Trying to figure out how to sell my truck and get a different used truck instead.

Bought my Tacoma a little less then a year ago, and with my line of work I have already put 30k on the truck.

I have kinda decided that I would like a bigger truck to better accommodate my line of work and to get a used truck to try and bring my payment down a little bit.

Problem is I know I owe more on my truck then I can sell it for, it is only an SR5, but I bought a transferable warranty with the truck that covers anything from wheels to paint, and windows. Also I know I did not get a killer deal on the truck.

So I guess I'm wondering if any of you guys have done the same thing in a similar situation, and how did you go about it.

Excuse any grammatical errors as I am typing this out on mobile as I wait at the airport.

P.S. don't worry my company is not screwing me, I get paid a monthly car allowance

 

Seems like you've got a pretty nice truck. how hard would it be to just stick with it? Maybe try and take it back to the dealership and trade it in for a Tundra? if you want to go that route.

 

Worse case I will just stick with it (not really a bad option), but I was considering trying to trade in for a tundra, but I really don't think I'll get back what I owe on the truck from a dealer

 

Can you cancel the warranty and get some cash to throw down on the loan to get rid of some of the negative equity?

If it were me. I'd be take the truck around to a couple dealers and see what kind of offers they'll give you. The big advantage of trade ins are they save you the hassle of having to sell it and they save you sales tax (may only matter in states that charge full sales tax for cars).
See what kind of money you are going to have to come up with to break even on the equity. See if you can't get on a tight budget and start throwing extra cash down on the truck to bridge that gap. Then once you are even on the truck trade it in or sell private party.

If you want to sell your truck private it's hard to sell with negative equity without having the bank agree to do a personal loan for the difference. Then you are stuck with high interest debt that's a PITA.

If it were me, I'd be paying down on the truck like a crazy man until it gets down to the value I expect to get private sale then private sell it. I would avoid personal loans or rolling the negative equity in another auto loan (which you likely will not be able to do on a used truck).

 

I have been there before brother. Sadly trading in and rolling over debt into a used truck which will already require a higher interest rate and shorter term loan is not a great idea. You will be starting a downhill spiral. Just sayin.

However keeping your TACO until paid off will provide years of enjoyable transportation and a vehicle you can always sell.

 

What do you do for work that you need a bigger truck? Tundra is horrible on gas and you are driving 30-40k miles a year. Like someone said, you should be able to cancel the warranty and get a prorated amount back to pay down the loan a little.

 

Once or twice a year toyota finacial will make an offer to upgrade, which they will buy your tacoma and you will buy one the newest. I used to have a 17 taco sport and upgrade to the 17 offroad with premium tech. at no penalty. It's like cancel and swap mine with the new one.

 

I'm a field tech and I transport a lot of heavy equipment. And I actually don't want to drop the warranty, it's saved my ass already since my truck is beat on from driving so much and getting highway rocks slung at it. And I don't pay for gas my company does so I guess gas is not a huge issue to me at the moment.

 

You're stuck with that puppy. Now raise it and be responsible.

 

Kinda figured, and I'm not really that heart broken since I love Tacoma's and have owned 2. Just would have been nice to get something better that caters to my needs.

 

I would start with realizing what is going on here.

You are making payments on a truck for your employer. You should be getting paid mileage by them ($.50/mi min.) or an annual vehicle allowance, not simple fuel reimbursement. Start there, if you don't you are throwing money away.

 

Yea you're probably stuck with it for another year minimum, but it sounds like that's not the worst thing in the world for you.

 

My employer pays .35 cents a mile but I got a super used base model. Employer should be baying .50 cents min for you truck per mile. Look up the government rate for mileage. Should be like .57 cents a mile and you can deduct non covered expense from taxes or something up to .57 cents. If you employer isn't doing that your getting really screwed.

 

There's no magic way to get rid of negative equity, other than paying it down/off.
I'm assuming your employer already pays mileage and will not help?

 

We have a vehicle policy in place, with 4 basic options:

A. $.50/mile for infrequent travel - or use rental car through contracted vendor
B. Fairly frequent driving for company business - vehicle allowance (almost nobody uses this option)
C. Company car for execs, salesmen, anyone who's job requires consistent travel between our own facilities
D. Employees working in other countries - complicated some countries the tax is the same as the price of the car. Some countries you can't get a drivers license as a non citizen resident, hired drivers is the option there

 

Section 179 the fuck out of that truck.

 

Definitely cancel that extended warranty. They’ll take out an admin fee and give you almost all of it back.

 

Putting that many miles a year on a truck will just make it harder to sell it the longer you keep it. I agree with making your employer pay for some of it if your using it for their benefit.

 

Is tundra really that bad on gas. I was considering trading my 17 Tacoma in for a tundra. I need the room but I love the low gasoline cost that the Tacoma provides. Does tundra use 87 octane gas or higher

 

While this is true...assuming you get paid per mile...your mileage check is not based on the MPG of the vehicle you drive. So it is most definitely costing you money if your replacement truck gets less MPG. If you have a company gas card for fill ups...that's different.

From a financial perspective, you are gonna lose money if you change trucks. You just have to weigh out if it's worth it for you and your situation. Personally...I would try to live with the truck you have...and as always...pay it off with every ounce of energy you have. Because regardless of what you decide to do...the less you owe on your truck, the better off you will be.