Is my Payoff amount a good selling price?

Maybe you were hoping someone would chime in and say “oh man, great deal. I’ll buy it”. But yeah man, it’s gonna be hard to sell a two year old used Tacoma for that price.

 

Maybe... but often this is like gambling. “Oh I’ll just do this $500 repair and it will get me through” then something else comes up and you end up at the same decision point. The way cars are built now they can literally nickel and dime you to death long before they are “run into the ground”

 

If you have maintained the car and know the history you have a better feel for if this 500 dollar repair will be a once a year thing. Clearly when you factor a monthly payment of 300 even that puts you in 3600 a year "spent" on the car.

 

You aren’t gonna get 38k.

 

maybe 28k lol

 

I just bought my 2020 TRD Off-Road Premium for $38k. Sorry man, that's way too much for your truck.

 

I disagree. As an example, you’ve maintained your car and your still using it. But you know the wheel bearings are getting close or maybe ball joints, using some oil, body not great. etc so basically it has a value of say 2k. But now the right headlight is burnt. Easy, cheap bulb. But you come to find that as with with allot of today’s cars, the headlights are controlled by the ecu. Hmmm they want $1500 for that. Can get one in the scrap yard for $400 but zero guarantee. So decision time.

Years ago cars were so simple that they did have a definitive end of life. Not anymore. I’ve got a good friend who is a head mechanic at a local garage and he says they make most of their money from people just gambling that if they put another grand in it will be good for a while.

Even if you do all the work yourself there’s a point of diminishing return. Simple economics.

 

Just put everything on a credit card, thats what bankruptcy is for.

 

Cash is king. Loans with interest are the devil. Being upside down with a loan is hell.

 

I was like d*mn thats a killer price (paid $39.2k for mine), then realized yours is a M/T. Still great price, just had me second guessing myself.

 

Odds for this are more like slim to none.

The buyer would still be paying the same amount for the truck as a cash sale, so the buyer would need to be clueless.

Possible of course, but I might get hit by a Comet from Mercury tomorrow too.

 

38k... for a sport .. ouch ya your not going to get anywhere in that ball park . Your best bet would be trade it on a vehicle that has a lot of rebates that way it would eat up that negative .Best of luck

 

Your best bet is to have your truck written-off! Take the money and run!!!

Sport Tacoma's go for $42k in Canada (Last time I checked).

 

Be lucky to get out and only loose 10k. Far to much to roll the negative into what your looking to replace it with(which rolling neg equity is a bad idea in itself). Tough place to be, wish you luck.

 

I really like his truck, but I'd rather buy a brand new 1 for less money.
I'm still waiting to hear how the OP still owes 38k on that rig.

 

NO,you will take a good loss,your payoff is more than a person can buy from a dealer for the same truck.

 

Way back in 2001, I leased a new Ram Quad Cab at the age of 24. Then Sept 11th happened and I panicked. Gas shot to $3.50+, and I decided to bail on the truck, negative equity be damned. I had the truck for less than 7 months. I found me a nice 1999 Honda Civic 2 door coupe for a good price, and traded that truck. $6000 upside down at trade. F it I said...and signed the paperwork.
Thankfully for me, I kept that civic for 5 years, and made a move to another state that still required a monthly commute at the time of 850 miles round trip (Military-Guard), so in that department it saved me.

But I told myself once I was right side up on that Civic....never....ever.....ever.....ever....EVER again would I do a negative equity deal. And never have since. Have all been +$6000 in equity or higher, which helps ensure any time I go trade/buy new....I will be on the right side of the financing line.

 

Leave in Compton,California,and you headache will be gone in minutes.

 

Time to just suck it up and keep it until you get that principal down.