Advice on getting a new vehicle

3,282 Views | 33 Replies | Last: 6 yr ago by 10andBOUNCE
OldSoully
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I'm approaching a 100K miles on my current vehicle and would like to trade it in for a truck before my odometer hits 100K.

According to the KBB value of my vehicle I currently owe a little more on my car than its estimated value.

Couple questions:
1. If I trade it in and get less than what is owed, what are my financing options if I get another vehicle?
2. What are some of the more dependable, quality trucks that are still affordable? Ideally, I'd like to keep my payments similar to what I'm currently making on my vehicle.


I don't know much about purchasing, trade ins, or vehicle financing. Essentially I'm a virgin with this stuff so any advice is welcomed!
f2foxes2001
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Keep driving your truck.
coolerguy12
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Give us specs on your current car. If you think you are upside down on it you most certainly will be when you trade it in. They will take you to the woodshed on the value. I would reccomend making extra payments on your current car till you get out from under it. Otherwise you will start out upside down on your new car.

1. Get ahead on current car
2. Don't tell dealer you have a trade in. They know way more tricks than you do to get your money. Don't bring it up until the deal on the new car is all but done.
3. Don't tell finance department what you want your payments to be. Find a payment calculator and based on that tell them the terms of your loan. They can sell you a Ferrari at $500 a month if you extend it out long enough.
4. You can usually save a few bucks by financing through the dealer to get their incentives and then refincing later to get a better rate.

Unsoliced advice: Keep your current car if possible. If you can turn a wrench you can keep it running way cheaper than what you will spend on a new one. Get it paid off and then save up for your next car. My truck rolled over 150K a few weeks ago and it's just getting broken in.
91AggieLawyer
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If you have negative equity in your trade, they can fold that in to the new loan up until a point pretty much determined by your credit. The last figure I heard was that they can loan up to 125% of invoice (of the new vehicle), but that was well over a decade ago. It could be more or could be slightly less due to 2008, but I doubt it.

Go to Carmax before going to the dealership and find out what they'll give you for the vehicle. That will give you a good idea what the trade in value is. You can always sell to CM, or trade it as stated above. Or keep it.
Jack Cheese
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KBB is not a good guide for what you will get for your car at a dealership. You will get less in almost all cases, meaning if you trade, you are more upside down than you think.

Why is 100k your magic number? Is your car well-maintained? Having problems? Or are you just tired of it?

Financially speaking, it is almost always better to keep your car, especially if you are upside down. That may not be the advice you want but your admitted inexperience with buying cars just makes it more likely that you'll be on the losing end of a car deal. You can make a huge financial mistake under these circumstances.

Pay off your car. Drive it for a while. Don't make a financial mistake.
aTm2004
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OldSoully said:

I'm approaching a 100K miles on my current vehicle and would like to trade it in for a truck before my odometer hits 100K.

According to the KBB value of my vehicle I currently owe a little more on my car than its estimated value.

Couple questions:
1. If I trade it in and get less than what is owed, what are my financing options if I get another vehicle?
2. What are some of the more dependable, quality trucks that are still affordable? Ideally, I'd like to keep my payments similar to what I'm currently making on my vehicle.


I don't know much about purchasing, trade ins, or vehicle financing. Essentially I'm a virgin with this stuff so any advice is welcomed!
<sigh> So much of what's wrong with the US is in this post.

1. Why are you getting rid of your truck before it approaches 100k? Are you having issues with it? Has it given you problems in the past? My '07 Frontier had ~165k on it and ran as good the day it t-boned the idiot that ran the red light as it did when I drove it off the lot 10 years ago. Yeah, it had it's odds and ends things that I had to do once it reached 100k miles, but the couple grand I spent on repairs were offset by driving a paid off vehicle for over 5 years.

2. If you owe more than your value, you will get less in trade, thus be upside down. Your options are to pay out of pocket the difference, or to roll that negative equity into your next loan, which will be a vicious cycle going into your next vehicle. If you have $5k in negative equity and are buying a $35k truck, you'll be paying $35k for that $30k truck. The interest you pay will be on the $35k.

3. What trucks are affordable? Short answer is none. Vehicles are expensive, especially trucks. With a little luck, you can find good deals if you're patient and look hard enough, but you'll spend $30k+ for a basic truck now. Given you want to keep your payments similar to what you're paying and you'll have negative equity, you'll have to find a lower priced truck or take the loan out 6-7 years. The dealers will always meet your payment, the question is what your rate will be and how long the loan is for.

