I think I'm going to have to get rid of my truck. I can afford it and I can afford the gas, but I can't afford both of them at the same time. :doah: I'd rather not go into the reasons I bought a new truck when I'd rather have had a used one, but here I am, stuck with a 2005 K2500HD with 8,000 miles on it that nobody will want. It's a standard cab 6.0 with nv4500. Kelley Blue Book value on it is $22k, but I talked to a dealer about trading for a late 90's diesel and he said he couldn't give me much more than $18k on it because he could get a brand new truck like mine for $21k with the discounts they're offering now. I did get GMS discount plus $3k cash back on mine but it was still more than $21k. In the interest of full disclosure, I still owe about $23k on it. I wouldn't mind taking a loss of a grand or so if it meant I could get out from under it, but I don't think the KBB value reflects the real world value. With the way the GMS pricing is affecting the price of used vehicles and the fact that 2006 models with be a thousand or two less than new 2005's, I realize for one thing that I got screwed over by buying a new 2005, but is there hope that the value of my truck might go back up when all of this blows over? Or should I try to sell it soon so it won't depreciate too much? If I'm going to sell it I need to do it soon before cold weather hits and the price of 4x4's goes up, because I need something to drive this winter to school. Has anyone ever dealt with a place like CarMax, where they will appraise your junk and buy your car from you for that price? I have a funny feeling they won't want to give me anything for it, especially seeing as how it's a base model with a standard transmission. It does have a locking rear diff and tow package, but 99% of truck buyers only care about heated seats and who knows what other extravagant BS, none of which my truck has. Maybe I'll get lucky and someone who wants a real truck will be interested, and maybe they'll have an older real truck they want to trade. I'd like a mid to late 90's 2500 with a 6.5TD and nv4500, but finding one of those in decent shape is altogether another pipe dream. So, any advice for someone stuck between a $500/mo. payment and $2.50 a gallon and a hard place? Better yet, does anyone have a 6.5TD they want to trade. oke:
I've seen this happen to a few friends of mine. It's cold and hard but I'll say the same thing I told them. You should have been sure you wanted the vehicle and KNEW you could afford it before you signed the papers. But, I would agree that the price of fuel these days have made a big difference. Can you not afford the insurance and payment right now or is it the gas alone that is setting you back? No offence man, but if gas jumping $.30 makes or breaks you, then why did you spread yourself out so thin? I don't mean to sound like a jackass because I do feel bad for you, it's just that I've heard this happening a lot lately. I don't really know what to say about the resale value, The employee pricing drove resale value down plain and simple. I would agree, that sucks, which is why I would probably stick it out and try and keep the truck. Try and commute to school with other people in a car pool a few times a week to save on gas. You mention that you need a vehicle with 4wd for winter driving. Again no offence but...if you need 4wd then why did you buy a 2wd vehicle? Actually you can get a loaded truck AND all the drivetrain parts that make it a real truck...all on one chassis. None of the manufacturers make you take a weaker rearend in exchange for leather interior. You can have your cake and eat it too. waytogo We all have real trucks....just some of ours are loaded on top of it being a real truck and like our cooshie heated leather seats. oke:
No, you don't sound like a jackass, that's the exact same thing that I'm telling myself. However, the reason I got a new truck is that I was sort of coerced into it by my parents after my Jeep broke down. They are splitting the payments with me, although I am paying more than half. I know I didn't need to get such an expensive truck, but at the time I had planned on making my K5 a trailer queen and wanted a 3/4 ton to tow it with. Now my plans have changed and I am going to make the K5 a street/offroad vehicle so I no longer need to tow a trailer. Commuting to school really isn't an option. Nobody else who lives near me goes there and comes back around the same time. And my truck is a 4wd. :dunno: Bottom line is, I can afford to keep it and it won't break the bank. I just don't have any extra money to use to work on toys or do anything else but make payments. With this looming over me, I'll never be able to afford a place of my own. Also, I just don't think I'm fit for a new vehicle. I'm way too anal. It hurts much worse to put 80-100 miles a day on a truck with 8000 miles than it would be to do the same to a truck with 180,000. I've always driven rickety pieces of junk and I'm just not liking this new truck scene. Plus, plates and insurance are damn expensive!!! I've never had to get comprehensive on any previous vehicle and holy crap! And almost $400 for plates? I'm used to paying $30. Oh well, I guess I f'ed myself and will either have to cut my losses or suck it up and keep driving the snot out of it.
Oops, for some reason I gathered you needed a vehicle with 4wd for this winter. :doah: I know how you feel. I went into my purchase with almost the identical mindset. Wanting something very reliable, with a warranty, and plans of the K5 being hauled. I also got a nicer, more expensive truck than what I really needed.......and let me guess you justified it by telling yourself, "I'll just keep it for a long time and get my use out of it and it will still be fairly new when I do eventually go to sell it." Thats why I bought more than I needed. The only way I was able to afford a late model diesel was to either get a base model low mileage truck or a higher mileage loaded truck. Since I only wanted diesel I went with the loaded/higher mileage route because 50K isn't hardly any difference. I kind of wanted a low milege/maybe new truck but just couldn't afford it. Anyway, stick it out and try to afford the truck. Don't sacrafice school to pay for it but also don't get yourself WAY upside down trying to get rid of it so you CAN stay in school, thats a losing situation too. You don't want to start out in life in bad debt with nothing to show for it.
Ya I wanted a diesel too, and I still do. I guess the best thing to do would be to keep it until the warranty is almost out, then see what kind of market is out there. At this rate, though, it won't take long to rack 36K miles up. Maybe I'll feel better after I put some exhaust and tires on it (bye bye warranty though). Like I said it's not making me broke, it's just cutting deeply into my play money, which I don't like one bit.
Well, sometimes those are the cards we get delt. I'd like to put new brakes, paint, and interior on my K5 but I have basically no extra cash for that right now. You'll decide whats more important to you.
