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Buying a used SUV...what should we do with our truck?

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#1

Posted 03-18-2012, 09:19 AM

Wayshar

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Buying a used SUV...what should we do with our truck?

DH and I are looking to buy a used mid size SUV like a jeep compass or ford edge, costing approx. $8 - 10K. We have a 96 GMC truck that has almost 200,000 miles on it and it's going to need some repairs soon. The AC won't stay cold for long, the radiator is leaking, it will need new brakes, the motor runs great, and it's never been in a wreck. We want to either sell this truck and take the cash to make a downpayment on the SUV, or trade the truck in. In my area we can sell a truck like ours for at least $2k. Do you think the best option is to trade it in or sell it?

Also, since we will have to finance the SUV what's the best option? We have a small town bank, a BOA, and TD in our town. There is a credit union in the next city over. My DH is a teacher and I work for a non profit. Our annual combined income is approx 40K a year and we have average credit.

What do you'll think my best options are?

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#2

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03-18-2012, 11:39 AM

Brian1 is offline

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Generally speaking, you'll get the most money selling your car if you sell it to a private individual.

Generally speaking, you'll pay the least amount of money for a used car if you buy it from a private individual.

Generally speaking, you'll find the lowest interest rate on a car loan from a credit union.

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#3

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03-19-2012, 04:14 AM

PiratePenguin zoomzoomin Member sinceDec 2008 Posts3,948 LocationCaptain Morgan's Ship Reputation 919 Followers 2 + Give Rep	The dealer will probably only give you about 500 for the truck. Id sell it locally.
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#4

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03-19-2012, 05:35 AM

anonomous L2: Beginner Member sinceFeb 2008 Posts74 Reputation 37 Followers 0 + Give Rep	if you can get 2k for it, then sell it because the dealer won't give you that much as a trade in. Expect $500 to $1000 at the most for trade in. For your financing, you can check online here [bankrate.com] for rates, and compare those to rates your bank can give you.
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#5

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03-19-2012, 07:27 AM

PiratePenguin zoomzoomin Member sinceDec 2008 Posts3,948 LocationCaptain Morgan's Ship Reputation 919 Followers 2 + Give Rep	I'd ask the bank you use for their % for the car loan. Also the dealer has a book they can use to get you better rates. I bought new and the manufacturer was offering 2.9% but they rang up my credit and a different bank was offering much lower so I took that.
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#6

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03-19-2012, 11:33 AM

jordanz12 L4: Apprentice Member sinceJan 2012 Posts431 Reputation 90 Followers 0 + Give Rep	Can't you just get a loan throught he dealer you go through? That's what I did a couple years ago when I bought a used car. They took care of everything and found me the best used car loan finance rate based on my credit check. That way no extra work was needed on my part. Worked out great...
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#7

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03-19-2012, 12:18 PM

PiratePenguin

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Quote from jordanz12

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Can't you just get a loan throught he dealer you go through? That's what I did a couple years ago when I bought a used car. They took care of everything and found me the best used car loan finance rate based on my credit check. That way no extra work was needed on my part. Worked out great...

Right but you can also sometimes find a better rate at your local bank.

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#8

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03-19-2012, 02:19 PM

vaultaddict

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Doesn't sound like a car payment is going to help your situation.

How long will it take you to save up and pay cash?

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#9

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03-19-2012, 02:37 PM

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Best option for moving the truck is to sell it to someone if you can get $2k.

As for the financing, to give you an idea I just bought a $5k car, came out to $5,500 after the fees and such. The best rate I got offered at the dealership was around 7 or 8% but I was able to go through the PenFed credit union and get a rate of 1.99%. I had to pay it back in 24 months given the age and mileage of the car I got, you may get a better term if your new car will be new enough.

I second the recommendation of bankrate.com, it will be an excellent resource for comparing rates and estimating payments for different loan rates/amounts.

CbusGuy is now CantonGuy

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#10

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03-20-2012, 03:35 AM

dealgate L7: Teacher Member sinceDec 2005 Posts2,556 Reputation 571 Followers 0 + Give Rep	Keep the truck for when you want to haul stuff. You aren't going to be able to fit Richard in that tiny SUV you are buying. You won't get squat for it anyway, lower insurance to the minimum and park it. Always nice to have another vehicle too. E finita la cuccagna Politics may not be the oldest profession but the results are the same.
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#11

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03-20-2012, 07:38 AM

Wayshar is offline

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Thank you all for the great advice and ideas, I knew I would get suggestions that would help me "think outside the box". We have to have 2 vehicles. My truck is newer with less miles on it and paid for, my DH will be getting that as a "hand me down" and I will get the SUV. I was also maybe thinking of getting a small extra cab truck like a colorado or explorer instead of an SUV. We live in rural north florida, and have livestock. Our incomes are OK for this area and I consider us middle middle class Smilie

Smilie

We'd like to pay cash and can probably save $8K in a year, however I'm afraid dh's truck isn't going to last that long. He is a teacher and works a summer job that requires 200 or so miles a week of driving.

I'm looking into bankrate there is a lot of great info on that site. Thank you for directing me there!

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#12

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03-20-2012, 10:42 AM

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Another option would be checking to see if they offer a vehicle scrapping program. In California, they will pay you upwards of $1000 for your vehicle to scrap it depending on age. Only requirement is that it is "high polluting" , of a certain age (depending on emissions), and in running condition (can make it to the junk yard on its own power - not towed or pushed).

My brother was able to scrap his 1991 Acura Legend w/ 180k miles, missing bumper, leaking fluids, and engine problems for about $1500.

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#13

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03-20-2012, 11:44 AM

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Another option would be checking to see if they offer a vehicle scrapping program. In California, they will pay you upwards of $1000 for your vehicle to scrap it depending on age. Only requirement is that it is "high polluting" , of a certain age (depending on emissions), and in running condition (can make it to the junk yard on its own power - not towed or pushed).

My brother was able to scrap his 1991 Acura Legend w/ 180k miles, missing bumper, leaking fluids, and engine problems for about $1500.

Say what?! I have an 84 carbuerated blazer that runs and everything works. I could only sell it for probably $800-1000 bucks tops though.

But if I could scrap it and get more money, I'm all game! How do you do this? Who do you contact?

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#14

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03-20-2012, 12:05 PM

zzyzzx L9: Master Member sinceSep 2009 Posts4,915 LocationBaltimore, MD USA Reputation 434 Followers 0 + Give Rep	For an old truck with 200,000 miles on it, I'd trade it in. It's worthless no matter how you try to get rid of it.
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#15

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03-20-2012, 02:48 PM

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Say what?! I have an 84 carbuerated blazer that runs and everything works. I could only sell it for probably $800-1000 bucks tops though.

But if I could scrap it and get more money, I'm all game! How do you do this? Who do you contact?

It depends on the state and your area. Check with your junk yard or scrapping yard. They helped my brother find the best option.

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