4. As for purchasing tips, there is a ton of good advice in this thread.

My advice is to continue to drive your current truck if it doesn't have a history of problems. Vehicles today can go to 200k pretty easily with some routine maintenance and an occasional needed repair.
powerbelly
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Car dealers love to see people like you walk on the lot.

Keep driving your car.
permabull
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sts7049
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all of the above advice is solid.

really the only way you could accomplish this without being a terrible financial decision would be to sell the car to a 3rd party or someone like carmax (and be prepared to pay any difference in what you owe) and buy a cheap used truck with cash you have available. this is if you really NEED to have a truck vs whatever vehicle you have now.

any scenario where you roll negative equity into something new you buy/finance is a terrible idea.
1agswitchin4lanes
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BigPuma
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10andBOUNCE
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OldSoully said:


Couple questions:
1. If I trade it in and get less than what is owed, what are my financing options if I get another vehicle?
2. What are some of the more dependable, quality trucks that are still affordable? Ideally, I'd like to keep my payments similar to what I'm currently making on my vehicle.
If your current truck is still dependable, the answer is your current truck.
powerbelly
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I am pretty sure this guy is a troll. Between this thread and the "I deverve to be a VP after 7 months of work" thread he cant be serious.
aTm2004
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powerbelly51 said:

I am pretty sure this guy is a troll. Between this thread and the "I deverve to be a VP after 7 months of work" thread he cant be serious.
Holy Crap!

A couple of the gems...

Quote:

I've had lots of responsibilities handed over to me, and have been able to reduced the work load of most, if not all of our management team. I just passed seven months in my current role...
Quote:

2. I'm a recent grad, the position I'm in is a completely new role within the organization. I've exceeded the "intended" job description, taken on several other roles to assist in anyway possible, and significantly reduced the work load of each VP. Several of these VP's are retiring in the near future, some positions will be replaced completely, other positions will be split between two current employees. I'm concerned that if I hesitate on salary negotiation too long that I'll be overlooked with respects to compensation because of all the senior position shakes up that are coming down the road. I don't want to sound selfish but I'm afraid I'll be stuck with all the responsibilities of a VP, just without the compensation of a VP. In other words, I want my seat at the table lol.

You know OP, when I read your original post here about wanting to dump your vehicle approaching 100k miles, I thought you were some old guy who still lived under the impression that a car is good up to 100k miles then it's a pile of crap. But since you've identified yourself as a millennial, your original post makes even more sense now.

1. Want a new car to replace your current one that probably doesn't have any problems
2. Are upside down on said car, but willing to roll it up into the new payment
drumboy
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aTm2004 said:


I thought you were some old guy


More like an Old Soul(ly)
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bedofbrass33
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OP, don't listen to these old farts. I'm a millennial too.

What you want to do is trade in that old POS approaching 100K for a 2018 F450 Platinum. Beetches be crazy for those types of trucks. You'll be pulling major tail immediately.

Also, don't forget to put $15k in suspension and tires into it to get that sweet 8" lift. Also, go as low profile on the sidewalls of your offroad tires as you can. Repeat after me: Sidewall is for suckers.
The Lost
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bedofbrass33 said:

OP, don't listen to these old farts. I'm a millennial too.

What you want to do is trade in that old POS approaching 100K for a 2018 F450 Platinum. Beetches be crazy for those types of trucks. You'll be pulling major tail immediately.

Also, don't forget to put $15k in suspension and tires into it to get that sweet 8" lift. Also, go as low profile on the sidewalls of your offroad tires as you can. Repeat after me: Sidewall is for suckers.


Raptor or gtfo
JP76
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OldSoully said:

I'm approaching a 100K miles on my current vehicle and would like to trade it in for a truck before my odometer hits 100K.

According to the KBB value of my vehicle I currently owe a little more on my car than its estimated value.

Couple questions:
1. If I trade it in and get less than what is owed, what are my financing options if I get another vehicle?
2. What are some of the more dependable, quality trucks that are still affordable? Ideally, I'd like to keep my payments similar to what I'm currently making on my vehicle.


I don't know much about purchasing, trade ins, or vehicle financing. Essentially I'm a virgin with this stuff so any advice is welcomed!


Need more info

Current vehicle
Pay off
Current payment
Definition of truck that is still affordable

If you are upside down they can generally get a deal done for 125% of vehicle value but the deal should make financial sense for why you want to be upside down. Most rarely do but there are certain circumstances where it can make sense.
BigPuma
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Its a troll. quit feeding him.
OldSoully
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Jeez that was a low blow with the troll comments.

