July 21, 2008

Want To Buy A Car, Or Maybe A Truck?

Since my wife's new company provides her a company car, we had planned to sell her car. Unfortunately, because we bought her car new and it is only 2 years old, we would be upsidedown ~$3,500 if we tried to sell it. So, we decided to put my truck up for sale instead.

It makes sense for us to keep her car - it gets much better gas mileage than the truck, has 25K fewer miles, and is 5 years newer. We also just put new brakes on it. The car payments are $157/month more than the truck and insurance is $29/month more, but we should make most of this up in the gas savings alone.

The first day I put the truck up for sale, I had a gentleman come by and make an offer. I accepted, had the truck smogged, paid down the loan to the amount we agreed upon and contacted him to complete the DMV paperwork. When I got a hold of him, he told me his wallet was stole and needed more time. Since we know some of the same people, I gave him the benefit of the doubt, but he flaked and has not called me back since. Lesson learned: Get a deposit before jumping thru hoops.

It's a tough time to sell a truck. Thankfully, it's a V6, which isn't great with the current gas prices, but at least it's not a V8.

4 comments:

Stephen said...

Good luck with selling your truck. I have a 2001 Dodge Dakota 4WD V8 that I'm trying to sell, and haven't even received an offer yet. Gotta love those gas guzzlers!!

budgets are sexy said...

Oh man, same here boys! Just put my 05 Toyota Highlander on the market - only minor nibbles in the week. Are SUV's not longer "cool"? haha...

Good luck with it everyone!

1MansMoney said...
This comment has been removed by the author.
1MansMoney said...

Stephen and J. Money,

Good luck selling your Dakota and Highlander. Unfortunately, I think we're all in for a tough sell.

With the increase in gas prices, it's interesting to see how many of my co-workers are now riding motorcycles or bikes to work.

-1MansMoney