how long should i wait?

I have an 09 dc trd sport that i baught in end of july. buut now i want a new corrolla, civic, imprezza, etc. How long whould i keep my taco before i trade it? the sooner the better. i was hoping to find someone who jsut bought a new car and wanted the truck so that we both dont lose too much in a trade or something. how can i work this?

 

Depends on what you owe on it.. if you have negative equity (I have about a lot )... You'll either have to take the hit on a trade, sell it and pay the diff, or live with it.

Vehicles are horrible investments.... with very few exceptions.

 

I say keep the Taco and buy a used Corrolla, Imprezza, or whatever car you want. That's what I did - 96 Honda Accord getting painted as we speak (bought it for $2K).

 

well i really dont need the taco..i bought it..and then a month later they gave me a work truck that i can use...not for long trips and such but if i need to move a skidoo or something. i got through a tank in the taco every 2 - 3 weeks. not much driving.

 

Oh, makes sense now, but I'd still keep the Taco! Of course, I have some bias here. I'd try to sell it private party...you'll get more for it.

 

Try to sell it private party like Bianchi said- You'll get more out of it that way...and since you aren't really in a rush- It will help you stay out from being upside down on the truck...

Good luck!!

 

just say for example the truck is 30000. then 5000 taxes and 5000 interest for 60month payment.40000 total. and say i put 5000 down. making it 35000 total and just say i pay 500 a month for it. so if i payed for 7 months now, then i have paid 3500 so far. bringing the total down to 31500. so i need to sell it for 31500 to get back what i owe?orr does the interest stay there seeing i never used 60 months? numbers all fictitional. and also does that 5000 down go on the price before the interest or after?

 

I'd advertise on all the toyota forums, craigslist, or cars.com. Get an idea what TMV is from Edmunds based on your zipcode & as well as what other people are selling toyotas for the markets I mentioned.

Much better to sell outright since you have another truck to use then going to the dealer. Once you have the other loan cleared then off to the dealer you go. Or as you said, put what you are looking for in the add, like consider trade for..... with cash or something like that. It works if you are patient & you make out much better in the end. Best of luck selling your truck

Edit: Didn't see your post above, I would also call who ever holds the loan & find out what payoff is & how much per day it changes. They'll know what you mean. Good luck

 

www.lenderguidance.com <------ your answer awaits

 

If you want to pay what you owe you need to call the company holding the note and get a payoff quote. You won't have to pay the interest for the entire loan.
What you spent on the truck doesn't really matter at this point- Your loan is worth X dollars and the Truck is worth approx Y dollars. The Y dollars value comes NADA or Kellys or whatever lil book you use for prices. If your truck is in great shape you can get the high end of that Y dollars and hopefully that will be equal to or more than X.

GOOD LUCK turning the truck that quick....Hope it works out for you.

Good luck trying to cover the money you spent so quickly.

 

Interest doesn't get put in at the beginning, it gets added every month. Paying off today saves interest tomorrow. That being said, make sure the loan doesn't include any crazy early payment penalties or minimum number of payments without penalties. These are rare, but I've heard of them happening before.

As for selling private party, you need to advertise it, be patient, and price it for what it's worth (not what you may owe or want to sell if for).

 

hmm hopefully i can do this without losing more then what i have already paid. better to trade for car and cash or sell, pay off loan and get a car?

 

sell and pay off. You can always get more selling private than a dealer will give on trade

 

PM'ed.

 

More than likely... you'll save more money in the long run just keeping the truck. But if you don't like it... it's not worth living with it if you can deal with dropping cash. The taco will run damn near forever with very little to no repair costs... a WRX will cost more to maintain. However, it is a lot funner to drive. Also, heads up there are WRX on craigslist and such for under 10 grand these days, fairly high miles... but keep that in mind.

 

Ooo!

Serendipity anyone?

 

yeah. WANT truck.. NEED car lol

 

u probably lost like 4 grand just driving it off the lot

 

One thing I'd consider is the security of your job and the vehicle that comes along with it. Are you guaranteed to keep it for the next several years (job and vehicle)? I don't pretend to know what field you are in but with the economy the way it is today, I'd be very cautious.

That cuts both ways because your resale value is predicated on the market; at a time when folks are being extremely tight with their money and lending is tight. Good luck!