1. My current vehicle is a 2013 Toyota Corolla. I'm wanting to get a truck because I do a lot of tree trimming work on the side and during my spare time. I think that should be self explanatory for why I'm interested in getting a truck.
2. My parents financed my current vehicle for me while I was in school, and unable to qualify for a loan because I hadn't meet the income requirements (internship problems). I've been making the payments on the vehicle, but the original loan it was financed with was not the greatest but it was what my folks could qualify for. At the time, I was thankful to have a vehicle and appreciated my parents assistance.
3. So the big picture here is that if I'm going to be making the payments, it might as well be on something fits my needs. Additionally, I will be able to qualify for a better rate and loan financing options.

So for the a** clowns posters that were quick to hate and make "troll" comments, that's my troll story and I hope it clears up any confusion.


EskimoJoe
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Someone who is ready to take on the responsibilities of a VP and therefore thinks he deserves "a seat at the table" and appropriate compensation should already know that you don't need a new $35,000+ pickup to do "a little tree trimming on the side". It makes zero financial sense.

Go buy yourself a $5000 - $7500 beater to do your tree trimming. When your tree trimming business is netting $100k a year, go buy that fancy new pickup.

Edit: that camry should be good for 250k miles minimum. Drive it, maintain it, and pay the loan down to get yourself in a more equitable position. If you think you can qualify for better financing than your parents, refinance the car instead of rolling your negative equity into a bigger loan in which will find yourself even more upside down.
aTm2004
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This. If your rate on your current vehicle sucks, refinance at a lower rate. You'll drop your payments or possibly pay it off quicker if you choose to keep your payments the same or will allow them to go up a bit.

Why would you want to buy a new truck to do tree trimming? Go buy a used beater truck that already has scratches and dents in it to use for this purpose. My best friend has cars in his garage that cost more than my house, and when he bought a truck to pull his boat and to use for work around his property, he found an old City of Dallas truck for $1500, put another $1k or so in repairs, and it's served the purpose he wanted it for without spending $30-50k, which he easily could.

This is not us being an ass when we tell you to continue to drive your current vehicle. Look, I understand the appeal of a shiny new vehicle. I've been there. I've also bought that shiny new vehicle and had to pay for it. Honestly, sending in the $500+ in May of the 4th year after the new has worn off is tough. Driving a vehicle and paying nothing more than insurance, gas, and a little maintenance feels much better. So much so that when my paid off truck got totaled from t-boning a guy who decided he had sat at the red light long enough, I took the insurance money and paid cash for another vehicle so I didn't have another payment.
sts7049
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based on what you say here, i think my post above is going to be your best option if you really need something different. or, if you have a few grand in cash find a cheap small beater truck like a ranger and buy it as a second vehicle for your side hustle and refinance the corolla loan if your credit is now good to save money on interest.

you need to not view this as "well, i'm making X payment so i'll just continue that with something else" because simply thinking of it that way is how you are going to end up spending thousands more in interest when you don't have to. and could end up more upside down later on or with worse financial problems.

also - if you have this business already without a truck, you must have found a way to live without it up to now, no?
Ag for Life
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Be the first millennial to buy a $100K+ Ford truck. ***** will start raining down on you immediately
JP76
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OldSoully said:

Jeez that was a low blow with the troll comments.

1. My current vehicle is a 2013 Toyota Corolla. I'm wanting to get a truck because I do a lot of tree trimming work on the side and during my spare time. I think that should be self explanatory for why I'm interested in getting a truck.
2. My parents financed my current vehicle for me while I was in school, and unable to qualify for a loan because I hadn't meet the income requirements (internship problems). I've been making the payments on the vehicle, but the original loan it was financed with was not the greatest but it was what my folks could qualify for. At the time, I was thankful to have a vehicle and appreciated my parents assistance.
3. So the big picture here is that if I'm going to be making the payments, it might as well be on something fits my needs. Additionally, I will be able to qualify for a better rate and loan financing options.

So for the a** clowns posters that were quick to hate and make "troll" comments, that's my troll story and I hope it clears up any confusion.




Still need more info

Current payment
How much do you owe on the corolla and how many more months and what interest rate ?

And with the side business what kind of income are you generating annually and is it paid 1099 and or directly from customers or w2 income ?

Are you wanting to purchase the truck to increase your business write off amount to reduce tax liability ?


