Should I sell my truck?

Thank you sir! I have a pretty good job at one of the Big 4 accounting firms. I have been putting money into my 401k for the past couple of years and I have built a nice savings account. The truck was mainly a gift to myself. At the time I was running a property preservation business so I needed a new truck after my F150 broke down. I bought this truck with the notion that I would be able to sell it down the road and not loose half of my money to depreciation.

 

Great looking truck .... tough call! Any idea when office and regular local activities will re-open?

 

The used market is hot right now or has been my way (Tennessee). If you only have the truck for commuting purposes, rather than pulling boat, RV or such then sale. With the MOD's you have in the truck I think you can recover original cost of the truck.
If you decide to keep it....just think about the savings in fuel you have had and are having with it just sitting in the garage. Then use that fuel savings to pay extra principal each month.

 

I’m only a year or so older and just had a “treat yo self moment” when I bought the new tundra. Obviously too new for me to want or feel the need to sell it. Financially you are far ahead of about 95% of the people at your age. With a solid understating of money and how to pay yourself I honestly don’t think you can go wrong. Knowing all of that I would say keep the truck if you LOVE it, or sell it and buy a new one later. You will be fine either way. Life is short. You are ahead. Do what you want!

 

No idea, even once they open back it will be at least a year before we are all back in the office.

 

Yup I am going to pull them off before I take it in so that way I can recoup some of that money.

 

You're right man! This purchase was basically the same type of purchase you had! I have until Tuesday and I will update as to what happened!

 

I’m in the same boat. Avalanche grey Raptor (favorite color offered only one year) just came in at dealership where my good buddy is the sales manager.

Rather than drop the $7K I was planning on TRD Pro shocks and rims / tires, am thinking of just getting the Raptor.

Raptor has similar resale as the Tundra, so won’t lose much if I want to get the new TRD Pro when it maybe comes out in late 2022 (probably later).

 

Here's the redneck way to analyze this:

Debt = Bad
Debt Free = Good

 

If only it were that simple!!

 

Nice calculations! the finance degree will definitely be very useful. Most of the richest people were finance.

I learned you also put a price to your time, even outside of 'work'.

 

If you don't need a truck sell it. I tow a big boat and use truck for hunting and hauling so I need mine. If you don't need for those type of activities then sell it. Especially if you can get by with one vehicle for awhile.

 

I bought my 2020 Tundra in March right when all this covid stuff happened. I've thought about whether or not i bought it too soon a few times now since i'm being told i'm definitely working from home 100% of time going forward. Wasn't really expecting to be working from home this long much less turn permanent. Either way..I've decided to keep it and it 'goes under the knife' in the coming weeks.

 

I'd bet if you called Ramsey he'd say to sell it.
But I think you should keep it.
If you sell it you WILL buy another truck within a few years. Just keep it. Make the payments and soon enough you will have a low milage truck that is paid off, which will feel pretty good. Keep it for a long time. Moving forward, resist the urge to trade it in or do additional mod's to it.
This would be a smart family decision, for the long haul, in my opinion.

 

I have a 2018, purchased October 2017. With 17,200 miles. Mine sits and I drive a scion to work. I owe 16500. Dealer is offering 38K. I may trade and just capture the equity. Always need a truck. Or maybe just out right sell....and get a used.

 

Damn you can net $21.5k in equity! I’d seriously consider that if you can get by for a while without a truck

 

I would sell as well. The market is insane for used trucks.

 

My understanding is there is a shortage of new Tundras. They are selling them faster than they can build them so the demand for Tundras specifically are high right now.

I bought my 2014 in 2017 for 22k and Carmax just gave me an offer of 31K. My truck, however, is paid off and I originally planned on being buried in the thing but my wife and I have been talking options. I used to tow a boat with it but we had to get rid of that money pit so while I love the thing, it's hard to rationalize keeping it. At the same time, it's paid off so it is not costing me anything.

It's a tough call but it's a good problem to have. Good luck!

 

$34.5K?? Sell sell sell

 

Thanks to everyone for their replies, I am announcing my truck has been officially sold.

The process was quick and easy. I’m sure I will be back in a Tundra again just not sure when, maybe when the redesign is released!

 

What was the final offer?

 

You know that tomorrow you will want it back.

 

I don't know what you were using your truck for, but if I were you, I would sell it. I would go to https://www.scrapi.com/scrap-car-collection. Whatever vehicle you want to pick up and scrap, they have solutions. If you have a large van for work or personal use, an RV that you live in for a long time, or a fleet of vans that have reached the end of their useful life, they have tow trucks and crews that will do the job. If your business relies on your van or truck, you need to know that not only can you get it for free, but you can also get high prices that you can set for a new business asset.

 

This is an old thread, but hey welcome to the forum! You might want to start a new intro thread and post a pic of your truck.

 

So, my truck was the main vehicle for a while as we have two kids and my wife had a civic. I'm a service tech so I have a work van. My truck was driven daily until we traded the civic for a highlander. Bow my truck sits the majority of the time. I feel where you're coming from but for me personally, I couldn't sell mine. I still pay on it but it's mine. It's my truck. Everyone else can have what they want. I get MY truck. Plus we use it to haul shit every now and then. But it gets driven 3 times a week probably.


Edit: just saw how old this thread is