Thinking about selling my truck..

So im thinking about selling my truck cause i now need to save money. Its sad but i think it needs to happen. i was just curious what you guys thought a fair price would be for it. Its an 09 trd sport access cab with 11,000 miles on it. still in great condition just a few rock chips from driving on the freeway. please tell me what u think since kbb is always off for prices. thanks.

 

Sorry to hear your thinking of selling. I would assume somewhere around a 10-15% depreciation vs. what you paid. Sold my 09 accord and lost about 8% but figure trucks would be worse.

 

I hear you man, if you can avoid it don't sell it.

But if you have to, these trucks are in high demand and low supply if its a 4x4. Just to give you and idea, in Phx AZ there isn't a 4x4 05+ to be had for less than 25K right now. So being that yours is like new and with low miles, you should be able to get a good chunk of change. Oh and KBB is the standard again, the update their pricing every 2 weeks.

KBB says
Excellent $29,250
Good $28,100
Fair $26,600

Nada says
$29,625 retail so nock 1K off and you at about $28,600

This is all if it's 4x4...and your area. Look around your area to see what is out there and price accordingly if you can afford to. The one thing you can't do is sell it private party for less than you owe on it.

 

well it is a 4x4 and it is in excellent condition like i said there is only a few rock chips from driving on the freeway.. yeah i looked up the kbb a few weeks ago and thats about what i came up with also. i posted an add on craigslist last weekd for 29,000 obo. i actually owe 32,000 on it cause i had about $5,000 in negative equity when i bought this so i know im gonna take a loss i just wanted to know if i was asking too much for it.

 

How are you going to sell it private party if you still owe money on it after the sale?

A bank won't finance a truck for someone else for less than what is owed on it, so If you owe $32k you can't sell it for less than that. I hate to bust your bubble, but I wouldn't want you to get into something and then it fall through. You would need to pay the bank $3.5K just to get the truck in an area that you could sell private party. Sounds like you should just keep the truck and find other areas to reduce you monthly output. No more movies, dinners out, expensive alcohol, long road trips, mods for the truck, new guns or stuff like that. Try and find other areas to cut back on, the truck doesn't sound like one of them. I hope that helps, if it's any consolation I too am trying to cut back on expenses. I have to save for a house, but I have to have a truck too.

 

A 3.5k hit now is less than 32k total

If you can swing it it might be in your favor. However, I'd probably hold off and save money, chunk into getting a positive value on your debt before selling so you can sell at wash/make some positive cash on the trade. You'd still be down overall but your immediate situation would look brighter at sale. I know what you mean man, I took about a 5k hit on neg equity trade myself... That is the ONLY thing stopping me from trading the truck in for a 4x4 version of it lol....

 

well what i thought i could do was find a buyer for the truck and whatever i owed on it after they paid me i could either just pay the rest with money i have saved or take a small loan and pay the rest of the truck off. wouldn't that work? or would the banks just not loan the money to someone until the loan i have is what it is actually worth?

 

That's what i'm saying, he can't sell it private party. No bank will finance for less than what is owed. And no buyer will buy a truck when someone else still owes money on it. If he traded it in that would be one thing, the dealership will role the negative amount into the new loan. That however, would just put you deeper in debt. The point is to save money where you can, not lose more of it. If it was a 1K or two, no big deal. But this is $3K-$3.5K if he can sell it for $28.5K and still he would owe money on it. So you would have to come up with that money at the closing of the loan.

 

You will be unable to complete the transaction until it's paid 100% in full. So you'll need to have funds available before hand. They can transfer money (either by loan or whatever they're paying with) and complete the loan. However, if they agree to 27, you owe 28.. you'd need to put down 1k immediatly so the transfer can be completed. The truck is the bank's collateral.

You could secure a personal loan ahead of time but... if you don't use it you're paying intrest on money sitting for no reason. I'd hit up a local credit union or USAA online to get pre-approved for the maximum amount you're willing to lose on the loan. That way, when the time comes you can run the pre-qual in 5min and have the loan quick when needed.

 

Bingo to the last part.

Think about what you are saying, you would take a loan out to pay down what you owe on a truck to save money? How is that going to help you, in the end; you would still be making a payment on a truck you don't have and be out a vehicle that you would need to replace.

Now if you have money set aside, then you could use that to pay down the truck. But I wouldn't do that until you have a buyer. But if you have money saved up why do you need to sell your truck?

To be honest with you man, really you should be talking to someone around you that you trust with your finances, not bunch of guys on the internet. We all have our opinions, and want to help. But, there is no substitute for family and friends around you that can help you with this decision by laying it all out on paper and have your best interest at heart.

 

yeah thats what i was planning on doing cause i know i can't actually sell the truck to someone else till i have the title to give them or whoever they get a loan through.. I was just really wondering what i should be asking for it.. like i said right now im asking 29,000 obo and i think that is a pretty fair price for it..

 

well i don't have enough money set aside right now to pay the truck down to what its worth right now, it would be a couple months before i had that. and i would be taking out a loan anyway in order to buy just a cheap car. what my plan was, was to take out about a $7,000 loan or so to pay off whatever didn't get covered in the sale of my truck and use whatever money was left over from that to buy a cheap car. the whole idea here is just to get out of debt thats all.

 

If you only have car debt, you are doing well. But in order for the bank to give you a personal loan, you A) have to have very good credit B) own something of equal value. Most banks are hurting and giving out unsecured personal loans are rare.

If I may ask, what is pushing you to have zero debt? Other than the fact that not having payments are great some debt is going to be unavoidable. Plus it shows the credit companies that you can barrow money and repay it on time. That will help your credit score more than being out of debt. If you can, may extra payments on the truck to pay it down faster.

 

well the reason i want to get debt free is because i may be moving out of the country within the next year so i just want to get everything paid off so i can save money and won't have to rush to try and sell it later. what about if i got an auto loan? I would probly still run into the same problem about them not wanting to give a loan for more then a car is worth wouldn't i?