I may (but hopefully not) have to sell my tundra...wondering what a good price would be

Background: wifes car got flooded in helena and insurance isnt gonna give us much for it. It was a paid off camry and was supposed to last another 5 years or so. So now we probably are gonna have to get a car payment for her. Between that, looking for a house to buy, and having to replace everything we lost in helena Im not sure I want to carry two car payment, especially since both mortgage rates and house prices are high. My truck intrest rate is low (below 4%) but the payment is high (just under 800) which was fine since it was supposed to be my forever truck, but if she gets a payment it would probably be about 4-500 and I dont think I want to carry car payments of 1300/mo.

So im thinking of sticking myself in a beater so she can get something nice. Im wondering what you guys think a good asking price would be.

Its a 2017 limited 5.7 inferno orange with black leather interior. It has the TRD 4x4 off road package, Tow package with hitch, tow/haul mode, electronic trailer brake, hardtop tri fold cover, deck rail system with adjustable toe downs, the side mirror alert sensors and all the way around parking sensors and heated seats. I also tinted the windows.

I bought it with 96k miles in 2022 and it has about 115 or 116k miles on it. It has (from the previous owner) very minor exterior cosmetic defects (some rubbing on one side of the rear box, a slight tailgate ding, and a rock chip on the hood). Nothing major, really cant tell until you are standing right next to it and are looking for it.

It runs great and has never had any issues. I owe around 25k on it. I really hate to sell it but im going back and forth on if it might be what I have to do. If I have to sell it what do you guys think I might be able to ask for it on the private party side?

Thanks.

 

may i suggest maybe refinance. if not i have a SR5 2017 extended cab 150000 miles . kelly bluebook put its value at $19500. and thats what the dealership offered as a trade in on a 2024 sr5. i live in montana and 4x4 hold their value.

 

Rates are worse than when I bought it. The credit union we used based on credit score offers the following rates:

Years. Rate
22-24. 6.24
18-21. 6.79
17 and older=9.64

My current rate is less than 4% (I think closer to low to mid 3s) so I dont think refinancing would help. We bought the truck right before rates shot up.

 

Sounds like you are probably right on the edge of just getting the payoff for the truck. KBB value in very good condition in Texas is $24k-$28k. You may be able to squeeze out the $28k for the right person who wants that specific truck/color.

If it was me I would list it and get out of that big payment and into 2 cheaper used cars. My worry would be getting upside down on the truck in the near future and be in a worse spot.

 

I don’t think anyone is saying to refinance to lower your rate. If you refinance now, your financed amount would only be for 20 grand. You can extend your term out a couple years and probably cut your payments in half. Yeah, you’d be paying on the loan longer and would pay more interest, but you also get to keep your truck.

 

Spend 500-1000 bucks and talk to a real financial planner. Make sure all possible avenues are taken including tax write offs and insurance claims / fed aid programs due to the hurricane.

Then have that financial planner rip your monthly budget and expenses apart and figure out the smartest way reach your goal of owning a home and being more financially stable (6 month to 1 year emergency fund).

Selling your truck is a bandaid if the logic behind your budget has flaws.

 

Keep the truck and let her drive it, make it with one vehicle until you get a home. Or buy a beater and she drives the truck and you drive the beater or vice versa.

 

Get yourself a FGT.