the payment for your truck will be and for how long until it is payed off. also, in the long run you pay more in interest and fees on CCs. since you are upside down on your loan, you would actually generate more debt to cover the gap. then you have to think about what you are going to use for transportation. also consider that the newer car could end up being cheaper in the long run. older used cars need more money for maintenance and as they age the repairs cost more. also trucks tend to be cheaper to insure. the last thing to consider is what sort of stuff is lying around that you don't need. you could sell those items on eBay and CL and immediately send the money to your CC. think of any extra income that you make as belonging to the bank, i know it sucks but, you did use their money.

google "debt snowball", it's a great way to visualize your debt and what it will take to get out of it.
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Old 02-25-2011, 06:21 PM   #8
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X2, unless you can't do this, but it sounds like you can.

however if you can afford a little more i would attack the CCs. i would bet anything that their interest rates are higher and they come with those shitty ass fees. the nice thing is that you know exactly how much the payment for your truck will be and for how long until it is payed off. also, in the long run you pay more in interest and fees on CCs. since you are upside down on your loan, you would actually generate more debt to cover the gap. then you have to think about what you are going to use for transportation. also consider that the newer car could end up being cheaper in the long run. older used cars need more money for maintenance and as they age the repairs cost more. also trucks tend to be cheaper to insure. the last thing to consider is what sort of stuff is lying around that you don't need. you could sell those items on eBay and CL and immediately send the money to your CC. think of any extra income that you make as belonging to the bank, i know it sucks but, you did use their money.

google "debt snowball", it's a great way to visualize your debt and what it will take to get out of it.
Good points.
I am a Dave Ramsey fan and I am kind of doing his version of a 'debt snowball' in that I am starting to attack the smallest cc first then moving up to the larger ones.

You are right, I'm not in trouble with my truck loan/cc's, but I am at a point where I have run out of breathing room and living paycheck to paycheck and have been for a while. It's just gotten to that point where I am tired of it and am going to make a change.

If I were to sell the truck, my parents have said they will let me borrow an extra truck they have, 2004 GMC Sierra, untill I can save up enough to buy a used vehicle. And I have thought about maintenance cost on used vehicles and have decided if I do my job picking out something good, there would be no way I could end up spending $300 a month in repairs. Maintenance would definately be a factor but I can deal with that, I'm 22 and have owned around 10 or 12 vehicles including 4 Jeeps, some full size trucks, an old Cutlass that I did an engine rebuild...so I am good behind a wrench. But, my parents would let me use that truck for as long as I needed it so I could save up quite a bit if my cc's and truck payment were gone.
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Old 02-25-2011, 06:34 PM   #9
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Originally Posted by Yota Newb View Post
Good points.
I am a Dave Ramsey fan and I am kind of doing his version of a 'debt snowball' in that I am starting to attack the smallest cc first then moving up to the larger ones.

You are right, I'm not in trouble with my truck loan/cc's, but I am at a point where I have run out of breathing room and living paycheck to paycheck and have been for a while. It's just gotten to that point where I am tired of it and am going to make a change.

If I were to sell the truck, my parents have said they will let me borrow an extra truck they have, 2004 GMC Sierra, untill I can save up enough to buy a used vehicle. And I have thought about maintenance cost on used vehicles and have decided if I do my job picking out something good, there would be no way I could end up spending $300 a month in repairs. Maintenance would definately be a factor but I can deal with that, I'm 22 and have owned around 10 or 12 vehicles including 4 Jeeps, some full size trucks, an old Cutlass that I did an engine rebuild...so I am good behind a wrench. But, my parents would let me use that truck for as long as I needed it so I could save up quite a bit if my cc's and truck payment were gone.
sounds like you have a plan, good luck.
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Old 02-25-2011, 10:16 PM   #10
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Thanks again guys.
There is always another option, and that is to suck it up and stick to the car loan that I originally signed up for.

Once I get all the credit cards paid off, that may lift quite a burden that may make the car payments seem not so bad.
Lot's to think about. It's a slow process but also a learning experience.
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Old 02-25-2011, 10:31 PM   #11
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Well you're in a great vehicle that should last you 20 years if you take care of her, and do your routine maintenance, and the 4-banger with manual is super easy to maintain. You don't even have to change spark plugs for 100k miles. So if you can afford it, I would advise you to hold onto it for now. What's your interest rate on the loan? Could you refinance at a lower payment? Have you talked to your bank about this?

