OregonMan
Oregon
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Joined: 04/25/2018
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Hi guys so money is pretty tight for me right now. I've got a 2018 Ford F150 with about 60,000 miles that I'm financing with about 7 grand left to pay off. I'm tossing around the idea of selling the truck privately and have seen similar used 2018 F150s selling online for 25 to 30k, realistically in a private sale I expect could maybe get 20 to 22k.
Then I would pay off the 7k remaining on the 2018 F150 and use the remaining cash from the private sale to put a 4 or 5k down payment on a 2022 F150, hopefully NET'ing 10k+ from the sale after all is said and done, although of course I would then have a whole new truck to pay off.
My question is: have any of you done something like this and is it worth the trouble? I've seen a lot of headlines that the used car market bubble has "popped" whatever that means. Are people having trouble selling their used trucks right now?
I know that selling a vehicle privately can be a challenge and times are kinda crazy right now so I'm definitely not sure about doing this, but really need the cash. Appreciate any feedback/thoughts/experiences on this.
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time2roll
Southern California
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Joined: 03/21/2005
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Money is tight? Don't even think about it. The net effect is you are spending a sizable bucket of money.
Focus on eliminating the $7k and see how it goes with no payment.
2001 F150 SuperCrew
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rjstractor
Maple Valley, WA
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Trying to raise cash by moving up to a newer vehicle is a losing proposition. I'm not trying to be preachy, it's just that I've been there and done that and it ends up costing you big time in the long run. IMO, switching from a 2018 to a 2022 isn't really much of an upgrade, the increase in capability is minimal at best.
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ksss
Eastern Idaho
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Given money is tight, pay off the 7K and be happy for no payment till you get through your "money is tight" issue. Remember your loan rate on the '22 will be considerably higher than what you paid on the truck you have. Money aside, what will the '22 do for you that your existing truck wont do? Other than increase the time it will take to actually own the truck. Seems like bad timing financially, but beyond that, I am not sure what the benefit is other owning a new truck. That new truck smell goes away but the payment wont for a long time.
2020 Chevy 3500 CC 4X4 DRW D/A
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wowens79
Georgia
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Don’t do it, even if money wasn’t tight. Going into more debt is not the way to get out of debt.
A 4 year old truck with 60k miles is good for another 12-15 years. Pay off that $7k, then keep making the payment but to a savings or investment account, then pay cash for the next truck. Flip the cycle one time and you’ll never worry about a car payment again.
I was in your shoes 16 years ago. Trust me having no payments is the way to go.
That old truck in my signature is getting to retire in about a month after hauling me around for 20 years. A new F350 is being built next week, but I’ve already made the payments for it and more over the years.
2022 Ford F-350 7.3l
2002 Chevy Silverado 1500HD 6.0l 268k miles (retired)
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Grit dog
Black Diamond, WA
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Presuming your current truck is a base model 2wd or something? Not the typical crew cab 4x4, hence the low value?
RegArdless, it’s a good thing you asked, as milking cash out of equity is rarely a good financial decision, unless you are playing the system like folks do with houses.
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RetiredRealtorRick
Gulf Shores, AL
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Joined: 04/17/2020
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If money is tight, there's only one answer, however . . .
What's the price of the '22?
Let's say it's $60,000, and you get $20,000 for your '18.
Ask yourself: Sure, the '22 is a nicer truck, but is it really TRIPLE the truck your '18 is? Maybe it's 20% nicer, maybe 50% nicer, but is it 300% nicer?? I think you know the answer to that.
. . . never confuse education with intelligence, nor motion with progress
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theoldwizard1
SE MI
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I just received my 2022 F150 in May. 6 months after I ordered it.
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ford truck guy
Pennsylvania
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I went from a 2019 F150 with the 3.5 eco boost to a 2022 with the 5.0…
Considering your still into your 2018 for 7k, don’t do it….. There is NOT that huge of a difference , not enough for you to be behind like that…. Get that 2018 paid off along with any other debt you have and then look into a new truck….
DO NOT get into finical trouble because of a vehicle.!
Me-Her-the kids
2020 Ford F350 SD 6.7
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nickthehunter
Midwest
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The payment on the new truck will be considerably higher than the payment on the old truck. How does that make money less “tight”? If you can swing the higher payment, then put that higher amount into paying off your current truck sooner. Once it’s paid off, you are that much less “tight”.
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