Dilemma

How will you be spending more money? If you finance 25K@ 3% for 5 years you will be spending just shy of 2K in interest. You will for sure lose $2K just in trade. PLUS the interest of the new vehicle. Even if you get stuck @ 5% that is only $3300 in interest on $25,000. You will for sure be upside down on your current loan and that would get rolled into your new loan. If you extend it to 6 years @ 5% you are paying 4K in interest and a monthly payment of $400. Thats almost where you want to be. Get the lower interest rate through a credit union and you will be damned close and you wont have to shuffle cars and drive an unknown history car.

 

thanks. we will look at this again. if we are able to do something like that, then maybe that is the best way to go. i'll see what i can find out.

so you think it's better to keep the current truck and refinance, vs getting a used truck and saving money over the long-term? i know every used car has a history, usually an unknown history. i got my truck new for a reason. but at the same time, people buy used trucks all the time and never have any problems. they are basically the same truck, with the same engine.

i guess the biggest thing for me right now is if the truck i have really worth me spending $36,000 on it? at the end of the day, $36,000 is more than $25,500.

 

Any money you think you will save you will lose on resale. You are buying a 2WD truck with 50K miles vs your 4wd truck with zero miles. If you decide to sell it after 6 years your 4wd truck with 50K less miles will surely resale for quite a bit more than a 2wd truck with high miles. If it were ME and I was hard up for money I would either do the above refi and keep my current truck or buy a cheap beater. I've been there. Picked up a 94 camry with a ton of miles for 3K. It was a great machine. Saved a ton of money with no car payment.

 

thanks for your opinion. i appreciate you taking the time to read my situation and give me your opinion on what you would do in my situation, based on what i've said in this thread.

as of right now we are still leaning towards keeping the truck.