Is my Payoff amount a good selling price?

Hey everyone
To make a long story short, I’ve been toying around with the idea of selling my truck. Money is getting tight and the payments are pretty high. My payoff amount to TFS is ~$38k
Is that something someone would buy or is that crazy high? (As you can tell I have no clue )
2018 Tacoma TRD Sport DCLB
15k miles

I’m just looking for the most painless way out. Was also looking to buy a 2009 4Runner Limited to replace.

Thanks!

 

I am in the same boat with my 2018 trd sport. I got it new last August and figured my annual taxes would be lower because the msrp value is gone the second I drive off the lot. It was fully loaded with add ons 38K out of the door. Right now its worth 30-33K tops as a trade in.
I go to dealers and check out cars for fun. If someone can buy a new 2019 TRD PRO for 41.5K at a dealer, why would they want a used 2018 sport or off road for 38K?
Idk whats the best option for you...
Btw, you cant even refinance your truck to gwt a lower rate because the bank wont go over 110-125% value mark on a loan amount. So if they think the truck is worth 28K, the max loan would be 35K...
I hope you find a better way out.
I am keeping my truck, did some major upgrades and love it. Moneywise, I am saving to refinance.

 

I just bought a used Highlander for the wife. Salesperson told me if you are looking for a 1-2 yo Tacoma or 4 Runner just go next door and buy new.

 

IMHO, yes, $38K is too much for your truck in used condition.
At that point, you may as well buy new.

 

You are 'upside down'. You owe more than its worth, so will have no equity towards any other vehicle. IE what you can sell it for will require you adding cash to pay it off to clear the title for the sale.

If you can't do that, you are over the proverbial barrel. Getting the ship righted will take time, sacrifice and discipline.

 

The truck is not worth the payoff amount so to answer your question that is not a good selling price. If you do decide to sell it get ready to take a loss.

 

Honestly it’s worth 10k less than that. Probs books at 30. And dealer will give you that at max. Cheaper to keep it for another year then trade

 

Dang how much did you pay new if you still owe 38k on a 2-year old truck?

 

Nope

 

so the aftermarket grill, ditch light, behind the grill led bar, expensive tonnau cover, running boards, could have all been applied to the principal of your loan. You are just bad with money.

 

How much did you get the truck for originally?
Autotrader.com says MSRP for that model was $36,925
https://www.autotrader.com/toyota/tacoma/2018

 

Am I missing something here?
I paid $34,500 for my new 2019 TRD off road with the tech package and factory floormats.
Why would someone pay more for a used truck?
Did you roll over negative equity or your sales tax into the purchase price of this truck?

 

Not uncommon for folks to trade in an upside down vehicle and the debt be rolled into the new vehicle financing. Lengthen the term, lower the payment, yada yada, just close the sale with a payment they like.

Could have happened here.

 

i guess when you have no negotiating power you tend to pay more for things you can negotiate for . (and rolling over negative equity happens)

 

Your best bet is to keep it. You're gonna lose your ass if you sell. If trading....they're not even goona lube it up before they stick it in. Maybe try cutting things out that aren't really necessary. Maybe cut cable and go with Hulu, etc

 

Look to trade-in your truck at the dealership you bought the truck from or another Toyota dealership, and buy a much, much cheaper vehicle there. Most Tacoma's are bought from Toyota dealerships and you'll have better success doing trading it in and getting the best value. Obviously there will be a carry-over and that money will be added to the vehicle you buy, but it could get you out.

This is the exact same situation I was in before I got my Tacoma. I owed about $7k more than what it was worth (highway mileage killed me). So, this is just my personal opinion, and it worked for me.

 

Cheapest way to own a car is to drive the one you have til it dies.
You lose money every time you buy/sell a vehicle.

 

Did you buy it new? Seems odd you can still owe that amount on a 1-2 year old Tacoma.

 

Most likely rolled negative equity from a previous car and kept the ball rolling. Dealer took advantage of him