should i do this?

[EliteConcept]

first off i'm in college and only work part time. tonight a friend came up to me if he came up to me with $5000 if i'd sell my truck. I said yes, because its a 92 with 130,000 miles. it runs great and i don't owe anything on it so it would be $5000 down towards a newer explorer or expedition. If he sells his truck this situation is very possible that this could happen....should i do it and get roped into more payments? If i get a 10,000 truck i could put 5,000 down i think that would lead to very low payments.....

what would you guys do?

thanks
ryan

 

[ShadowA2J]

Low payments is right. Like around $100 a month or less. It's just up to you wether or not you want or can afford payments.

 

[Redrig]

i would think a 10,000 dolar truck would have close to as many mile atleast in the 80,000 range but u would be a couple years newer. i would trade a small payment to be a little newer if thats the truck i wanted.

 

[EliteConcept]

yeah i could afford $100 a month......the 92 just has some paint problems that i don't really like

 

[Redrig]

id like to restate what i said. you would also be getting less miles and a nicer condition truck yeah go for it....

 

[EliteConcept]

Yea, i just hope that he can sell his damn truck....so hes not getting my hopes up

 

[Alec]

$5000 sounds great for your truck.

 

[MONMIX]

$5,000.00 down, yeah that is awesome. but DO NOT tell them what the down payment is till you agree on a price.

 

[hrbib21]

Originally posted by ShadowA2J
Low payments is right. Like around $100 a month or less. It's just up to you wether or not you want or can afford payments.

they won't be that low. The bank will insist on a shorter term (36 months?) instead of 60 months hence, a higher than $100.00 payment.

 

[karl_burns]

well..... the best advice would be......

...... read the last question on the FAQ page of this site. As much as I am ready to do the same thing as you are contemplating, the ideas in this paragraph are not only true, but are fantastic long term planning.

But who am I kidding, really? Sell your truck. Take the $5K and either a) walk to wherever you need to go for a while and search long and hard for an excellent deal on another used ride (preferably Explorer), or b) shop for a new truck and make sure you qualify for one of the awesome "60 months with no interest"-type financing deals. That would be the best scenario imaginable!

Best of luck. Keep us appraised of what you decide.

Karl

 

[MattStarr]

I paid $11,100 for my truck. I put $5600 down, leaving me with a $5500 loan. The loan is for 48 mos. @ 7.5%. My payments are $133.79 a month. I hope this gives you a ballbark range for what you might end up paying. I'm a freshman in college and I can handle the payments just fine, so you should be alright!!

 

[EliteConcept]

yeah that doesn't sound bad

and my bank autoloans are currently at 4.9 % so i figure i'd end up with like 5% something since i wouldnt' get a brand new car...not too bad

 

[udmsvt]

INSURANCE

everybody else seems to be ignoring the insurance issue. i am guessing that since you own the truck and its a 93, you dont have full coverage? well, it may be different where you live, but a car loan requires full coverage...thats why i am not in a new x right now. i am in college too....paying 19k/yr. i could afford the payments on a new x, but not the 300+/mo insurance. vs 120/mo i pay now, on top of the loan!

 

[MattStarr]

If your a good driver, your insurance shouldnt be all that much. I have a loan and my insurance is full coverage. My insurance is 95/month. Now that is with 1 accident and a ticket, and numerous warnings on my record. Just tell the insurance company you are in school and you use the truck for transportation to and from school. You'll get reduced rates if your a student with good grades, not to mention, since you now use your truck as a means of transportation to and from school, which for educational purposes, you can write off mileage and such.:redexp: :yelexp: :exp: :exporange :yelexp: :redexp: :exp: :exp: :yelexp: :redexp: :exporange

 

[Shurup]

As I know, %s for autolaoans for new cars are less then %s for autoloans for used cars.