Should I sell my truck?

Due to the pandemic, I have been working from home with not sign of going back to the office any time soon. Due to this my truck has just been sitting in the driveway as I continue to make payments on it and pay insurance.

I currently owe $18.5k on my truck and I was offered $34.5k from my local dealer. The truck is a 2017 SR5 5.7 4x4 with 57k miles. I originally paid about 37k for it.

It has the following mods:
Katzin Leather
Remote Start
TRD Sway Bar
OEM Bumper step
ECoological Bumper Caps
Pop Lock
FRAC Camera

I am not sure if I should sell it or continue paying it. I drive it occasionally but it is costing me about $1k to have it parked in the driveway. Where do you guys think the Tundra market will be heading? What would you guys do?

 

If I was in your position, and I kind of am, I would sell. No need wasting the money every month plus depreciation.

I have a wife and two kids. We did sell my wife’s car cause we both work from home and neither will be back in the office, maybe ever. We use my CM for everything.

 

My wife and I were both working from home but her office opened up. Since her car is paid for, we would be keeping hers and getting rid of mine.Thanks for the reply!

 

Thanks for the reply! That my exact thought process

 

That is exactly what I am facing now. I probably put less than 200 miles a month and that only because we drive it on the weekend.

 

A little off topic but I really like those tires/wheels. Assuming you didn’t get any lift, that might work well with my truck. What rims and tires do you have?

 

And I would sell it myself. Why not recapture your original $37k?

 

Is your Tundra a six passenger?

 

Nope it is 5 passenger

 

I was thinking about this, but due to the current financial situation, I figured it would be easier to go through the dealer since I would only be out $2.5.

 

Man where do you live? Thats a great offer on that truck. Used Tundra prices are sky high right now. I'd say we are in a bubble, strike now I say. Sell that thing and put that money in the bank. When the pandemic chills out and inventory comes back up the prices will fall again. The money they are offering you on that truck seems crazy. If they are offering you 34, what are they going to try to sell it for? 39k? Ive seen some guys here recently talking about what they've been offered for their trucks, its crazy!

 

I live in Dallas man! Yeah it’s a crazy market.

 

Since you aren’t driving it, sell it and buy a 10k truck for cash to use for pickup duties

 

they are stock tss wheel and tires. Here’s an up close picture

 

I say if there is any possibility you will need a truck again in the future, like within the next year or even two keep it!! You will have a low milage paid off truck to use, and you won't have to blow another 40K plus on a new one.

-T

 

My truck is older than yours, paid for, and was a pretty good deal at the time. For those reasons, I don't mind it sitting in the driveway while I work at home. If I was making a monthly payment, and not upside down on it, I would sell it in a heartbeat. You can always get another one when the time is right! I would either bank the profit, or use it to buy a truck for cash and not feel bad to let it sit. Then again, might be smart to hold the money until the market settles down and then buy. Good luck with your decision.

 

Agreed

 

If you don't need it and you're not replacing it right away, since used (and new) car prices are crazy high, then I'd agree with everyone who says to sell it. Sit on the cash. Why get another thing that will just sit there that you have to pay insurance, maintenance, and registration/taxes on?

Keep the cash in a savings account or something just in case, god forbid, something happens to your other mode of transportation?

 

I thought the same thing a few weeks ago and decided to sell. I got an offer from Carvana I could not turn down. $34K for a 2015 with almost 38k miles. I paid $35k for it back it 2015. Mine was paid for but it was also a 3rd vehicle. No sense in keeping it and paying the property tax and insurance on something I drove once a month to Lowe’s. Decided I could do something more for the family with the money so we’re putting in a pool this winter.

 

What are you going to use to haul all your crap if you sell it?

 

Rent from Uhaul/Lowes/HomeDepot. If you just need something once every quarter, or less often.

 

Haha! I put a hitch on my wife’s RAV4 so I can at least take my little utility trailer to Lowe’s for a 2x4 if I need to. About as manly as it gets I know...

 

For all that are driving less while working from home you can reduce insurance costs by switching to a low mileage policy. You can do this with current company.

 

Damn this is awesome. Makes me feel like a dummy for buying a new truck right now haha. If I were you I would 100 percent sell it and wait for the market to cool and get yourself a new truck with no payment

 

I’m in the same situation as you with my 2019 TRD pro it sits in the garage I take it out maybe once a month it has 8k miles on it I figure that its going to be my last new truck I ever purchase i drive my other 2 beaters every day wen they die I will junk them and the Tundra will be new but who knows what life will throw at you that’s some good money their offering but if you buy another new truck In the future your going to pay a premium for it i dont know man it’s tough sorry I have no good solution I’m confused my self Dave Ramsey say SELL IT but he’s a millionaire that has plenty of his own toys

 

now is a good time to sell if you are thinking of it. I work from home too but I love my truck and we use it for family trips and hauling stuff. It has been parked for a month now and on trickle charger. I expect the current covid situation to change in 8 to 12 months. Once we back to normal I think we will go back to commuting again at some point.

 

Sell it and save half the money for a used Gen 1 or 2 then come back on the forum and we will help you fix the leaks and squeaks.

https://dallas.craigslist.org/ftw/cto/d/granbury-2004-toyota-tundra/7190927559.html