New Truck - Loan APR

[pickardjw]

I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?

Just the way my brain works....

So, you're saying you WOULDN'T be satisfied with a $16k vehicle and NO payment?

(I hate debt! Wife has gained 200 credit rating points since meeting me, and she isn't really all the way on board yet!)

My credit is in the excellent range. I've always been told I need two active lines of credit, so I have a credit card that I consistently pay off and an auto loan.

I would much rather have an auto loan and a reliable car than no debt and a car I constantly have to fix.

[pickardjw]

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it!

[buckfvr]

You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

[pickardjw]

You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

[jrebel]

You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

If you get 25% more for your truck....no, you will be money ahead.  if you sell it for the trade in value....yes, you will have made a poor decision.  Sales Tax is 6.5% so you just have to beet the trade in value by 6.5%...which should be easy. 

[Stein]

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it!

If you're talking selling a truck for $25k and buying one for $26k that's a lot different than trading one in for $24 and walking out with a $70k truck.

I would do that.  If I owed $12, I might even look for a $15k truck.   

[Karl Blanchard]

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it!

I'm here for ya buddy 

[pickardjw]

You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

If you get 25% more for your truck....no, you will be money ahead.  if you sell it for the trade in value....yes, you will have made a poor decision.  Sales Tax is 6.5% so you just have to beet the trade in value by 6.5%...which should be easy.

Yeah I think the logistics between selling the one car I have and hoping one of the ones I want is still available when it does sell makes private sale tough. One truck is in Portland and another is in Utah...just makes me nervous. Also, I'm a terrible negotiator