This I cannot understand. I see a few people on here trading in their trucks every few years. WTF??

 

You don't know if they are paying cash for the truck, made a huge down payment, double up on payments, etc.

But if you are negative on your vehicle, it's stupid to trade it in for a newer more expensive vehicle.

 

The only time financing negative equity even comes close to making sense is if you can't afford the current payment, and you step into a much cheaper new vehicle to get your payments manageable by cutting them in half or less.

Stepping up in cost is never the way to go when you are negative, especially when you are 25% negative.

 

You said the repaired truck runs and drives fine. Why the rush to get rid of it? If it's not causing you problems fight the insurance company for the diminished value check and either use it to pay down your current truck, stash it in the bank or spend it all on hookers and blow. Keep the truck you have now and trade it in when you are ready to get a new truck. A 8-10 year old truck that has been wrecked years ago is not as much of a red flag as a 2 year old truck that was wrecked 6 months ago.

 

yep .. at least keep it until the warranty expires .. no out of pocket expense until that time, and gives you some time to pay it down and get the negative equity dealt with.

 

How would anyone know it was wrecked when you sold it? Other than paint overspray, poor masking job that left paint residue, body filler cracking, sand marks in body filler, or dust in the paint from the time it wet would be the only way someone could tell your truck has been repaired. The quality of the job would be the only thing that would decrease it's value. Most people can't even tell a poor repaint; it's probably because they don't detail their own vehicles.

You lose money anytime you trade a vehicle in. Common now, that's common sense on how a business works.

How would a future buyer know there was $14K worth of repairs on the vehicle. The only way they would know if it was wrecked is to see if there is a report on carfax, have access to a dealer oasis report if the vehicle was serviced there (I don't think that says the cost of the repair either), or have the knowledge to spot a repaint.

What? Why would you upgrade to something in the $55+K range? That wouldn't eliminate your loss. It would just stack it onto another loan so you can pay interest on it again for 5-7 yrs or more.

I'm guessing you atleast paid $40k plus interest on this truck. Your best bet is to keep it forever, or sell it private party for atleast what you owe or more. Then buy a vehicle for cash that you can afford. In Texas repairing wrecked/salvaged/stolen vehicles is a huge market. Lots of bad repaint jobs too. Oh and unless you can spot a poor quality job you might not even know. Clear title with no record of anything is a good way to hide it.

 

Thanks for the reply guys, but I was just wondering what to do about this. I've decided to keep the truck since it runs great and all the body work is top notch anyways. I was just making sure i was doing the right thing. I was just asking on trading it in because who couldnt use a new truck haha Anyways thanks for your help guys and oh it's for sale! Highest bidder wins hahaha

 

$1.

 

If it drives straight and was put together correctly, I would drive it till it is used up or put it on craigslist and just see if any Einstein comes and pays you what you want. I dont think trading it in to any dealer is going to be a good option for you.

 

Yup, just gonna keep it and run it till she breaks! Mmmmm more crazy mods now!