Appraisal

Hey guys

I just wanna know how much my car is worth?

It's a 2016 MGM DCSB SR5 4x2. It's about a month and a Half old with 3.3k on the odo. No scratches or dings. I was wondering if It's worth selling back to the dealer or trading it in for another car? As much as I love this car, it's costing me more than I thought. I find myself filling up $40 of gas every 5 days due to traveling a lot.

So is it worth trading it in and rolling over the negative equity into the new loan?

 

Honestly, you're in a tough spot. Only the dealer can tell you what it's worth (to them). Chances are to sell it privately you'll need to eat a few thousand depreciation because most people would rather buy brand new unless they're saving significant coin (plus it's a lot easier to do the financials with a dealer than with a private party). The only real upside to trading it in might be that you'll realize sales tax savings on whatever you buy to replace it (but I'm not sure about how that may or may not work in Hawaii).

Good luck with whatever you decide to do. Also keep in mind that over the long term (2-3 years) a Tacoma is going to hold it's value far better than a Corolla, Camry or whatever, so by keeping the truck you may come out better down the road. And you'll enjoy having the truck you really want for that duration, too.

 

$40 every 5 days is not bad you must not drive a lot

 

Sadly, for a high school student, it's a lot. My parents are paying for my insurance as I pay for my monthly payments.

 

Lol you got a 2016 Tacoma and you're still in high school?

Just appreciate it.

 

Very appreciative. I didn't say I don't like the car. I love it! But I don't think it's the right car for my age.

 

Welcome to adulthood

 

Lol you bought a expensive TRUCK while gas is the cheapest its been since the early 2000's and you bitching about the cost of gas.


LMAO.

Take a bus.

 

Most trucks I have seen used are selling at right near msrp here in Cali due to low inventory. Sell private party and you should be ok. If you trade it in you'll be on the hook for a few thousand.

 

Dame high school student with a 2016 Tacoma lucky you lol
Well like buddys said try and tough it out for a year or two you'll get your money back Tacoma hold there value

 

Btw please parents don't put your children in debt in high school. Wrong message from the get go. Live debt free instead of in debt your whole life.

 

You're going to take it in the shorts if you trade it back in or sell it so soon. The dealership would be happy to get you into something else as they'll be "doing you a favor." A private buyer will expect a better deal than purchasing from the dealer.

A 2016 Tacoma is a big investment for a high school student (lack of ability to get a full-time job). I was there, too, and purchased a vehicle I could not afford.

Maybe ask your parents if they'll take over payments and you can take their older car?

Otherwise, hang onto it for a bit, eat the depreciation and build up the equity.

 

Think about how much gas you can buy for the thousands of dollars you're going to lose by trading it in.. You mine as well drive it if gas is the only factor.

 

Is it a lease ?

 

It is not on a lease. Paid 15K down (7.5k split between me and parents) paying 300 monthly/60Months.

 

So you owe about 13k more?

 

17K.

 

If that's all you owe you might be able to tarde it in now then you should be ok you only owe 13k on it

 

Expect to get screwed. Your situation is tough. You may be better off holding on to it. Let's say you trade it for a new car that only cost you 25.00 a week in gas. Yea you save 15.00 a week in gas but you are going to take on the negative equity from your SR5 to your new car. You may break even after four years and the new car you get may not hold its value like the taco. I say keep the SR5 and suck it up. If you do you more than likely be better off in the long run

 

17k shit there's the price of a corolla there you go 38 mpg lol