Baby On The Way. Sell Truck?

Thank you guys for all of your input. I really do appreciate it. Right now, my wife and I are going to sit down and prioritize things, creating a better more accurate budget than we have now. Selling the truck is definitely NOT off the table, but won't be done right away unless someone hunts me down wanting to buy. Any of you guys interested ? My Dad doesn't have a timeline to give away his car, the offer stands.

As far as the asset vs liability argument, I consider the truck a liability b/c of the payments more than an asset b/c of using/having the truck. The less owed, the more of an asset it becomes, even though it is constantly depreciating. A Tacoma will always be worth something. I guess its not impossible for a car to appreciate in value. How about the 80's VW Syncro vans? Those things sell for more than their original sticker price. Try and find one cheaper.

 

IMO Food is probably the most overbudgeted expense. Create at least a weekly dinner plan and shop accordingly, this saved us the most of all. Less waste and more use/strategic of left overs yo recreate another meal.

 

A couple more things to consider:

You're going to continue to need reliable transportation.

A 2000 Mitsubishi is a fourteen year old car. A lot depends on what condition it's in. Has it been babied, low miles, well maintained? Or is it a beater with already 200k miles on the clock? Not sure how much you gain if you sell the tacoma and immediately have to turn around and finance yet another vehicle.

You've still not told us how much you owe on the Tacoma. If you owe a lot - you may not be able to sell it for what you owe. In that case, you'll have to scare up more cash to finish selling it.

Every time you buy another car - you take a little loss. Commission/markup if you buy from a dealer (which is pretty much necessary if you're financing) tax and registration, out of pocket for any "deferred maintenance" that turns up after you've had the car past the "taillight warranty."

With that in mind - the wisest course is often to keep what you've got.

But if it's going to be a constant temptation to you to keep blowing discretionary money on modifications - well that by itself is a good reason to unload it.

Based on your description of your Tacoma - you may not be able to sell it for as much as you'd hope. In general, buyers won't pay more money for modifications, and it sounds like you never repaired that rear-bumper damage and instead used that money on a lift. Unrepaired damage always drags down value.

Bottom line? I'd base my decision on the condition of the replacement I was being offered. IF it's in really good shape and likely to keep soldiering on with minimum repair/maintenance costs for at least the next two years - then I'd probably sell the Tacoma to get out from under the payment - even if I had to scare up a little extra cash to close out the loan.

But if that Montero's not set up to provide trouble free low cost transportation for AT LEAST two more years - I'd say just hang onto what you've got, minimize your other expenses, double down on paying off the loan as soon as possible, and log off TW and never return - so that you're not tempted to blow more discretionary money on more modifications.

Two cents - adjusted for inflation.

 

Of the list of modifications you provided -

Probably the only two things I'd try and remove and get a few bucks by selling separately are the wet okole seat covers, and the hitch bike rack. You can probably get some money for those add ons, and they probably add exactly zero to the amount that anyone would be willing to pay for the truck.

Maybe the roof rack too, as I look at it.

But anything else - the value's in the time of installation as much as the parts AND you're gonna have to find factory parts to return to stock. A used bed cover isn't going to fetch much and will be on the market for a loooong time - folks buy those things new.

 

Probably true...

Especially since she has been pregnant, we food shop every Sunday for the week. Breakfast and dinner are at home, but I still eat out a lot for lunch. I'm cuttin that back for sure. We'll still go out either of Fri/Sat nights, but really enjoy getting out of the house together.

My Dad has had two cars for quite some time now, and pretty much only drives the Mitsubishi locally. I don't think it has more than 100k, but we're getting together this weekend to go over the details closer. He has stuck to the maintenance schedule and as far as I know has never had a problem. he thinks I should get a few years out of it no prob.

Ok, drumroll please.... I owe just under 24k My dumb financial decisions got me here. As far as blocking tacomaworld, I don't think i could ever leave . Maybe blocking certain vendors and the b/s/t forum.

Thanks, that response was worth more than two cents to me

 

Yeah, I realize all those mods don't add much if any value to the truck. I would sell it as is to someone who wanted that stuff for the same price as without it. I do have everything to take it back to stock. And not fixing the bumper prob wasn't smart either, even though its barely noticeable. At that point, selling wasn't even on my radar.

 

I don't think he wants to sell it, but is happy to help get family on the right foot. I'd be embarrassed to ask, but we'll see this weekend.

 

As an accountant who prepares financial statements, he's actually correct. Vehicles are depreciable assets, with useful lives usually set at five years. Many assets depreciate or amortize over time. Before calling people idiots, make sure you understand the subject first. Otherwise it just makes you appear, well...

 

That "free" 14 year old Montero will start breaking down and bleeding you dry bit by bit - just wait for the $2,000 bill for a new transmission. Also bear in the mind that the Tacoma is far safer vehicle in terms of crash worthiness. The DCSB is a perfect family vehicle for people that enjoy the outdoors. You don't have to throw away your life just because you're having a kid - if you enjoy the Taco, keep it.

 

There it is.

 

Excellent post, +1. Thanks for your time and input

 

-Take it back to stock and sell aftermarket, keeping truck

this?

 

That is an option, but in the long run wouldn't relieve me of much debt, maybe a payment or two total. I like my mods, but I'm stopping here for awhile

 

A member I truly respect hasn't done a mod in a good while and puts up with a lot of shit financially from what I've seen him vent.
When he did have extra $, he helped out another tw member in need. I see no reason why you have to leave tw even if you aren't modding the truck.

 

^absolutely

 

I also prepare financial statements (mutual funds) . Once I realized he was plagiarizing, I gave up.

 

Once the baby is old enough to drive the Tacoma will be just past its break-in period and would make a GREAT first vehicle for the kid.

Bacon

 

Even though I loved the 87 Pontiac Safari Station Wagon my Dad let me drive, I would have loved a Tacoma more!

 

Ironically, my truck was purchased (replacing an aging 95 Tacoma Access Cab) in mind to support an expected growing family; my wife and i conceived only a few months later.

As it is, i understand the bill worry; aside from it, we have some loans, and the mortgage, and utilities. But having the reliability of the vehicle has been a huge asset (my wife's vehicle, a 2001 Highlander, just had its alternator die, and the truck is now the only vehicle). Plus, the Double Cab works great for a car seat.

I understand the pain of bills, but if you have a way you can work it, keep the truck

 

Dayum. That's pretty badly underwater.

Go on craigslist and search private party sales for 2006 4x4 tacomas.

Don't bother looking at dealer sales as you won't be able to fetch anywhere near that much when YOU try and sell it.

Highest I could see in a quick lookee-loo was 17.5k for a 2006 4x4 double cab TRD - also somewhat modded with a lift and custom grill, as it turns out.

I'd say your best bet for financial security is figuring out how to pay down that debt as fast as possible. But there's no way you can sell it even if you want to at the moment, unless you can scare up an extra $8k to pay off the loan.