New cars are definitely a luxury item. Ramsey tells you that. But you're in it now, and you'll lose more if you sell. And with Tacomas you generally will pay it off faster than it will lose value, so while you may be upside down now, in a year you should be able to profit off a sale. You didn't tell us ... is it 4x4?
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Old 02-26-2011, 01:42 PM   #12
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Its a 5 lugger, aka 4x2 base. I'd be for holding out till you've paid off to the break even point where it makes sense to sell. Hate the idea of paying money to sell something. But if money is tight you gotta do what you gotta do.

I was stuck in cc debt all through college. I remember how good it felt when I paid off that card and was debt free. Then I went and got married, bought a house and a new truck. Sigh.
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Old 02-26-2011, 06:07 PM   #13
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Thanks again.
Interest rate is pretty low and payment is very reasonable as far as payments go these days. It's right at $300 a month at like a 6 or 7% rate.
It's just a little 5 lug 2 wheel drive base model.
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Old 03-28-2011, 07:23 AM   #14
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Have you figured out your cost of ownership per mile based on how many miles you drive?

I do that for all my vehicles and while it is slightly skewed because I get mileage reimbursement for work, i focus mainly on repair costs and gas mileage. Your Yota will destroy the GMC or anything else you can buy used. It only takes one major incident with your used vehicle to make it not worth owning.

I would try as hard as you can to keep your toyota and go with the debt snowball method. If your parents will let you have the GMC, ask them if you can sell it, apply the money and possibly pay off a bill and then in a couple years pay them back for it. There are a ton of hidden costs with vehicles like insurance, registration, tires, gas mileage - you name it. Also- continuing to make payments on your toyota will improve your credit. Bailing on it and paying off the difference will show lenders in the future that you couldn't handle it.

In the meantime, Hustle. Look at Craigslist for odd jobs - even things you can do on a saturday or sunday afternoon to make a quick $50-80. I dont know much about your personal situation but waking up everyday and not worrying about if your truck will start is a great way to start a morning. When your POS is in the shop over and over again thats when you are going to wish you kept your taco.

I've been there man. Did the credit thing in college and am paying for it now. Graduated college in 06 with $69k in debt and owed 36 before I just got my tacoma (financed $15k, put 5k down) Luckily I make 70k/yr and NEED a work vehicle so I wasn't worried about taking on the debt but I still manage to take odd jobs like referee soccer when I can. Making your gas and groceries for the week without eating into your paycheck can be a lifesaver.
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Old 03-28-2011, 07:01 PM   #15
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Thanks man, I appreciate taking the time to type all that.

So far, the plan right now is to keep the truck while I am paying down my credit cards. I also have just moved back in with my parents about two days ago and while I enjoyed my "freedom" I am honestly glad to be back for a while at least. They are charging me rent, but it's nothing like what it was on my own, just enough so that I am not a free loader.

I will be broke through this month but next month there will be changes being made. Automatically, I am going to have at least $150 extra just from utilities, plus more from all the odds and ends I would buy living on my own, groceries, tools, whatever. So I should be able to hit the debt pretty hard starting next month, and we will see where that goes.

The way it stands now, I would have to throw over $2,000 cash at my truck to make it go away and that just doesn't make sense to me, especially when I can afford the payments, it's pretty tight, but I can afford them. When I get the credit cards gone it will be a huge relief and I think by then I will still be wanting to keep the Taco.
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Old 04-11-2011, 11:47 AM   #16
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I don't thinks this will help because your truck is very recent. but at a time I was paing $600.00 for a Ford Explorer and I lost my job at that time I took a Personal Loan for 7 years for the balance on the explorer I cancel the car payment of $600.00 and was left with a personal Loan that paid $250.00 big diference if you see it at monthly basys.

Because you extend the time for the loan the monthly payment will be lower but at that time personal loans had lower rate than car loan now days personal loan are expensier but it doesn't hurt to give it a try an see if you can lower that payment.

Just my experiance and good luck..

BTW I just got my 2008 access cab base model for $14,000
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