Long story short... I was in the service making OK money(contract ended and I got out. not going back in) and my job that I have now sux, and I find it hard to make ends meet...something is always late. I don't want to but should I sell the truck? I know that I will regret it but money is hard to come by these days. AUG will be one year that I have had it. I owe just a little over 18K on the 31K sticker and have over 12K in aftermarts on it. My payments are around 480. Please give advice

 

Dude, I know how it feels.... been there done that.... twice in a row.

So you're paying $5760 per year. But you've put 12k in aftermarket accessories? First off... you shouldn't put aftermarket stuff on something you really don't own yet. Unless you can totally afford it. 12k on mods is very excessive, especially if you had such high monthly payments.

I don't plan on doing anything major with my '07 until it is truely mine. I just keep giving payments and lowering how much I owe considerably each paycheck... heck I make 3 truck payments a month... and I'm so far ahead on my payment schedule it isn't even funny... so if the bottom fell out for me or something, I wouldn't have to worry about paying the truck right now as of 14 months. So I'm technically 14 months ahead of the ball on my truck according to my payment book.

Some might think I'm stupid for not just giving "extra" on the payments... well, why give extra, when I can just back myself up for the future. I can't predict the future... even if it's just gonna cost me a little more for the peace of mind.

You might be thinking... "yeah, well this guy has another truck... what does he care if he has to sell his F150?!" Well... I've got a good answer: My f150 is my daily driver, and my Dakota will never be.

 

how many of the stock parts did you keep? if you kept most you could part out most of your aftermarket things and get some of the money back from that... im sure some people will tell you differently but if i were you i would part out, sell the truck, and then after paying off your loan you would still have a few thousand and just buy like an older ranger or something CASH so you dont have to worry about payments until you can truely afford a nicer car.

 

I was going to part out with my Ford Escape, sell it, and get what money I could for it and look around for a nice used truck... somehow I ended back in a new truck. Still happy though... but for about 17k I could have gotten a nice F250 PSD 7.3 with all I wanted. Sacrafice.. sacrafice, sacrafice.

 

Sell your aftermarket pieces for extra cash. Find a better paying job, there out there you just have to search.

 

Keeping it or selling it depends on what you're going to do for a vehicle and how you'd pay for the vehicle. If you're going to finance another vehicle, what will the difference be between the new payment and what you've got now? If you already have another vehicle then I'd say let the truck go. But if you're gonna be paying $400 amonth to finance a different vehicle then you're really not saving enough to make it worthwhile. I guess what I'm getting at is we dont have enough informatiopn to make an informed decision.......

 

If you want to keep your truck, sell your aftermarket parts. Let's say you get $6000, use the $6000 to pay down your 18K loan. Now you have a 12k loan that you can refinance for 48 months assuming a 7 per cent rate, your monthly payment should be $287 or $237 if the truck is refinanced for 60 months. But before doing anything, contact your bank and see if they are willing to refinance your truck and what rate they will offer you. Your other option is sell the truck, and get into a more affordable and fuel efficient vehicle.

 

I understand where you are comign from but with out knowing all the other "PERSONAL" information that you SHOULD NOT post on here. Us telling you what to do isnt really going to help you. We dont know your current situation completely. You'll just have to try and figure this one out on your own... Only other idea's I can come up with

Any room in your schedule for a second part/time job? I have a lawn service and cut 7-10yards a week for my x-tra cash, and sock drawer money.
Any other monthly bill's you can eliminate or lower? Cable TV, Cell Phones, Cig/beer? All that stuff add's up! Just sit back and look at the big picture, Only you can make the call on what needs to be done. I'd personally do what I could do to keep my truck. Im like you and only owe 12-13k more, and I'd hate to start over on a new payment book, or try to find a used one and have to dump the money Im saving on the notes into advance or autozone for parts, and pieces that may break on a used auto.

Good Luck, as Im sure it will all work out for the best!

 

Don't sell. Don't make important decisions when you are upset. The truck is an '06 and you paid down almost half. You also added 12k of parts plus your own labor. If you sell you now you will probably loose big. Used car buyers go by book value and don't appreciate or understand customization. On the other hand, you built the truck the way you want it, and now you must fight for it. The predators will be knocking at your door with cash on hand, don't let them in.

You need to get focused. Cut other costs, get a roomate, bare-bone all extras like cellphone, cable, internet, etc. Quit alcohol and tobacco. Get another job. Work overtime.

Look at it this way, if you come out ahead from adversity, you will have learned that you are better than you thought, and that alone is worth 10K.

 

You coudl see another bank about loaning you on th 18k you owe, which would lower your payment and may give you some comfort. If you finanance that beyond the term of your original loan, you'll pay more in interest on that 18k if than if you left the loan as is. But idf yo sell now you will likely lose more than teh extra interest on a refinace. Good luck.

 

I'm working two jobs and quit chewing copenhagen to make my ends meet, get out of debt, etc...... more than worth it. You'll be tired for about a week, but you'll get used to it.

GOOD LUCK..........thanks for your service!

 

i would suggest taking some budgeting classes. if you cant make ends meet but have 12k in mods on your truck, something doesnt add up. sell whatever aftermarket stuff you can and put back the stock stuff. there is nothing wrong with riding in a stock f150. put that hopefully 6k into a savings account so you have a nest egg. cut back on going out to eat, beer, give up cable, hi speed internet cell phone for a while until you can support yourself again.