Baby On The Way. Sell Truck?

Being debt-free, or close to it, frees you mentally to make the right long-term decisions. Free car, with debt reduction as a side benefit, take it and run. As you move through life you will find that sh-tuff comes and goes constantly. Don't get attached to stuff.

 

You're an idiot. Anything depreciating is NOT an asset.

 

Everyone is assuming he can sell the Tacoma for more than or equal to what he owes. Potentially OP could still be making payments on a truck he no longer owns if he sells it, should that be the case.

 

It's considered a depreciating asset. So kinda an asset, but not a true asset in the sense most people understand it to be.

And what I would do its hold off for a few months like most are saying. If it fits, sell the Tacoma and take your pops car. Being debt free is so rewarding.

 

It’s just a truck!

I'd bring it back to stock, ditch the truck and sell the parts off. Worrying about paying a truck payment when you have the opportunity to have a vehicle payment free would be retarded IMO (just being blunt).

I made my sacrifice years ago when I ditched my beloved truck. For me it was family first and with that in mind and I had to do what made sense most vs. hang on to a material possession for personal gratification.

 

Now that is over, GL OP.

 

If you can afford it, keep it. Just quit modding. Since you want to move eventually, a truck will be handy. It's reliable and safe transportation.

If you do need cash soon, sell the parts and go back stock. Then consider selling truck only if you have to.

I scraped through months of unemployment and a new baby (while unemployed) and still kept paying on my tacoma knowing that it would be more reliable in the long run than some cheap car that I'd hate driving anyway.

There are a lot of things most people can cut to reduce spending in general. Just review your situation and talk it out with the wife.

I vote keep truck though.

 

Sure, your car adds value; it saves you time, lets you drop your kids off at school and to different sports, provides you with a sense of safety. However, with insurance, fuel, maintenance, mileage, and all of the other costs that are accompanied with car ownership, the costs almost always outweigh the monetary value of a car.
Many consider a car a depreciating asset, because this is how it shows on company balance sheets. For companies, however, vehicles can be an asset (however depreciating they may be). For individuals, they can be more of a liability than an asset.

 

Sell the baby, you can always make another one.

JK,JK, I think keeping the truck is the way to go. its gonna run forever with minimal problems, if your strapped for cash go back to stock and sell the mods. thats what I would do since i wouldnt be going offroad with a new born

Most people are looking for aftermarket parts for there truck so it would be worth more to sell that stuff + the truck stock is worth just as much as it would be lifted, most people dont care what youve done.

 

Oh wow, name calling...you must be a tough guy.

According to the IRS (and the OP is in the US, so if Canada law states otherwise, it does not apply here), it is a capital asset.

"Capital Assets

Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. For exceptions, see Noncapital Assets, later.

The following items are examples of capital assets.

Stocks and bonds.

A home owned and occupied by you and your family.

Timber grown on your home property or investment property, even if you make casual sales of the timber.

Household furnishings.

A car used for pleasure or commuting.

Coin or stamp collections.

Gems and jewelry.

Gold, silver, and other metals."

Source: http://www.irs.gov/publications/p544/ch02.html#en_US_2013_publink100072479

 

Debt free will help you save, believe me, but a reliable car/truck/suv will also be a peace of mind. If it comes down to selling the truck than please make sure ALL maintenance has been done to the Montero before selling the truck. It has to be in a reliable condition so that you don't have much to worry about, I'm being serious. Think about what would happen if an incident caused you to break down on the road with a wife and baby boy. I think a house can wait until after the baby because if you do anything now it will just put more pressure on you to meet the deadline.

 

BTW does a vehicle not take you to and from work where you make money? i believe that would make it an in-direct asset. but either way it doesnt really matter. this thread is about helping a guy make a tough choice.

 

That is correct and to rehash what I already said, the car itself is an asset and the note on that car is a liability. The net (in this case) is a liability. That does not mean the car itself is not an asset. If you look at it in terms of net worth, you would need an asset (unless worthless) to offset a liability. Obviously we have gotten way off track here and I'm talking in very general terms as sr5vic said a car is NOT an asset.

You should cite sources when used, unless you prefer to rip off someone elses thoughts.

 

Hey, you started it when you called it an asset

 

Well sheet...both of your usernames start with a "B".

 

My best advice is to not let a bunch of dim-witted strangers on a Tacoma website make any decisions for you...

 

Take the freebie,sell it,put that money against truck balance. Should give some breathing room,and savings. Of course your dad would have to be o.k. with that.

 

x2 this is basically the same point I was trying to make