Just too many variables here to give you advice without knowing the full picture.











reproag
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coolerguy12 said:

Give us specs on your current car. If you think you are upside down on it you most certainly will be when you trade it in. They will take you to the woodshed on the value. I would reccomend making extra payments on your current car till you get out from under it. Otherwise you will start out upside down on your new car.

1. Get ahead on current car
2. Don't tell dealer you have a trade in. They know way more tricks than you do to get your money. Don't bring it up until the deal on the new car is all but done.
3. Don't tell finance department what you want your payments to be. Find a payment calculator and based on that tell them the terms of your loan. They can sell you a Ferrari at $500 a month if you extend it out long enough.
4. You can usually save a few bucks by financing through the dealer to get their incentives and then refincing later to get a better rate.

Unsoliced advice: Keep your current car if possible. If you can turn a wrench you can keep it running way cheaper than what you will spend on a new one. Get it paid off and then save up for your next car. My truck rolled over 150K a few weeks ago and it's just getting broken in.
1. Pick which truck want
2. Ask for the TexAgs contact for said truck
3. Avoid all the crap listed above
Jack Cheese
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reproag said:

coolerguy12 said:

Give us specs on your current car. If you think you are upside down on it you most certainly will be when you trade it in. They will take you to the woodshed on the value. I would reccomend making extra payments on your current car till you get out from under it. Otherwise you will start out upside down on your new car.

1. Get ahead on current car
2. Don't tell dealer you have a trade in. They know way more tricks than you do to get your money. Don't bring it up until the deal on the new car is all but done.
3. Don't tell finance department what you want your payments to be. Find a payment calculator and based on that tell them the terms of your loan. They can sell you a Ferrari at $500 a month if you extend it out long enough.
4. You can usually save a few bucks by financing through the dealer to get their incentives and then refincing later to get a better rate.

Unsoliced advice: Keep your current car if possible. If you can turn a wrench you can keep it running way cheaper than what you will spend on a new one. Get it paid off and then save up for your next car. My truck rolled over 150K a few weeks ago and it's just getting broken in.
1. Pick which truck want
2. Ask for the TexAgs contact for said truck
3. Avoid all the crap listed above

Perfect. Have to narrowly tailor your questions for this board.
reproag
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OldSoully said:

Jeez that was a low blow with the troll comments.

1. My current vehicle is a 2013 Toyota Corolla. I'm wanting to get a truck because I do a lot of tree trimming work on the side and during my spare time. I think that should be self explanatory for why I'm interested in getting a truck.
2. My parents financed my current vehicle for me while I was in school, and unable to qualify for a loan because I hadn't meet the income requirements (internship problems). I've been making the payments on the vehicle, but the original loan it was financed with was not the greatest but it was what my folks could qualify for. At the time, I was thankful to have a vehicle and appreciated my parents assistance.
3. So the big picture here is that if I'm going to be making the payments, it might as well be on something fits my needs. Additionally, I will be able to qualify for a better rate and loan financing options.

So for the a** clowns posters that were quick to hate and make "troll" comments, that's my troll story and I hope it clears up any confusion.



How much do you owe on the Corolla?
JSKolache
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You are the dealers' dream customer
RK
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Upside down on a corolla...one of the best troll lines I've read since the dvd/laserdisc thread. Love it.
Long Live Sully
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No wonder you are upside down on a Corolla. You use it as a work truck for tree trimming.

Everyone knows you get an old Celica for that.


Kids today.
AggieBarstool
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The real question here is... why is he still paying on a 4 year old Corolla? Are they that expensive now? Or were the finance terms that terrible?
aTm2004
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They probably went in and said "I want that car, but I'm not paying more than $xxx/mo." The sales guy blew his load, called his spouse and told her to book that Hawaiian trip, and gave them the car for what they were wanting per month.

Or, he's still making payments on a 60 month loan, which isn't that uncommon.
powerbelly
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aTm2004 said:

They probably went in and said "I want that car, but I'm not paying more than $xxx/mo." The sales guy blew his load, called his spouse and told her to book that Hawaiian trip, and gave them the car for what they were wanting per month.

Or, he's still making payments on a 60 month loan, which isn't that uncommon.


Yep. Negotiating payments instead of total price is a huge mistake.
10andBOUNCE
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powerbelly51 said:

aTm2004 said:

They probably went in and said "I want that car, but I'm not paying more than $xxx/mo." The sales guy blew his load, called his spouse and told her to book that Hawaiian trip, and gave them the car for what they were wanting per month.

Or, he's still making payments on a 60 month loan, which isn't that uncommon.


Yep. Negotiating payments instead of total price is a huge mistake.
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